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English definition of “credit union”

credit union

noun [C]     (also credit society) FINANCE
a financial organization that is owned and controlled by its members, who can borrow at low interest rates from the money they have saved as a group: To take out a loan, a customer must first be a member of the credit union by opening a savings account with a minimal balance. Credit unions are worth considering if you are unhappy with your existing bank or building society.
(Definition of credit union noun from the Cambridge Business English Dictionary © Cambridge University Press)
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