Closed-End Personal Loan Basics
When taking out a personal loan, you have several types to choose from. Out of these types, one of the most common and easiest to work with is the “closed-end loan.” All of the specifications and details surrounding a closed-end personal loan —such as the amount being borrowed, interest rate, and timeframe for repayment—are fixed and agreed upon in advance, meaning that as soon as the contract is signed, there is no further negotiation. Closed-end loans are best-suited for one-time expenses, such as medical bills, a single mortgage payment, or a major purchase. Once you have yours, you can expect fixed payments every month, which make it much easier for you to set a budget.
We offer a variety of closed-end personal loans here at GCS Credit Union, ranging from $500 to $15,000 and at terms suitable for just about any borrower. Best of all, we do not charge any fees! Call our finance team at (618) 797-7993 to start your application today.