GCTFCU Blog | Guide To Understanding Credit Unions

Credit union is a non-profit organization which is owned & controlled by account holders. There’s always a common link between the members of a credit union. They could be working in the same company, going to the same church, living in the same community etc. Profit earned from the union is re-invested into the organization or used to fund its members.

Borrowing from a credit union can help you save money in the following ways:

• Lower Costs
Instead of making profits, credit unions focus on providing better products to their members at low costs. So, they charge nominal fees for their services. The amount charged is just to cover their costs of operation. This is done to ensure that in the long term you end up saving more money by shelling out less in the form of interest rates and service charges.

• Higher Interest Rates On Savings
Credit unions offer high interest rates on savings accounts. The amount of interest that adds up over time is directly a part of your savings. This will increase your savings substantially.

• Lower Interest Rates On Loans
With a low rate of interest, borrowing from credit union becomes a great option for cutting down one’s expenses. It is easy to accommodate interest payments of such loans into one’s monthly budget.

• Convenient Auto Loans
Getting an auto loan via a credit union is a great way of reducing the payouts of monthly installments. They encourage members to make higher down payments which reflect in lower monthly expenses and interest rates. Members can also choose shorter tenure periods for the loans consequently saving on their interest costs.

• Easy Approval
Members of credit unions can easily get pre-approved for the loan. They generally approve the loan application within 24 - 48 hours of document verification. The whole process is quite flexible & hassle free.

• Budgeting Assistance
The welfare of its members is pivotal for any credit union. The loan officers at the credit unions work in tandem with their members and offer assistance in finding a loan that best works for them.

Credit unions are a great option for loans as they follow an easy and stress free process. The staff assists the members in all aspects of loan application process. For more information, visit Greater Central Texas Federal Credit Union at 3305 E Elms Road, Killeen, TX 76542. You can call at (254) 690 – 2274 or log on to https://gctfcu.net/

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