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

Benefits of Taking Loan From Credit Union

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Affordable Loan Options in Killeen, TX

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Important Financial Services Offered by Credit Unions

24. December 2022 Administrator Blog (0)
Members of credit unions enjoy a variety of affordable financial services. Credit Unions aim to offer their members an assortment of high-quality services, not with the aim of maximizing profits, but with the intention of empowering the community.

For example, Greater Central Texas Federal Credit Union is a member-owned financial cooperative in Killeen, TX. The credit union is insured by the National Credit Union Share Insurance Fund. It strives to provide the members with a host of lending opportunities coupled with other financial services such as Bill Pay, debit cards, MasterCard, checking and savings account, and more. The services are instrumental in helping members attain their financial goals such as retirement savings, college education, home purchase and purchase of new and pre-owned vehicles.

Listed below are important financial services offered by Greater Central Texas Federal Credit Union:

Unsecured/Signature Loans:

This category of loans is ideal for anyone with major expenditures impending in near future for example college education or purchasing a new home. The loans are available at affordable rates and the credit union also offers quick approvals; usually within 24-48 hours of completing an application and income verification. Interested parties can contact the loan officer and apply for the same on credit union’s website.

Secured Loans

GCTFCU provide secured loans against collateral. These loans are usually given against a collateral valued at an amount equal to or higher than the loan’s balance. Such loans have lower interest rates.

Savings Accounts

The saving accounts offered by the credit union include Share Account, IRA (Individual Retirement Accounts), Christmas Club, Certificates of Deposit, Vacation Club and Money Market Accounts. To open a savings account at Greater Central Texas Federal Credit Union, you need to provide a proof that you are living, working or worshipping west of I-35, 2 ID proofs (such as picture id and social security card), a minimum of $5.00 to open an account and $20.00 to deposit in it. For a regular Share Savings Account, you will need a minimum of $25.00 and for Share Certificates of deposit a minimum of $1,000.

Credit Builder Loan

As the name suggests, credit builder loans are meant to help members enhance their credit score while saving at the same time. The way this loan works is that a specific amount of money is deposited in a member’s share account and frozen therein until the loan is repaid. The benefit of a credit builder loan is that members can avail it even with an unsatisfactory credit score. This characteristic makes it ideal for new members who are getting a loan for the first time.

Other Services

In addition to the above-mentioned financial services, the credit union offers services like Incoming wires, Outgoing Wires, Outgoing ACHs, Incoming ACHs, gift cards, an audio response system, an amortization calculator, checking cleared drafts, Notary service, ATM and safe deposit boxes.

For more information on important financial services offered by credit unions, visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also visit www.gctfcu.net or call at (254) 690 - 2274.

Tips to Ensure Timely Loan Repayments

29. November 2022 Administrator Blog (0)
Managing your debts is vital for maintaining financial health. Timely loan repayments not only keep your credit score healthy but also ensure the uninterrupted functioning of the household.

Here are a few tips for making timely loan repayments while taking care of your expenditure.

Prepare a Budget

Prepare a monthly budget and earmark a particular amount for each household requirement. With proper budgeting, you can strategize your loan repayment while keeping track of your expenditure. Cut down on unnecessary expenses and spend mindfully. You can also install budgeting apps to keep your monthly outlay in check.

Loans Consolidation

It is difficult to keep track of multiple loans and their monthly installments. Consider various ways to consolidate your debts. Debt consolidation means unifying more than one debt into a new loan, especially the ones with a lower rate of interest. You can take personal loans from a credit union at a competitive interest rate to pay off your loan.

Prioritize the Loan with Higher Interest Rate

Focus on the loans with higher rate of interest. If allowed, make larger payments towards these loans to pay them off as early as possible. But make sure that you don’t skip payments towards other loans, if any.

Automate Payment Options

Choose auto payment deductions to ensure you don’t skip or delay any monthly installment towards your loan repayments. This is necessary to avoid penalties for late payments.

Emergency Funds

Prepare an emergency fund to walk through tough times without any financial complications. If possible, keep funds worth 2-3 months of EMI amount in your account to act as a financial safety net.

Deposit Extra Money Towards Debt/Loan

If you receive a considerable amount of money, such as a bonus, instead of splurging that sum on needless expenses, deposit this money towards your loan repayments.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union is a member-owned cooperative that has been helping people with their financial needs since 1957. The lending options offered by the credit union include New and Pre-Owned Vehicle Loans, and Secured & Unsecured loans at competitive interest rates. The credit union also offers numerous other financial services such as savings accounts, Wire Transfer, Bill Pay, etc. 

