A credit union for the LGBTQ community has been given the green light by the state of Michigan.

The service will offer products tailored for LGBTQ people, including special loans for transgender people in the process of transitioning.

The State of Michigan Department of Insurance and Financial Services approved on Monday a charter for the new financial institution, designed especially for LGBTQ customers.

The online service created by Superbia Credit Union could be launched as early as 2020.

The State of Michigan Department of Insurance and Financial Services approved on Monday a charter for the new financial institution designed especially for LGBTQ customers

The service will offer products tailored for LGBTQ people, including loans for transgender people in the process of transitioning (stock image)

Quoted by Bloomberg, Myles Meyers, founder of Superbia Services Inc., said: 'I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem.

'If I walked in to the same institution with my husband, we can come across different responses and welcome.

'And this is where it all starts to change for the community.'

Meyers added that Superbia plans to expand to into other products tailored for LGBTQ people, such as insurance, health care and wealth management.

According to Bloomberg, there is a financial incentive to offer banking services targeting LGBT customers directly.

Witeck Communications estimated the combined buying power of the US lesbian, gay, bisexual and transgender adult population at $987 billion in 2017.

Mr Meyers writes on his LinkedIn profile that he was inspired to start Superbia by the 'sheer lack of needs and equal treatment of the LGBTQ being addressed and provided for in banking, insurance, healthcare and other fundamental services' (stock image)

Mr Meyers writes on his LinkedIn profile that he was inspired to start Superbia by the 'sheer lack of needs and equal treatment of the LGBTQ being addressed and provided for in banking, insurance, healthcare and other fundamental services.'

He added: 'Superbia is a first-in-the-world. Superbia uses a unique structure of commercial and social entities designed to unify the community, deliver banking, insurance, healthcare and other services that actively address, solve and service the needs of LGBTQ individuals, families and businesses.

'As the world’s only LGBTQ profit-for-purpose provider, Superbia is here to force the needed systemic change in banking, insurance and healthcare and install a new paradigm in funding LGBTQ social equality.'