Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Understanding Secured Loan

28. June 2021 Administrator Blog (0)
A secured loan is a loan that is backed by collateral in the form of financial assets as a means of ensuring that the borrower makes timely repayment. Secured loans are the best option for anyone looking for convenient and affordable loans with simple eligibility requirements and flexibility.

Here are some things to know about secured loans:

  • They Require Collateral: Collateral is usually in the form of any financial asset. Secured loans are secured against collateral which can be used by a lender to regain the loan amount in case it is not repaid.
  • Low Interest Rates: Secured loans are available at lower interest rates as they are pledged against collateral. This makes them a good choice for those on a restricted budget; one can borrow huge amounts as these loans are perceived to be safer in terms of repayment.
  • Flexibility: Secured loans are highly flexible as far as repayment options, loan approval and customization options are concerned. Repayment options can be fixed or variable depending on the requirement of a borrower. The loans can be customized to suit the personal and financial needs of a borrower.
  • Eligibility: Even though every financial institution has a unique set of requirements for a secured loan, some of them are common. For example, in order to avail a secured loan from a credit union, one must be credit union member, possess assets that match the value of the loan or exceed it, produce proof of identity, proof of residence and more.
  • Factors To Consider: When getting a secured loan from a financial institution, consider the type of collateral you are willing to provide, whether the interest rate is fixed or variable, the APR (Annual Percentage Rate) and interest rate, fees charged by the lender, minimum and maximum amount of loan, income requirements and more.
  • Preparing For The Loan: Before getting a secured loan, check your credit, get your assets evaluated to know how much you can borrow and suitable monthly repayments. Some financial institutions like credit unions offer online facilities that enable members to apply for a secured loan online.
  • Defaulting: In case one misses the payments for a secured loan, the financial institution that granted it has the right to repossess the asset that was used as collateral. Every state has different laws regarding this procedure i.e. some require a notice of repossession while other waiver it. If the repossessed asset is not sufficient to compensate for the amount of loan, the borrower will have to cover the difference.
Contact Greater Central Texas Federal Credit Union to buy secured loan in Killeen, TX. For more details on secured loans, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Why Is It Important To Have A Savings Account?

13. June 2021 Administrator Blog (0)



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Steps To Buy Secured Loan From A Credit Union

28. May 2021 Administrator Blog (0)
A loan that is protected by collateral such as a car, savings account, etc., is referred to as a secured loan. These loans offer competitive interest rates. Secured loans can be availed from a credit union for added benefits such as great customer support, affordable financial services, a variety of financial products, etc.

Following are the steps involved in buying secured loan from a credit union:

  • Membership: In order to avail a secured loan from a credit union, the first step is to become a member. For this, you will have to fill a membership application form and meet the requirements set up by a credit union. Every credit union has its unique set of requirements for qualifying as a member pertaining to place of employment, local community, school district, church and more. For example, Greater Central Texas Federal Credit Union offers membership to anyone who lives, works or worships within Bell County, TX, west of I-35.
  • Assess Your Financial Position: Start with assessing your financial position to know how much money you need. For this you should list your assets and their worth and do the same for your liabilities; get the difference to know your net worth. This will help you to know how much you can borrow and repay every month.
  • Pursue The Application Process: Once you are a member of the credit union and have assessed your financial position, etc., the next step is to fill the application form for the secured loan. You can fill an online application form on the credit union’s website. You will be required to provide information about your residence, type of loan required, personal information and more.
  • Review The Terms & Conditions: Before signing the loan application, go through the terms and conditions stated therein thoroughly. If there is anything you do not understand, always ask an expert at the credit union by calling or sending an email. It is important to understand the actual cost of the secured loan, annual fees, up-front costs, loan term, etc.
Contact Greater Central Texas Federal Credit Union to buy affordable secured loan in Killeen, TX. For more details on how to apply for secured loans, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Brief Guide To Secured Loans

11. May 2021 Administrator Blog (0)



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Questions You Should Ask Before Buying Auto Loan

23. April 2021 Administrator Auto Loans (0)

The process of buying a new or used car with the help of an auto loan is fairly simple if done under the guidance of a professional with in-depth knowledge of the requirements and procedure involved. Apart from being well-informed of your financial status such as monthly net income, credit score, etc. you should be equipped with the right kind of questions to ask before getting the auto loan.

