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

Credit Union: What Is It & How It Works

26. September 2019 Administrator Blog (0)

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How To Apply For A Secured Loan

17. September 2019 Administrator Blog (0)
With lower interest rates, secured loans are one of the favorite funding source for borrowers. The reason for lower interest rates in case of secured loans is the fact that lenders asks for a collateral as security against the amount financed. Examples of collateral used for secured loans are funds in the savings account, certificate of deposits, valuable property such as house or a commercial property, etc. It is important to know that the value of collateral should be equal to or greater than the loan value.

Following are some points worth considering when applying for a secured loan:

  • Your Financial Situation: Before applying for a secured loan, the first thing to do is to assess your financial situation. Figure out how much loan you need, suitable loan term, feasible EMI, etc.
  • Credit History: Once you have made up your mind to get the loan, check your credit history and see how it will affect your loan application. A good credit score increases your credibility.
  • Loan-to-Value: Assess the loan-to-value in order to know your borrowing capacity and the interest rate that will suit your financial circumstances. A lower loan-to-value translates into a better interest rate.
  • The Interest Rate: Inquire about the interest rates offered when looking for a secured loan. Ask the loan officers about suitable options and ways to secure a better rate.
  • The Term Of The Loan: The period over which you have to repay the loan also impacts the cost of the loan. A shorter period of repayment may lead to higher interest rate and vice versa.
  • Fees And Monthly Payment: When obtaining a secured loan, keep in mind that it involves various payments such as application fee, loan origination fee and cost of appraisal.
  • The Application Process: Credit Unions offer borrowers the choice of applying online. During the process, applicant is required to provide details such as the name, address, date of birth, income and employment status, etc.
Visit Greater Central Texas Federal Credit Union to apply for secured loans. The credit union offers secured loans on low interest rates to its members. For more information on how to apply for secured loans, visit: 3305 E. Elms Rd., Killeen, TX – 76542. You can also contact: (254) 690 – 2274.

How Does Secured Loan Affect Credit Score

31. August 2019 Administrator Blog (0)

Reasons To Get A Car Loan From A Credit Union

21. August 2019 Administrator Blog (0)
A credit union is a not-for-profit financial cooperative that provides traditional banking services such as opening accounts and offering loans. It poses as a great option for financing a new or used car because credit union members enjoy benefits such as low interest rates, minimum loan requirements, financial advice, etc.

Listed below are reasons due to which it is highly recommended to borrow a car loan from a credit union:

  • Membership Process: The prerequisite for applying for a car loan from a credit union is that the borrower should be its member. The membership eligibility requirements are based on where a prospective member lives, works or worships. Once you find a credit union that you are eligible for, all you need to do is submit a duly filled application form with required documents and make a small deposit to open an account. Being a member of a credit union, you are eligible to apply for a loan from that credit union.
  • Low Interest Rate: Credit unions offer highly competitive interest rates on car loans. The underlying reason is that credit unions are non-profit organizations which reinvest their profits to benefit their members.
  • Quality Customer Service: Members of credit unions enjoy personalized services. They are encouraged to discuss any concerns they may have about the loan, inquire about flexible repayment options and review their financial situation with professionals.
  • Non-Sales Approach: Credit union’s aim is to offer members high quality financial products and services without focusing on profits. Instead of trying to sell a service, credit unions try to help members make the best financial decision as per their individual requirements and financial status.

Greater Central Texas Federal Credit Union offers car loans to its members. The members can apply for loans online or visit the credit union. The credit union offers other services including a variety of savings account, MasterCard, checking account, etc. Members can choose the services that match their requirements and contact the officers for understanding the terms. For more details on reasons to buy car loans from a credit union visit, 3305 E. Elms Rd., Killeen, TX – 76542.

What Is A Credit Union?

25. July 2019 Administrator Blog (0)


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Benefits Of Banking With Credit Unions

19. July 2019 Administrator Blog (0)

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Products & Services Offered By Greater Central Texas Federal Credit Union

15. July 2019 Administrator Blog (0)
The Greater Central Texas Federal Credit Union is a member-owned cooperative that was formed in 1957 with the goal of providing financial assistance at affordable rates to its members. The profits of the credit union are exclusively used to provide quality services and lending solutions to its members.

