The modern world is acknowledging currency in all activities. All kinds of businesses are carried out through the currency system. Technology led into the invention of the currency. People in the dark days relied on the barter trade system to do business. The advantages of the currency system outweigh the advantages of the barter trade system. Nothing much is needed when using the currency system as compared to using the barter trade system. A shorter time is needed when using the currency system as compared to the barter trade system. The currency system is normally accepted in the whole world as opposed to the barter trade system. It is impossible for people to live without currency. People use the currency to get their basic needs and other expenses. Expect people to be without money at different times of their life. This makes it possible for them to seek for financial assistance from different sources. Examples of places of financial assistance are from friends, family members, and financial institutions.
Some of the classes of financial institutions are banks and credit unions. There is a distinction between banks and credit unions. It has been known for banks to be business organizations as opposed to credit unions. The goal of starting credit unions is service to people. Banks are money institutions owned by government or group of other institutions. Credit unions are started and owned by its members. It has been known for the board of directors in credit unions to be selected by its members without merit. The board of directors in banks is chosen on merits. It has been known for credit unions to be local unions while banks to be international institutions. Currently, people are escaping from banks to credit unions. This has come as a result of high cost of living in the world. Joining credit unions is of great importance in some ways.
It has been known for credit unions to be easy and fast to register as compared with banks. There are few procedures that are followed when becoming a member of credit unions. It has been known for credit unions to protect its members at all times. The different systems and strategies put by credit unions ensures that the financial status of its members in always protected. This creates satisfaction and trust by being a member of credit unions. Members of credit unions are always given a privilege to borrow loan at any given time. Examples of categories of loans that are issued by credit unions are student loans, vehicle loans, and home loans. Members enjoy low-interest rates when borrowing loans from their credit unions. Practical and Helpful Tips: Money