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

First, the authors conducted a real-world experiment with a credit union where 300 actual loan applicants were divided into three groups.

From The Wall Street Journal

You can see if your current bank or credit union offers a competitive HYSA.

From MarketWatch

Federal credit unions cannot charge more than 18% interest, including on credit cards.

From Los Angeles Times

It’s worth checking out different lenders, from local credit unions to mortgage giants, to see what options you have.

From MarketWatch

Interest rates at federal credit unions are already capped at 18% by law.

From The Wall Street Journal

Related Words

• lending institution