Following are the products and services offered by Greater Central Texas Federal Credit Union:

  • Checking Account: Members can open checking accounts with the credit union to avail facilities like free and unlimited check writing, ATM transactions, VISA Debit transactions and the convenience of E-Statements. Members above 55 years of age can open a Golden Apple Checking Account that offers benefits like no minimal daily balance requirement.
  • Low Interest Loans: The credit union offers secured loans for new & pre-owned vehicles at competitive rates to its members. Also, members can apply for unsecured loans at a low Annual Percentage Rate (APR).
  • MasterCard: Members of the credit union are also entitled for regular MasterCard, Gold MasterCard and Platinum MasterCard. The cards are offered at fixed rates and no annual fee is charged.
  • Savings Accounts: Greater Central Texas Federal Credit Union offers a variety of savings accounts to its members. Some of these include Tiered Money Market accounts, Vacation and Christmas Club, Certificates of Deposit and Variable Rate IRA’s.
  • Electronic Services: Members can sign up for online access to their accounts. This allows them to monitor their accounts and make transactions anytime for convenient banking experience. By signing up for electronic services, they can pay their bills online with Bill Pay + at a minimal monthly cost. The electronic services are offered free of cost to members above 55 years of age. These services equip members to make MasterCard payments using their phone or computer through internet. To initiate the service, members can call the Card Services at the number provided on the credit union’s website.
  • Other Services: In addition to the above-mentioned products and services; the credit union also provides services like check reordering, an online loan calculator, payroll deduction, direct deposit, wire transfer, ACH origination, ATM services, MasterCard cash advance, MasterCard gift cards, notary service and more.
Every account in the credit union is insured by the National Credit Union Administration (NCUA) up to a set limit.

Greater Central Texas Federal Credit Union offers an array of financial solutions such as savings accounts, secured loans, etc. to assist its members. To know more about the products and services offered by the credit union in Killeen, call at (254) 690 – 2274. You can also visit the credit union at 3305 E. Elms Rd., Killeen, TX - 76542.

Common Advantages Of Credit Unions

29. June 2019 Administrator Blog (0)


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Services Offered By A Credit Union

24. June 2019 Administrator Blog (0)



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Why Credit Unions Are Important For The Community

17. June 2019 Administrator Blog (0)
The choice of banking institution preferred by people has a direct impact on the local community. The way credit unions operate and the fact that they strive to give back to the community in one way or another makes them a good choice. Below are some of the ways in which credit unions benefit communities:

  • Credit Unions Do Not Operate For Profits: Credit unions are non-profit institutions that are focused on providing affordable financial services to their members instead of lone purpose of making profits. The profits earned by credit unions are given back to the community in the form of dividends, low fee for various services, lower rates on loans and higher interest rates on savings. Credit unions invest their capital back in the community to support home equity loans, car loans, home loans, business loans and more at competitive rates.
  • Lower APR Loans: People can benefit from low APR loans offered by credit unions. It helps low-income members of the community in achieving their financial goals.
  • Financial Security: Credit unions provide financial security as they are insured by the National Credit Union Administration (NCUA). Members are protected from losses on their savings accounts and share draft products.
  • Equal Rights: Created by members for members, credit unions do not discriminate amongst its members. Every member enjoys equal voting rights for important decisions like choosing board members of the credit union. Decisions made by members of credit unions in higher positions are focused on the benefits of all other members.
  • A Variety Of Services: Credit unions offer a variety of services such as online payment of bills, 24 hour account access, payroll deduction, notary service, free and unlimited check writing, ATMs, regular share savings accounts, MasterCard gift cards, MasterCard cash advance, IRAs, Share Certificates of Deposits, Club accounts, overdraft protection plans and more.
  • Community Involvement: Credit unions foster a spirit of community involvement by organizing programs and events for community welfare. Members and non-members are encouraged to participate in these events & programs and the money raised through such events is used for a noble cause.
  • Spread Financial Literacy: Credit unions organize special events aimed at teaching financial skills such as saving, budgeting, good spending habits and investing to members of the community. Some credit unions even organize fairs at schools in the community to provide real life financial management guidance to students. They are trained and counselled to understand financial matters.
Greater Central Texas Federal Credit Union offers financial services like low interest auto loans, used car loans, savings accounts, checking accounts, etc. to its members. For more information on credit unions in Texas, call at (254) 690 – 2274. You can also visit 3305 E. Elms Rd., Killeen, TX – 76542.

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If you are looking for convenient and affordable financial services, consider availing the services of a credit union near you. Credit unions are non-profit organizations that provide a variety of financial services and products to their members. They are committed towards providing the services at the earliest and are dedicated towards customer satisfaction. Greater Central Texas Federal Credit Union provides a wide array of affordable financial services to its members in Killeen, TX.

