Personal Loan Options Available Through GCS

Ranging anywhere from $500 to $15,000, personal loans through GCS Credit Union offer a quick way to pay for a range of expenses. Because they don’t involve the purchase of a major asset, these loans are riskier for a credit union to grant. That’s why they typically come with higher interest rates. Here’s a quick look at the personal loan options available at your O’Fallon, IL credit union :

Calculating Savings

Open-End Loan
An open-end loan offers a way to access cash periodically without the need to reapply for a loan. Similar to a credit card, they give you access to a line of credit—anywhere from $500 to $15,000—to use wherever you need it. An open-end loan can be accessed at any credit union branch or through online and phone transfers.  

Closed-End Loan
A closed-end loan is a one-time cash loan with rates fixed for two years. To repay a closed-end loan at GCS Credit Union, you can opt for payroll deductions, automatic transfers, or to simply pay back your balance on a set date.

Consolidation Loan
If you are servicing a number of debt payments, a  consolidation loan  can allow you to meet these obligations at once and reduce your monthly payments. Consolidation loans are especially beneficial if they offer lower rates than your current debts, giving you an opportunity to meet your obligations with lower interest payments.

Christmas or Vacation Loan
Christmas and vacation loans allow you to spread out the up-front expenses of the holidays or a much-needed break through the year. GCS Credit Union members can take advantage of a one percent rate discount on Christmas loans. Repayment schedules are set on a term that pays back the loan in a year or less.

At GCS Credit Union, we make life easier for our member owners by offering affordable credit when they need it. Find out about the many benefits our members enjoy by calling us at (618) 797-7993 or by visiting one of  our O’Fallon, IL area locations .

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