credit union

American  

noun

1. a cooperative group that makes loans to its members at low rates of interest.

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credit union British  

noun

1. a cooperative association whose members can obtain low-interest loans out of their combined savings

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credit union Cultural  

1. An organization formed by employees of a company or institution to make personal loans at low interest rates to all employees of that company or institution.

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Etymology

Origin of credit union

An Americanism dating back to 1910–15

Example Sentences

I also belong to a credit union that offers free financial advice.

From MarketWatch

Steve Levy, a 62-year-old wealth-management adviser in Texas, recently hit the market to replace an aging Toyota pickup truck and started by looking at potential interest rates from his local credit union.

From The Wall Street Journal

The Senate proposal would also extend $10 million in coverage to credit unions, which have long shared similar deposit insurance limits as banks, albeit backstopped by separate funds.

From Barron's

I haven’t lived in North Dakota since I was 19, but I still bank in a credit union here, and took out $40 before making the drive from Bismarck.

From Salon

I suggest visiting two or three lenders, such as a local credit union, a local bank, and a mortgage broker, and finding out what options they have for you.

From MarketWatch

Related Words

• lending institution