Credit unions are not-for-profit financial cooperatives owned by their members. Credit union members pool their money, then loan that money to each other and achieve the financial benefits. Credit unions offer competitive credit rates, cheaper loans, and other financial benefits to its members. Some offer their members other perks, such as certain types of insurance and access to cheap or free education.
Loans from credit unions must be used for very specific business purposes. Check with your lender to ensure that you are following the guidelines.