Listed below are some questions an auto loan buyer should ask before getting one:

  • What Is The Interest Rate? The first question to ask is about the rate of interest for the auto loan. Interest rates for auto loans are expressed in the form of a percentage (Annual Percentage Rate). Owing a small amount of auto loans translates into a lower interest rate and vice versa. The aim of getting this information is to look for an auto loan that suits your financial requirements.
  • What Is The Amount Of Down Payment Required? Next, ask about the requirement and amount of down payment for the auto loan. The amount of down payment is equivalent to a certain percentage of the vehicle’s selling price. A borrower can either put down the minimum amount of down payment required or more as per the amount he can afford to put down.
  • What Would Be The Total Cost Of Loan For You? Get a clear picture of the total amount you have to pay for the vehicle by financing it. The total cost includes the down payment, loan principal and the interest part on the loan. It also includes loan processing fees and other fees if any.
  • What Is The Duration Of The Financing Period? Auto loans usually last for 36 to 72 months which directly impacts the amount of interest to be paid. So, depending on your budget, ask for an auto loan that is affordable in terms of interest. Short-term loans cost less as far as interest is concerned whereas long-term loans are easier for those on a budget.

Greater Central Texas Federal Credit Union offers affordable auto loans to its members. For more details on questions to ask before buying auto loans, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

GCTFCU Blog | All posts by admin
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Checking and Savings Accounts in Killeen, TX

20. October 2022 Administrator Blog (0)



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Financial Management Tips

26. September 2022 Administrator Blog (0)
Financial management is the process of planning, budgeting, saving, investing & spending your money to meet long-term and short-term financial goals. With a good financial management plan in place, you will be able to make well-informed financial decisions while giving yourself a safety net for times of emergency. Here are some reasons that emphasize on the importance of financial management:

  • Allows to establish clear financial goals.
  • Fulfils daily financial needs.
  • Helps in managing your income. (Budgeting, Savings & Expenditure)
  • Gives a healthy financial future.
  • Keeps you prepared for sudden & big expenses.
  • Improved standard of living.
  • Helps to optimize the worth of your income.
  • Financial Independence.
Here are some proven money management tips:

Determine Your Financial Priorities

Assess your financial needs & priorities to streamline the process. Create short-term & long-term goals and build an effective financial plan to achieve them.

Create a Budget

Create a budget that aligns with your financial priorities, income, daily expenditures, recurring expenses, taxes, wants, needs, savings & debt repayments. You can also choose a budgeting framework to set financial boundaries.

Example: Use the 50/30/20 budget rule. Spend 50% of your income on needs & daily requirements. Dedicate 30% of your income on wants like shopping, dining out, travel, entertainment and other luxuries. Minimum 20% of your income should be added to savings, emergency funds & debt repayments.

There are multiple budgeting plans, choose one that suits your income and priorities.

Track Your Money

Making yourself aware of the financial situation helps to keep things organized and transparent. Make a checklist or use financial apps or calendar to monitor the movement of your money. With changing income, expenses and priorities revisit the budget plan time and again to keep track of it.

Savings & Investment

Explore various savings and investment options to grow your money over time. Study interest rates and other outcomes of the plan before investing your money. Consider opening a savings account in a credit union to seek higher dividends. You can also avail automated savings & investment options. Diversifying your investments usually generates positive results.

Create An Emergency Fund

Save a specific amount of money as an emergency fund. The emergency fund provides a safe cushion in situations like medical emergencies, financial distress, etc. 

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union offers multifarious automated services, savings, investment & lending options. For more financial management tips, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542 or browse through www.gctfcu.net

Lending Opportunities in Killeen, TX

22. September 2022 Administrator Blog (0)


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How Credit Unions Facilitate Financial Growth?

