Open-End Personal Loan Basics
Open-end loans are a form of personal loan that set up a revolving line of credit. This means that you do not need to take out the entire loan amount at once. These loans act like a credit card without the need for a physical card. You can take out only the amount of money you need while the rest is left available for future use. When you make payments on the borrowed amount, it becomes available to you as part of your line of credit once more. You pay interest only on the amount you are currently borrowing, rather than the entire line of credit. Open-end loans are popular because they offer immediate cash when you need it without the need to apply for a separate loan each time.
If you’d like to find out more about loans at GCS Credit Union, give us a call today at (618) 797-7993. We offer a variety of personal loan options , including open-end, closed-end, consolidation, and vacation loans ranging from $500-$15,000. Click on our website for more details.