GECU Personal Loans

GECU Personal Loans Reviews

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About GECU Personal Loans

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GECU, a credit union founded by 11 people during the Great Depression, is now one of the largest credit unions in Texas and New Mexico. With over 400,000 members across the two states, it has developed a reputation for putting people first. One of the ways it does so is by offering an array of personal loan products, including both secured and unsecured.

    Pros & Cons

    • Multiple different personal loan options
    • Co-borrowers are allowed
    • Competitive interest rates
    • Only serves Texas and New Mexico
    • Doesn’t disclose minimum and maximum loan amounts

    Our editor’s take

    If you live or work in Texas or New Mexico, a personal loan through GECU is a strong borrowing option. Since it offers low rates and a variety of loan terms, it is a good alternative to a high-interest credit card for borrowers who are worried about affording a large expense.

    In order to get a personal loan through GECU, you must become a member; however, this gives you access to benefits such as dividends on deposits, insurance offerings and discounts at Southwest University Park in El Paso, Texas.

    If you like the sound of a GECU personal loan but don’t live within GECU’s service area, check with a local credit union in your region for comparable loan options.

    GECU personal loan products

    GECU offers several personal loan options to cover just about any expense. It also offers an unsecured checking line of credit for access to revolving credit, although GECU’s website provides minimal information on this product.

    Personal loan
    GECU personal loans can help you cover everything from a dream vacation to medical expenses to debt consolidation. Since it is an unsecured loan , you won’t be required to put up collateral. Once approved, you’ll have up to 60 months to pay back your loan.

    GECU doesn’t disclose on its website whether there are minimum or maximum amounts for its unsecured personal loans.

    Fully secured personal loan
    A fully secured GECU personal loan requires you to put up an item of value, such as your GECU savings account or certificate account, as collateral . These loans come with variable interest rates and terms as long as 120 months.

    GECU doesn’t disclose on its website whether there are minimum or maximum amounts for its fully secured personal loans.

    Home improvement loan
    GECU offers unsecured home improvement loans up to $30,000 for projects such as adding a new room, remodeling a kitchen or updating your landscaping. Terms range from 36 months to 120 months.
    Fast Cash
    Fast Cash is designed to lend money quickly. Depending on your credit history, you can borrow $200 to $1,000 for up to six months. While the interest rate is higher than many personal loans (27.90% as of publishing), they are a much more affordable alternative to payday loans, which can charge upwards of 300%.
    Credit-builder loan
    Unlike a typical loan, a credit-builder loan is more like a savings account, but with the added benefit of helping you establish a credit history or increase your credit score.

    With GECU’s credit-builder loan, you get a “loan” of $500 to $1,000 deposited into a 12-month certificate account. As you make monthly payments on the loan, those payments are then reported to the credit bureaus. Once the loan is fully paid off, you can access the certificate account.

    GECU personal loan rates

    GECU personal loans come with different rates, depending on what type of loan you want. Here is what you can expect (all rates accurate as of publishing):

    • Personal loans:
      • Terms up to 24 months: 11.24% to 27.90%
      • Terms up to 60 months: 12.85% to 27.90%
    • Fully secured personal loan: Variable interest rate
    • Home improvement loans: Starting at 9.90% to 10.90%, depending on the term length
    • Fast Cash: 27.90%
    • Checking line of credit: 16%

    GECU personal loan fees

    Unfortunately, GECU doesn’t advertise what fees it charges or how much they cost. However, it does mention that it is a good idea to set up autopay on your GECU loan account to avoid late fees and that it doesn’t charge application fees on personal loans.

    How to apply for a GECU personal loan

    As a credit union, GECU requires you to become a member before applying for a loan, but membership comes with benefits. To be eligible for GECU membership, you must:

    • Live or work in Texas or New Mexico
    • Have a government-issued ID, driver’s license, state ID or passport with your current address on it
    • Have a physical mailing address
    • Provide your Social Security number
    • Provide your date of birth
    • Have or open a GECU savings account

    Once you’re a member, applying for a personal loan is simply a matter of filling out a loan application online or over the phone. The application will require you to provide personal and financial information, so you should have this information handy.

    After you’ve applied, you can expect to receive a response from GECU, which can take up to 48 hours.

    How do GECU personal loans compare?

    When it comes to comparing GECU personal loans to those offered by other lenders, they definitely have an advantage. Although GECU doesn’t disclose its minimum or maximum loan amounts, its low rates and long repayment terms are impressive enough.

    Here’s how it compares to a competitor, OneMain Financial:

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    GECU personal loans FAQ

    What is GECU?

    GECU is a credit union that serves Texas and New Mexico, offering a comprehensive catalog of financial products and services to its members. These include simple banking products, such as checking and saving accounts, as well as more complicated services such as customized investment planning.

    Can I have a co-borrower on a GECU personal loan?

    Yes, you can apply for a personal loan from GECU with a joint applicant.

    Do I have to be a GECU member to apply for a personal loan?

    Yes, you need to be a GECU member in order to apply for a personal loan. As a member-owner of GECU, you’ll have access to dividends, low rates, financial education and the ability to vote on issues affecting the credit union.

    Is GECU legit?

    GECU is a legitimate credit union serving residents of Texas and New Mexico. It has over 400,000 members across the two states and claims more than $4.2 billion in assets. It offers a wide range of financial products and services, not just personal loans, so becoming a member could make this credit union a one-stop shop for your finances.

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