27. August 2022 Administrator Blog (0)
Credit Unions are member-centric, non-profit financial cooperatives that provide services to promote the financial well-being of their member community. They provide various savings options, low-cost loans, deposits, and a range of services to their members.

Here are some points that lay emphasis on the contribution of Credit Unions in Financial Growth:

Facilitates Economic Transactions

Credit unions offer financial services to foster economic independence while improving the quality of living in the region. Their savings, investment & lending services enhance economic productivity and protect against financial vulnerabilities.

Savings

A savings account allows depositing funds with safety assurance. It helps you to manage finances, and save for the future without locking the money away for a longer period of time. Depositing money on a regular basis enables your money to grow over time and keeps you prepared for unexpected expenses. Credit Unions offer better interest rates on savings to help their members achieve personal financial goals.

There are multiple savings account options available at Greater Central Texas Federal Credit Union to suit the specific financial needs of its members:  Share Savings Account, Checking Account, Certificates of Deposit, Money Market Accounts, Individual Retirement Account, Christmas Club & Vacation Club.

Savings accounts improve the financial health of community members resulting in better financial security.

Lending Options

Credit unions offer numerous lending options at lower rates. These financial services assist members to fulfill financial obligations, meet working capital needs, purchase assets, pursue education and help to elevate the economic status of members of the community. Credit union works for the financial betterment of the community; adding value to financial growth and sustainability. Lending services offered by GCTFCU include New and Pre-Owned Vehicle loans, Secured & Unsecured loans, and Credit Builder loan.

Overdraft Protection

Overdraft Protection is a product that offers financial coverage in case of insufficient funds in the account. An additional amount is transferred to cover a transaction thus, providing cash when needed.

Financial Counselling

Credit unions often provide financial counseling led by local experts. They assist their members in taking investment decisions, thereby stimulating the financial growth of the whole community.

Additional Services

Services like Direct deposit, Payroll deduction, Notary Service, MasterCard Cash Advance, Online access, MasterCard Gift Cards, Wire Transfer, ACH Origination, Bill Pay, ATM and automatic transfer services are available for the members.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union offers multifarious savings, investment & lending options to its members in Killeen, TX. For more details on financial growth facilities offered by a credit union, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at www.gctfcu.net

Importance Of Credit Unions

23. August 2022 Administrator Blog (0)



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Should I Open A Savings Account?

28. July 2022 Administrator Blog (0)
A savings account is a type of account offered by a financial institution allowing you to deposit funds with safety assurance. It helps you to manage finances and save for the future without locking the money away for a longer time.

Here are some reasons why you should open a savings account at a credit union:

Savings: Opening a savings account is a crucial way of money management. Regularly depositing money into a savings account prepares you for unexpected expenses or major life events. You wouldn’t have to rely on high interest lenders, as you’ll have a savings safety plug to bear sudden expenditures. It also offers interest on the funds enabling your money to grow over time & making it a sound investment.

Security: With a savings account in a credit union, your funds remain safe & secured. For example, funds deposited at Greater Central Federal Credit Union are insured by National Credit Union Share Insurance Fund (NCUSIF).

Easily Accessible: Funds in a savings account are easily accessible. You can withdraw funds anytime using provisions such as a debit card/ATM. Funds in a savings account can also be used for automated bill payments.

How to Open A Savings Account At Credit Union

  • Become a member of a credit union to get access to various financial products and services.
  • Apply for a savings account.
  • Check the eligibility criteria and other requisites for the savings account.
  • Collect all the required documents and start the procedure.
  • Once your account is active, make sure to add funds to it.
Requirements for Opening Savings Account at GCTFCU:

  • 2 forms of ID (original social security card and picture ID)
  • The person should be living & working in the west of I-35
  • $5.00 fee for opening an account
  • $20.00 to remain in the account
Savings Accounts Available at GCTFCU

  • Share Savings Account
  • Certificates of Deposit
  • Money Market Accounts
  • Individual Retirement Account
  • Christmas Club
  • Vacation Club
Greater Central Texas Federal Credit Union offers various savings, investment & lending options in Killeen, TX. The credit union also provides multiple account services to savings account holders. For more details on savings accounts, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX – 76542 or call (254) 690 - 2274. You can also contact us at www.gctfcu.net

Overdraft Protection

20. July 2022 Administrator Blog (0)



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How to Save Money?