To know more about loans in Killeen, visit Greater Central Texas Federal Credit Union at 3305 E. Elms Rd, Killeen, TX – 76542 or call (254) 690 - 2274. You can also browse through www.gctfcu.net

Convenient Credit Union Services

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How Credit Unions Promote Economic Growth?

29. October 2022 Administrator Blog (0)
Credit Unions are nonprofit financial co-operatives providing a comprehensive range of savings, lending & investment options. Owned and operated by the members, credit unions strive to offer higher interest on savings, lower loan rates, and various financial products & services to boost the community's economic well-being.

Economic Participation By Members

As a nonprofit & member-centric financial institution, the capital in the credit union is controlled & contributed by the member owners. Therefore, a credit union's earnings are shared among the members in the form of higher savings rates, low-cost loans, reduced fees, and more. Members' economic participation helps form a mechanism that facilitates the community's economic growth.

Lending Options

Credit unions provide various lending options at lower rates. Financial services like loans & credit limits assist members in fulfilling their respective financial obligations & needs like capital requirements, asset purchasing, home building, education, etc. The credit union helps to elevate the economic status of a family/individual by providing easy-to-access lending services, flexible terms and conditions, and a wide range of financial programs.

Savings

A savings account is a basic account type that allows a person to deposit funds with safety assurance. It is considered to be an essential part of financial management as it allows to save money without locking it away for longer period of time. Depositing money on a regular basis enables your money to grow over time keeping you prepared for recurring as well as sudden expenses. Credit unions offer higher interest rates on savings to help members achieve personal financial goals. 

Financial Counselling & Investment Options

Credit unions provide financial counseling led by local experts, allowing to make well informed decisions. They help to optimize member's income by educating members on financial skills including investing, borrowing, budgeting, personal finance, retirement planning, etc. Financial literacy allows individuals to utilize financial resources effectively, which eventually aids economic growth.

Ulterior Motive of Credit Union

Credit union mainly focuses on developing policies and services that can stimulate financial sustainability. The credit union's foremost concern is to promote its member's economic growth by offering democratic control, community support, voluntary membership, and various other means.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen offers multifarious savings, investment & lending options. Visit Greater Central Texas Federal Credit Union (GCTFCU) at 3305 E Elms Rd, Killeen, TX 76542, United States. You can also contact GCTFCU by filling up the contact form available at www.gctfcu.net .

Checking and Savings Accounts in Killeen, TX

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Financial Management Tips

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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

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How Credit Unions Facilitate Financial Growth?

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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
GCTFCU Blog | Credit Union Killeen TX | Home Loans, Secured Auto Loan in Central Texas
Greater Central Texas Federal Credit Union,
3305 E Elms Road
Killeen, TX 76542
Telephone: 254-690-2274
www.gctfcu.net

Brief Guide To Secured Loans

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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.

What Is Direct Deposit?

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How To Open An Account In A Credit Union?

25. March 2021 Administrator (0)
The process of opening a credit union account is a relatively simple and convenient one. Members of a credit union enjoy access to a number of superior financial services and products and are deemed as equal owners of the non-profit organization. Profits earned by the organization are returned back to its members in the form of lower loan rates, higher savings rates, reduced fees and amazing customer support.

Listed below are some important pointers on opening an account in a credit union:

  • Select A Credit Union: Research on the credit unions in your locality and choose the one based on membership criteria. Inquire whether the credit union is federally insured by the NCUSIF (National Credit Union Share Insurance Fund). Review the services and products offered and verify whether they meet your needs.
  • Choose Account Type: Check different account types offered by the credit union. Credit unions offer numerous different account types such as Savings Account, Share Account, Money Market Account, etc. Ask about the features and minimum requirements for every account type and choose a suitable account that matches your requirements.
  • Gather Your Documents: The next step is to gather documents that contain important information about your identification such as your Social Security Number, tax bill receipt, credit card, voter’s registration, student ID, physical address, valid identification like a passport, driver’s license, passport, etc. Feel free to call the credit union for guidance and assistance about required documents.
  • Open An Account: To finally open an account after the initial formalities, you will be required to pay an amount of as opening amount to complete the account application. You will also have to pay an amount as the processing fee and deposit a minimum amount in your account which will remain in the account until its closure.
  • Consider Online Options: For your convenience, you can consider filling an online application form for opening an account in a credit union on its website. Information on the formalities and documents required can be accessed on online portals in full detail. Apart from information about opening an account, you can explore the variety of services and products offered such as the calendar of events, direct deposit, Christmas and Vacation club accounts, certificates of deposit, Individual Retirement Accounts, share accounts, money market accounts and so on.
Greater Central Texas Federal Credit Union offers a variety of account types to its members. For more details on how to open an account at Greater Central Texas Federal Credit Union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Services Offered By A Credit Union

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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.

