A credit society, also known as a credit union, is a financial cooperative that provides various financial services to its members. It operates on the principle of people helping people and is owned and controlled by its members. Members pool their financial resources, such as deposits and savings, to create a fund from which loans and other credit facilities are provided. The society offers competitive interest rates on loans and savings, often with a focus on serving individuals who may have difficulty accessing credit from traditional financial institutions. Credit societies also provide other financial services such as checking accounts, online banking, and financial education. They are governed by a board of directors elected by the members who make decisions in the best interest of the society's members. Credit societies promote financial inclusion, community development, and cooperative values by providing affordable and accessible financial services to their members.