News and Events
It’s just around the corner! Mark your calendar to stop by on Thursday, October 17th for Credit Union Day. Join us for a brat and hot dog cookout between 10:30 am and 2:30 pm that day. We will also have a drawing for various gift cards at the Credit Union and online on Credit Union Day.Details about Credit Union Day
Everyone is texting now, and your Credit Union is no exception! Sign up to get notified about special event reminders, deals, Holiday or weather-related closings, and other updates. Simply text GECU to 474-747. You will receive a text back with a link that will request your cell phone number and your name or simply sign up here! (Normal messaging and data rates apply. You may text STOP to cancel anytime.)Details about Sign Up Today for our Text Notifications!
Details about Now Offering Payday Alternative Loans (PALs)
We all know that payday loans are rarely a good idea, but we also know life happens. Payday loans often solve the problem in the short term- getting the cash you need, however they tend to make the situation worse in the long run. Did you know that most payday loans are due in full within 2 weeks and average an APR of 391%? The typical borrower will end up paying over $500 in fees. As your Credit Union, we want to be able to offer our members a better alternative- to help end the cycle of payday loans. That is why we are now offering PALs or Payday Alternative Loans.
To be eligible for a PAL- you must meet the following criteria:
- Be a member at the Credit Union for at least 6 months.
- Be employed for at least 6 months.
- Receive your direct deposit at the Credit Union.
As long as you meet these 3 simple requirements, you are eligible for the loan. There is no credit report pulled. Upon application, member may be approved for up to $1,000 for the initial request and may be increased upon request later. The loan charges a $25 fee and is financed at a rate of 21% APR.
PALs can also be a useful tool for building stronger credit. While most other loans all require a credit score, PALs do not and therefore give members with lower credit scores an opportunity to show credit worthiness.