Borrow and Save Loan
GCCFCU offers a fast and easy way to encourage members to borrow and save funds with a Borrow and Save Loan, by advancing 50% of the loan proceeds to the member at loan closing, then placing the remaining 50% of the loan proceeds into the member’s primary savings. The amount placed in savings will be placed on a permanent hold, until the loan is paid in full.
- 90 days of membership
- 90 days of job time at same employer
- Full direct deposit in place with GCCFCU for 90 days
- Member can borrow as low as $300 or up to 1x their gross monthly income or $2,500 maximum
- All GCCFCU loans must be current and have full coverage insurance on auto loans
- The member cannot have a Freedom Fast or Short Term loan currently open
- The member is not allowed to have Overdraft Privilege during the repayment period of this loan
- Any credit score qualifies
A credit report will be pulled to ensure the member is not at risk of filing bankruptcy, to educate member on how to improve their credit score, and to look for additional opportunities to help the member improve their financial well-being.