Listed below are the financial services and products that can be availed at a credit union:

To know about financial services and products offered at Greater Central Texas Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX 76542, call at (254) 690-2274 or check out https://gctfcu.net

Understanding Certificates Of Deposit

24. September 2021 Administrator Blog (0)



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What Are Credit Builder Loans

27. August 2021 Administrator Blog (0)
A credit builder loan is a type of loan that helps to improve one’s credit profile and resolve a low credit score. The loan consists of a small amount that can easily be repaid by an individual. This helps in establishing one’s credit worthiness and qualifying for higher loan amounts in future.

Following are some things to know about credit builder loans:

  • Types of Credit Builder Loans: The types of loans offered by most lenders include Pure Credit Builder Loan, Secured Credit Builder Loan and Unsecured Credit Builder Loan. In the first type, the amount of the loan is locked away in a savings account until the amount is paid. In the second, an amount in one’s savings account is used as security against the loan. The last type works as a normal loan and is easily available.
  • Where to Get the Loan: You can get these loans from financial institutions like credit unions. Such institutions offer a variety of loans at low interest rates. Consider researching credit unions in your area and contact an official for more information on the benefits of these loans.
  • The Process: A financial institution offering the loan will consider things such as your bank transactions, work contracts, financials, etc. to determine your credit worthiness. The amount of loan offered is usually a small one and lasts for a term of 6 months to one year. Upon the disbursement of the loan, one can start paying regular EMIs as in the case of normal loans.
  • How It Works: In this type of loan, the amount if loan offered is deposited into the borrower’s savings account. The amount deposited cannot be accessed till the amount of loan is paid back. So, on repaying the loan, one gets back the money deposited into a savings account. Ask your lender whether there is a provision for prepayment in case you need to access your funds for an emergency.
  • What to Consider: When buying a credit builder loan, some things to consider are administrative fee (for setting up an account), amount of money to deposit in a savings account, monthly payment, APR, whether the interest will be refunded, etc. Get in touch with the customer care department of a credit union in your area for these details.
  • Managing the Loan: When getting a credit builder loan, it is important to understand its terms and conditions before making a commitment. Pay attention to details like the term of loan, amount of payments to be made, due dates, APR and more. Also, consider the affordability of the loan and be disciplined with paying your installments in full and on time to improve your creditworthiness. 
Greater Central Texas Federal Credit Union offers Credit Builder Loans in Killeen, TX. To know more, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.

How To Choose A Savings Account?

18. August 2021 Administrator Blog (0)


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Savings Tips For Youngsters

23. July 2021 Administrator Blog (0)
Youngsters are known to be strong believers of living in the moment! However, when it comes to finances, it is advisable to encourage them to plan ahead and keep a portion of their earnings as savings. This helps in securing their future and opens up opportunities for making investments early in life.

Here are some pro-saving tips for youngsters:

  • Make A Budget: The first step towards saving is to create a budget and stick to it. The purpose of creating a budget is to be watchful of income and expenses. It helps create a limit on the amount spent and to create savings for bill payments, entertainment, etc.
  • Practice Delayed Gratification: Youngsters need to work on self-control as far as expenses are concerned in order to save. Encourage them to save for a commodity or service instead of buying it on credit.
  • Keep A Tab On Expenses: Educate youngsters on financial management through personal finance books, online mediums and financial experts. This will help them understand how daily expenses can add up into huge amounts and their impact on savings goals. It will also help to minimize recurring monthly expenses.
  • Prepare An Emergency Fund: Teach them the importance of starting an emergency fund. Irrespective of how much they earn (from pocket money, summer jobs, part time jobs, etc.), encourage them to put away a certain amount as an emergency fund. They can make use of a money market account, certificates of deposit or a high-interest savings account for doing so.
  • Adopt Frugal Habits: Set an example for them by spending wisely by limiting expenses on housing, food, transportation, shopping and entertainment. Look for cheaper options wherever possible and tell them the amount you end up saving.
  • Avoid Lifestyle Inflation: Help them avoid falling into the trap of getting the latest gadgets and devices, cars, expensive designer wear and so on. Teach them to hang onto what they have for as long as they can, provided there is no depreciation in quality and utility.
  • Open A Savings Account: Encourage them to deposit a portion of what they earn into their savings account. It instills a sense of discipline every month and lays the foundation for healthy saving habits.
It is easier to develop a habit at a younger age, so encourage youngsters to start saving. Greater Central Texas Federal Credit Union offers an array of savings accounts to assist savings. To know more about savings accounts in Killeen, visit 3305 E. Elms Rd., Killeen, TX  - 76542 or call at (254) 690 – 2274.

Secured Loan: Eligibility & Benefits

14. July 2021 Administrator Blog (0)


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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.