pretty much like a bank except the members of the credit union are the owners and loans are usually easier to get and cheaper than banks
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credit unions do not have share holders or paid board of directors
every account has an member owner by having a share balance which is normally between 5 to 25 dollars
and yes loan rates are normally lower
they also have a field of membership requirement normally a certain company or town or county
Credit unions are financial institutions, like banks. They offer many of the same products and services -- savings accounts, checking accounts, ATM/debit cards, credit cards, auto loans, mortgages, home equity loans, etc. Both have deposit insurance so your money will be safe. Credit unions have insurance through the National Credit Union Administration, which is a government agency similar to the FDIC. Most of the time credit unions offer better rates and have fewer fees than other financial institutions. Banks have more branch offices than credit unions.
The main difference from your viewpoint as a consumer is that you can become a customer of any bank, while credit unions can only serve people who fit in their
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