Credit Union Auto Loans Application Process

10. February 2021 Administrator Auto Loans (0)


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Credit Union: How To Be A Member

28. January 2021 Administrator Blog (0)
A credit union is a non-profit cooperative financial institution owned by its members. The institution offers affordable financial services to its members in the form of reasonable interest rates and financial benefits. Membership requirements of credit unions are usually based on factors like place of work, worship, residence and more. Most credit unions charge a one-time membership fee and require members to open an account with them.

If you are interested in joining a credit union, here are some helpful pointers to do so:

  • Choice of A Credit Union: The first step is to choose a credit union that offers products and services that suit your financial and personal requirements. Also consider factors such as rates offered, online services, access to ATMs, safety (in terms of federal insurance), etc. A safe credit union is one that is insured by the NCUSIF (National Credit Union Share Insurance Fund), a Federal government agency. You can choose from locally run credit unions such as Greater Central Texas Federal Credit Union.
  • Membership Eligibility: To be eligible for credit union membership, a person should be living, working or worshipping within the location stated by the credit union. In case of Greater Central Texas Federal Credit Union, any person who lives, works or worships within the portion of Bell County, Texas, west of Interstate 35, can be a member.
  • Application: Most credit unions require two forms of identification such as a driver’s license, State-issued ID card (with a photo), military ID and passport, Social Security Card, etc. Fill the application form and submit it as states by the credit union
  • Initial Deposit: To complete the application process, members are required to pay an initial amount. This includes a processing fee and initial deposit.
  • Membership Benefits: Credit union members enjoy a number of benefits such as excellent customer services, high interest rates, community support, secure deposits, financial literacy, easy qualification, low fees and more.
  • Member Services: Wire Transfer, Notary Service, MasterCard Gift Cards, CH origination, Bill Pay, Notary Service, safe deposit boxes, Direct Deposit, Traditional and Roth IRAs, Christmas and Vacation club accounts, savings and investments, Overdraft protection and more.
Greater Central Texas Federal Credit Union offers a variety of services such as secured loans, savings account, account services, etc. For more details on how to be a member of the credit union, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.

Tips To Choose Suitable Secured Loan

29. December 2020 Administrator Blog (0)
A secured loan is a type of loan in which the borrower pledges an asset as collateral for the loan. The loan amount depends upon the value of collateral. A major benefit of secured loan is its affordability in terms of low interest rate.

The choice of a suitable secured loan depends upon a variety of factors. Here are some tips to help you choose suitable secured loan:

1. Loan Amount: The foremost considerable factor is to choose the right loan amount. It is imperative as the loan amount has major impact on rate of interest, EMI, etc. For choosing right loan amount, consider the actual need and the funds available with you. However, make it a point to choose a loan amount that you actually need. Borrowing higher loan amount can have an impact on your financial situation in the future.

2. Collateral: The choice of collateral is important for ensuring loan approval. The value of collateral should be either equal to or higher than desired loan amount. Ask the credit union about allowed collateral and required collateral value.

3.  Loan Tenure & EMI: The choice of loan tenure and EMI are inter-dependent. Longer loan tenure results in lower EMI and vice versa. So, when choosing the right loan tenure, focus on choosing the right EMI. Here are some steps that may help you in choosing right EMI:
  • Consider your monthly income including total monthly salary and income from other sources.
  • Calculate monthly expenses by adding bills, general expenditure, etc.
  • Add monthly savings to the monthly expenses to calculate total monthly expenditure.
  • Subtract total monthly expenditure from total monthly salary.
  • The resulting value can be used as maximum affordable EMI.
4. Rate Of Interest: Rate of interest is governed by type of loan, loan amount, loan tenure, etc. So, consider the variables to check suitable rate of interest.

A great option is to contact the credit union staff for professional assistance in deciding suitable secured loan. The professional team analyzes the financial situation to suggest suitable loan parameters.

Greater Central Texas Federal Credit Union offers affordable secured loan to its members. Members can apply for a secured loan online or by visiting the credit union. For more details on tips to choose suitable secured loan, visit 3305 E. Elms Rd., Killeen, TX - 76542. You can also call at (254) 690 – 2274.