A credit union is a financial cooperative whose aim is to provide credit and other financial services at a cheap rate to its members. A credit union is different to a bank as the members of the credit union cooperative own the credit union. Credit unions are democratic in that the board are elected by a one person to each vote electoral system no matter how much money the member has contributed. Credit unions tend to be community orientated and while it is necessary for them to generate profit they are usually considered to offer the fairest deal they can to those seeking a loan. However, not everyone can go to a credit union for a loan. It is often necessary to be a member of a credit union in order to borrow from the union.