Which of the following statements regarding credit unions is true?
A) They make secured loans only to nonmembers.
B) They are owned and managed by the government.
C) They provide installment loans to their members.
D) They charge higher interest rates than other sources of consumer loans.
E) They are for-profit organizations.

Question

Quizplus · Accepted Answer

Credit unions provide installment loans to their members. This is one of the main services provided by credit unions, along with savings accounts and other financial products. Unlike banks, credit unions are not-for-profit organizations and are owned and controlled by their members. They typically offer lower interest rates and fees than traditional banks, making them an attractive option for many consumers.

Which of the Following Statements Regarding Credit Unions Is True