GECU Personal Loans Reviews

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 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.

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%

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.

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.

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.