Credit Unions are champions of low-income and working class people

Credit Unions are champions of low-income and working class people

Nobel Peace Prize winner, Irish politician John Hume stated, “Before the arrival of the Credit Union, people who were from the poor background or the working class background couldn’t borrow from banks.”

It’s true.  Banks have long been only interested in making a profit and have cut out the poor*.  So the underserved population who couldn’t qualify for loans, pooled their money together and formed Credit Unions.  Credit Unions are non-profits, so they don’t exist to make money.  Banking executives still don’t get it.  Last year Massachusetts saw a rise in Credit Unions members, as they served low income clients.  Banks cried that it was an unfair advantage as recorded in this Boston Globe article.

Credit Unions care about the community they are in.  Why?  The members of the Credit Union are the owners of the Credit Union.

SourceOne Credit Union is proud to be a designated low-income credit union, proudly serving all who live or work in our area.

Become a member and let us serve you!

*Source: “How the Poor Got Cut Out of Banking” by Mehrsa Baradaran, Emory Law Journal

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