29. June 2022 Administrator Blog (0)
Learning how to save money is one of the key components of financial literacy. It allows you to make the most out of your financial resources while encouraging you to take well-informed financial decisions. 

Let us explore some effective ways to build up your savings and a good credit score. 

  • Learn to Distinguish Between Wants & Needs - Be clear on your financial priorities and divide your income wisely. To make it more effective, learn to distinguish between wants and needs. Your needs include housing, transportation, electricity, insurance, gas, clothes, food, water, health and other household items. These are the recurring expenses and are essential for survival. Things that you buy for leisure, entertainment, fun like travel, expensive clothing, dining out, automatic subscriptions, memberships, etc. are considered as wants. To save money, keep your focus on the needs rather than overspending on the wants. Keep track of your monthly expenses; do not stress yourself and save a comfortable amount of your income. 
  • First Pay all the Debts - The first and foremost priority should be paying off all the debts while making small contributions to build up savings. Once you've paid off your debt, it will be more comfortable and convenient to save significant amount of your income.
  • Find Ways to Save on the Monthly Expenses - Find ways to save on recurring monthly expenses such as: investing in energy-efficient appliances. Managing lifestyle priorities also help in saving on monthly expenses.
  • Wise Savings & Investment Options - Explore various savings and investment options that have potential of higher returns, good interest rates, minimum risks and reliability.  
Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen offers a broad array of financial services. With various types of saving accounts like Share Account, Money Market Accounts, Christmas Club, Vacation Club, Certificates of Deposits and Individual Retirement Account and investment & lending options including New and Pre-Owned Vehicle Loans, Secured & Unsecured loans, Greater Central Texas Federal Credit Union strives to cater different financial needs and interests of our members.

Visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at www.gctfcu.net or call us: (254) 690 – 2274.

Benefits of a Credit Union

23. June 2022 Administrator Blog (0)



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How to Open a Savings Account

25. May 2022 Administrator Blog (0)
Savings account is a basic account type held at a financial institution that allows you to deposit funds with safety assurance. One can also earn interest on the deposits at credit unions on your savings. The savings account also allows you to withdraw money any time you wish to.  Let us look through some important steps to open a savings account at a credit union.

Become the Member of Credit Union

First, become a member of a credit union. The membership of credit union will allow you to access their various financial products and services. Apply for savings account and take proper follow up. Member services offered by Greater Central Texas Federal Credit Union, Killeen include Direct deposit, Payroll deduction, Notary Service, MasterCard Cash Advance, On-line access, MasterCard Gift Cards, Wire Transfer, Savings Account options and many more.

Check the Eligibility Criteria

Go through the eligibility criteria and other relevant information regarding the savings account you want to open. If it suits your profile, go ahead.

Collect Documents

Collect all the required documents and start the procedure.

Requirements for Opening Savings Account at GCTFCU:

  • 2 forms of ID (original social security card and picture ID)
  • Person should be living & working in vicinity of west of I-35
  • $5.00 fee for opening account
  • $20.00 to remain in account
Fund the Account

Once your account is all setup, make sure to add funds in it. Keep the account active to enjoy all the services that come along. Credit union offers higher dividends on your savings and helps you reach your desired financial goals.

Savings Accounts Available at GCTFCU

  • Share Savings Account
  • Checking Account
  • Certificates of Deposit
  • Money Market Accounts
  • Individual Retirement Account
  • Christmas Club
  • Vacation Club
For more information, visit www.gctfcu.net

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen offers multifarious savings, investment & lending options. Our lending services include New and Pre-Owned Vehicle Loans, Secured & Unsecured loans.  Greater Central Texas Federal Credit Union works within the area of Bell County, Texas, west of Interstate 35.

Visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at www.gctfcu.net . Call us: (254) 690 - 2274