financial cooperative

A financial cooperative, or credit union, is a member-owned institution that provides financial services like savings accounts, loans, and credit cards. Unlike traditional banks that operate for profit, financial cooperatives focus on serving their members. Members pool their money to offer loans to each other at lower interest rates, and any profits are returned to members in the form of better rates and lower fees. This cooperative model fosters a sense of community and encourages responsible financial practices while providing access to necessary financial resources.