Credit Union Guiding Principles


The idea, however, continued to grow. It was a very simple idea:

  • Only people who were credit union members should borrow there;
  • Loans would be made for "prudent and productive" purposes;
  • A person's desire to repay (character) would be considered more important than the ability (income) to repay; they were, after all, borrowing their own money and that of their friends.

These principles still govern most of the credit unions in the world.