Definition of credit union in English:

credit union


  • A non-profit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

    • ‘It may also be beneficial for you to obtain the lower interest rate credit card from your credit union.’
    • ‘In the case of a building society and a credit union, a person usually has to be a member or a shareholder in order to be entitled to deal with it.’
    • ‘For example, the interest rate the credit union charges will often be reduced if you pay back the loan early.’
    • ‘Many first-time buyers are borrowing thousands of euro from their local credit union towards their deposit.’
    • ‘They took deposits which they invested and paid the credit union members some pretty high rates of interest.’
    • ‘All money paid into the credit union is insured and covered by the Financial Ombudsman.’
    • ‘She told this newspaper that she borrowed €90,000 from a local credit union and her bank.’
    • ‘There was an increase in juvenile members and the credit union thanked parents and teachers for encouraging children to join.’
    • ‘I was a member of a credit union for a long time, and I felt it did a great job.’
    • ‘One great alternative to getting ripped off by greedy lenders is to join a credit union.’
    • ‘I recently spoke to a taxi driver who had put all his kids through university thanks exclusively to the credit union.’
    • ‘He wanted to clear his old debt with the credit union despite encouraging his family to take on new debt for cars and kitchens.’
    • ‘Looking to consolidate his debts into one payment, he took out a loan from a credit union.’
    • ‘If you do decide to join a credit union and take out a loan for Christmas, then you should apply as soon as possible.’
    • ‘Cheques are acceptable as payment from any institution, including a credit union.’
    • ‘Councillors agreed to consider ways in which the council could support the credit union financially and through access to its facilities.’
    • ‘All credit union members are invited to attend, where full reports of the past year will be unveiled.’
    • ‘If you are a credit union member and wish to enter the draw be sure to call to the office immediately and enter your name.’
    • ‘The money market earns higher interest rates than their savings bank and credit union accounts.’
    • ‘A credit union is generally set up to offer a financial lifeline to people who are outside the mainstream banking system.’


credit union