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

Why Are Credit Unions Popular Financial Institutions

18. February 2021 Administrator Blog (0)
Credit unions are popular financial institutions for a number of reasons: they are affordable, convenient, have flexible terms, offer great customer service and more. They provide a number of financial services and products under one roof and offer various member-benefits. These non-profit organizations are founded on the sole philosophy of helping their members who are its owners too.

Let us take a look at some reasons due to which they so popular:

  • Cheaper Loans: Credit unions are famous for affordable lending rates. Their focus is on providing members with affordable products and services in the fastest and most convenient way possible.
  • High Rates On Savings Accounts: Those with saving accounts in credit unions enjoy higher rates on their savings and deposit accounts. The savings accounts offered in credit unions include share accounts, money market accounts, Christmas and Vacation Club accounts, Certificates of Deposit and Individual Retirement Accounts (IRAs).
  • A Strong Community Presence: Credit unions offer members an opportunity to contribute towards the welfare of their local community. This can be in the form of offering scholarships and grants, sponsoring local fundraisers and organizing valuable events for the local community.
  • Personalized Assistance: Credit unions are known for helping members figure out which financial services and products are the best for them as per their current financial situation. They provide personalized assistance to every member and walk them through all the available options to assess whether they are in tandem with their short and long-term financial goals, credit score and more.
  • Financial Education: Most credit unions work towards providing financial education to their members in order to help them make sound financial decisions; this is something many people appreciate. They do so in the form of financial workshops, free advice, telephonic consultation, etc.
  • Voting Rights: Credit union members are its owners too and enjoy the right to vote on important matters regarding its working e.g. selection of board members. Members feel relevant and acknowledged in the working of the credit union which adds to their overall level of satisfaction and trust in the organization.
  • Other Services: Credit unions offer a plethora of services to their members some of which are payroll deduction, on-line access, ACH Origination, ATM services, Bill Pay, MasterCard Cash Advance, Outgoing and Incoming ACHs, Outgoing and Incoming Wires, Gift cards and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. to its members. For more details on why are credit unions popular financial institutions, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.
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GCTFCU Blog | Secured Car Loans Can Help You Find Your Dream Car
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Secured Car Loans Can Help You Find Your Dream Car

11. January 2013 Administrator (0)

Are you wondering how to buy the car of your dream? Getting yourself a secured car loan is your best bet. It is a loan that you can avail by surrendering collateral which you can regain once you have paid back the loan with interest. Every year thousands of people apply for a secured car loan. It is uncomplicated and has many advantages for the borrower. In most of the cases, the car itself is the security. The lender considers the car as the security against the loan. He acquires the car in case the loan is not paid. But sometimes, the lender may ask security of a higher value. In such cases any financial asset such as house, another vehicle or jewelry can be used as collateral. There are three fundamental requirements to get a secured car loan. You should have regular monthly income and you should be able to prove it using bank slip or any other document. Lenders prefer to lend loan to people who are employed somewhere than to self-employed. Also, if you live in a rented apartment you should have proof that to have lived there for at least 12 months.

One of the biggest advantages of getting a secured loan is that the interest is low and the tenure to return the loan can be longer. Since lenders have the security of the collateral the terms are flexible. The borrower can enjoy easy payment of installments, which allows the borrower to plan his or her savings. The lenders are interested in getting their monthly installments on time. As long as you are able to prove that you have a regular income you can get a secured loan regardless of which income group you fall in. Borrowers of secured loan who are asked to surrender their house as collateral often can benefit from tax-deductions. In such a case, the monthly installment is deducted from the tax that one would otherwise pay. Another advantage about secured loan is that it allows a cordial relationship between the lender and the borrower because of the security of collateral. The lenders are not skeptical about getting their installments and they sometimes can even go easy on delay in payment of installment.
 
In these tough economic times choosing secured car loan is the most hassle-free option.

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