Credit Union (Noun)
Meaning
A cooperative depository financial institution whose members can obtain loans from their combined savings.
Classification
Nouns denoting groupings of people or objects.
Examples
- The local credit union offered its members more favorable loan terms compared to traditional banks.
- As a member of the school's credit union, students could save a portion of their allowance and earn interest on it.
- Employees of the company were eligible to join their credit union, which provided excellent financial services at low costs.
- She discovered that joining a credit union was more beneficial to her financial needs than opening an account at a commercial bank.
- A credit union allowed individuals with poor credit to borrow money and rebuild their credit history over time.