Credit unions or credit agencies are financial institutions which offer a wide range of credit products. Credit unions are found in all parts of the globe and are extremely popular among the various categories of people. According to the definition of credit unions by the World Council of credit unions, credit unions are not for profit based cooperative organizations.

Credit unions function similar to banks and the policy matters concerning a particular credit union are governed by its board of directors. The United States of America has the highest density of credit unions in the entire world today followed by India. The history of credit unions is dated back to the twentieth century. The first credit union was established in the year 1901 in the Canadian city of Quebec. Since then a whole lot of credit unions have come up all across the globe and they cater to the various credit needs of the world population. The credit unions provide services ranging from savings accounts, certificate of deposits, loan accounts and overdrafts. As the credit union industry continues to grow, many countries have enacted separate laws to monitor and regulate the market.

In the United States of America, there are a lot of credit unions spread all across the country. One of the known credit unions located in the state of New York is the Melrose credit union. Melrose credit union offers a range of loan, savings and other investment services. The loan products provided by Melrose credit union includes Auto Loans, Personal loans, Shared secured loans, SBA loans, Second home mortgages, Fixed rate mortgages, Adjustable rate mortgages, Jumbo mortgages, Commercial Mortgages, No Income Mortgages, Home equity line of credit. Auto Loans are loans that a consumer can avail for a car or automobile purchase. Melrose credit union offers one of the reasonable and lower interest rates and credit terms in the auto loan industry. Personal loans offered by Melrose credit union can be availed by a consumer for a variety of purposes. Shared secured loan, a loan provided by Melrose credit union is a personal loan offered against certificate account or savings account. SBA loans are loans that are meant for establishing small businesses. The fixed mortgage loans and the adjustable mortgage loans are loans that are offered to consumers in order to enable them to build or purchase a new home or refinance a home.

Second home mortgage loans can be availed by customers to buy or build their second home. Jumbo mortgage loans are loans that are provided to eligible consumers well above the limits provided under the law. Commercial mortgage loans are offered for purchasing a new office building or a new commercial space. Home equity lime of credit is offered by Melrose credit union for various purposes including education, home, and vacation or for any other expense. All these loans offered by Melrose credit union are offered at reasonable interest rate and loan fee. The other services offered by Melrose credit union include insurance services, savings accounts, investment solutions and payroll direct deposit solutions.