What is a credit co-operative
What is a credit Co-op
At SSBEC Coop, we’re here to explain what a credit co-op is and how it can benefit you. A credit co-op, also known as a credit union, is a unique type of financial institution. Unlike traditional banks, credit co-ops are owned and operated by their members – individuals who share a common bond, such as working together or belonging to the same community. What sets credit co-ops apart is their member-focused approach. They provide a wide range of financial services like savings accounts, fixed deposits, and loans, just like traditional banks. However, they operate on a not-for-profit basis, with the main goal of serving their members’ financial needs rather than generating profits.
When you’re part of a credit co-op, you’re not just a customer – you’re a member with a voice. You have the opportunity to participate in the cooperative’s decisions, electing a board of directors to represent your interests. In a world where community and personal attention can sometimes be overlooked, credit co-ops stand out by fostering a sense of belonging and financial inclusivity. Discover the benefits of being part of SSBEC Coop and join us in redefining the way you experience financial services.
Contact us to learn more about how you can become a valued member of SSBEC Coop and experience the difference of a credit co-op firsthand.
- to promote co-operation and self-help
- to encourage thrift;
- to prevent permanent indebtedness of its members by enabling them to obtain loans on reasonable terms;
- to receive deposits from members;
- to assist members to reduce the cost of living and improve their economic position.
The Co-operative Principles
At the heart of our organization lies the Cooperative Principle, a set of values that defines who we are and how we operate. These principles guide our actions and ensure that our members always come first. Here’s a brief overview of the Cooperative Principle:
- Open a voluntary membership
- Democratic control – one member one vote
- Limited interest on Capital
- Distribution of surplus to members in proportion to their patronage
- Promotion of education
- Mutual co-operation among co-operatives at Local, National and International levels.
Why Join a Co-op
Discover the secure and hassle-free path to regular saving and convenient borrowing by becoming a member of our Thrift and Loan Co-op. Introduced in Singapore in 1925, this cooperative movement was a response to the challenges faced by wage earners who were vulnerable to exploitative moneylenders. By joining our co-op, you’re not only ensuring your financial well-being but also contributing to the eradication of such issues in our community.
Membership is open to all Singaporeans, as well as SPRs and their immediate family members as specified in the by-laws. Join the SSBEC community today and unlock a world of benefits that prioritize your financial peace of mind.Join SSBEC today and enjoy the benefits!