Tennessee credit unions are striving to bring financial wellness and independency to their members through specialized financial counseling, resources following natural disasters, and personal relationships. At the end of the day, members worry less about their financial future, knowing that credit unions will be there to support them.
For over a century, credit unions in Tennessee have made a big difference in underserved communities throughout the state by providing critical services to many people banks overlook.
Credit unions believe everybody deserves a shot at the American dream. The systematic inequalities that adversely affect communities of color need to be addressed. Credit unions believe access to financial services, stability, and peace of mind should not be limited by where someone lives, the color of their skin, their gender, what they do for a living, or the language they speak.
Tennessee credit unions are not-for-profit financial cooperatives set up to serve the specific needs of members. They have a specific focus on serving low-income communities—providing lower interest loans, higher savings yields, and lower fees.
In Tennessee and across the nation, credit unions create competition in underserved communities that forces banks to offer more services at better prices to lower-income customers. Credit unions in underserved communities around the state also ensure more consumers have access to core financial services so they don’t get victimized by payday lenders, title pawn lenders, and currency exchanges charging predatory interest rates and excessive transaction fees.