Personal Loans
Personal loans from your credit union are perfect for:
Personal loans are a great option for consolidating debt to help improve your credit score.
- Car repairs
- Small home improvement projects
- School expenses
- Medical expenses
- Debt consolidation
Your Personal Loan Options:
- Loan amount: $1,000 to $50,000
- Terms: Up to 84 months
- Prepayment Penalties: None
- Interest Rates: Please refer to our Rate Sheet for current rates.
How It Works
Getting a personal loan at GCEFCU is easy! Follow these three easy steps and you’ll be on your way to having some extra cash in no time.
Step 1: Apply For Your Loan You can apply for your personal loan online by clicking the “Apply Now” button above, or by visiting any of our locations and speaking with a loan officer. You must be a member of Gulf Coast Educators FCU in good standing in order to apply for any personal loans. If you are not currently a member, click here to learn more information.
Step 2: Get Your Required Documents Together With any loan, we require proof of income for the last 30 days. You can either provide us with 30 days worth of pay stubs, or have your paycheck direct deposited with us. If you are using your new personal loan to consolidate debt, we may require your latest statements from your credit cards that will be paid off.
Step 3: Sign Your Lending Documents This last step is the easiest of all! You can either sign your lending documents in person at any of our branches, or we can send them to you electronically to sign from your computer, tablet, or smart phone. Once this is complete your loan will be funded!
Resources for Personal Loans
How to Read Your Credit Report
Your credit report is a snapshot of your financial health. It gives lenders a general idea of how you handle debt and cash flow. Just about everything related to your financial life is a part of your credit report. Lenders use this information to determine whether they will extend credit to you and how much that credit will cost. Read More
Getting Your Finances In Shape
Financial health is important. Unfortunately, it is something that people tend to put off. Financial decisions directly impact your future and have a profound effect on your lifestyle. This is why it is critical to plan for expenses and save for the future. Read More
What Should You Do When You Experience A Financial Hardship?
The most important thing to do is communicate. Have you ever ignored a call about a past due bill? Don’t wait for creditors to call. Be proactive and take the time to contact your creditors and explain your situation. If your creditor is knowledgeable of what is going on they are prepared better to help you. Take the time to contact all of your payees in the beginning so there are more options available to assist you. Read More
What Goes Into A Credit Score
Your credit score is an important number. Do you know yours? It is a number that ranges from 350 to 850. The higher your number, the better rates you’ll receive on loans, and vice versa. Why is this number so important? Let’s do the math. Click the link below to watch the video. Watch Video
There Ought to be a Law: Payday Loans
One of my team members brought me a super convenient new way to get into trouble with payday type lending. In the mail, she received a check for $800 with a letter attached with pictures of Santa Claus and other Christmas designs. Let’s face it, the Christmas season can be hard on the wallet and many of us could use some extra money to provide a merry Christmas for our families. Read More
Understanding Credit Scores & Reports
Your credit score is important. A good score can save you money on loans and insurance. For example, let’s say your score is 700 and your mortgage rate is 4% APR for 30 years on $150,000 loan. The total interest you would pay would be $107,804. Now consider you had a score of 600 and your rate was 6% APR on the same loan. You would end up paying $173,757 in interest. That’s a difference of about $66,000. Read More
Debt Consolidation & Net Worth
In my experience as a loan officer for the credit union, one of the most frequent requests was for a debt consolidation loan. Several times a week, I would have a member come to me and explain: “Jason, I can’t seem to catch up. I have too many scattered payments to credit card companies at high interest rates. I can hardly keep up, and I feel like I am getting nowhere. Is there anything the credit union can do to help me?” Read More
Rates & Disclosures
Personal Loan Rates
| Starting APR* (Not including discounts) | Term | Maximum Loan Discount | Payment Example Per $1,000 Borrowed |
|---|---|---|---|
| 11.24% | Up to 48 months | 0.50% | $25.96 |
| 12.74% | Up to 84 months | 0.50% | $18.05 |
| *APR = Annual Percentage Rate. Actual rates may vary based upon credit qualifications and are subject to change without prior notification. Maximum loan discount is 0.75% for auto, boat, motorcycle, and RV/Travel Trailer loans, and 0.50% for personal loans and miscellaneous equipment loans. To view loan discounts available, click here. | |||
Consumer Loan Discounts
| Discount | Description | Discount Rate |
|---|---|---|
| Credit Life or Disability Insurance | Add Credit Life or Disability Insurance to your loan through the credit union and you may receive 0.25% off your APR*. | 0.25% |
| Gulf Coast Educators Insurance Services, LLC | If you have any type of insurance service through Gulf Coast Educators Insurance Services, you may qualify for a discount of 0.25% off your APR*. Insurance offered through Gulf Coast Educators Insurance Services, LLC. Funds should not be considered a deposit or guaranteed by GCEFCU. Funds are not insured by the NCUA or any federal government agency. | 0.25% |
| Direct Deposit | If you have at least 1 payroll direct deposit per month of $500 or more into your GCEFCU checking account, you may receive a discount of 0.25% off your APR*. | 0.25% |
| *APR = Annual Percentage Rate. Rates and discounts are subject to change without prior notification. Other conditions may apply. Maximum loan discount is 0.75% for auto, boat, motorcycle, and RV/Travel Trailer loans, and 0.50% for personal loans and miscellaneous equipment loans. | ||