Your Self-Help Route to Financial Independence
Canaan Credit Union in Urbana.
A Member-Owned Financial Institution.
About Us
Who are we?
Canaan credit union is a financial institution owned by its members. We are a financial cooperative, consisting of a group of individuals who banded together to create their own bank for the mutual belief of everyone in the group. “It is your self-help route to financial independence”. It is where members are owners and not just customers.
What is a Credit Union?
Credit unions have built-in profit margins and profits are not distributed solely to an elite group of shareholders. All revenues generated by the credit union are used to cover basic administrative expenses; the remainder is distributed back to the members in the form of reduced fees, higher savings rates, and lower loan rates.
Why Us?
Canaan Credit Union is state-chartered by the Illinois Department of Financial and Professional Regulation (IDFPR), and federally insured by the National Credit Union Administration (NCUA).
Site Content
Services
- Share (Savings) accounts
- Unsecured (signature) loans at low interest rates
- Secured loans at low interest rates
Become a Member
All revenues generated by the credit union are used to cover basic administrative expenses; the remainder is distributed back to the members in the form of reduced fees, higher savings rates, and lower loan rates.
Borrowing
- An unsecured loan allows you to borrow up to $4,000 with no collateral required.
- With our secured loan you can borrow up to $35,000.
