Loans are a fantastic way to put big-ticket items in reach. Whether you took out a personal loan to fund a home improvement project, an auto loan for a new ride, or a mortgage loan to secure the home of your dreams, you’ll need to make monthly payments to satisfy your obligations as a borrower. At General Electric Credit Union (GECU) you have options to pay from your device as well as in person. Learn more about these options and the importance of making on-time loan payments in the brief guide below.
The impact of on-time payments
Aside from feeling on top of things, there are a handful of very real benefits for making on-time loan payments. The first, and most obvious, is avoiding late fees. Aside from this, responsibly managing loan payments will reflect well on you as a borrower. This, in turn, will strengthen the relationship between you and your lender. This positive banking relationship may open the door to better loan rates and terms in the future as you continue working with the lender.
Payment history is also a crucial factor in determining your credit score. For this reason, multiple missed payments can negatively affect your creditworthiness and impact your future borrowing power. Ensure you never miss a loan payment by setting up customized account alerts in Online Banking or our mobile app.
Tight budget this month? Consider using Skip-a-Pay to skip your loan payment. Available two times a year to eligible loan holders, this program gives you more time to come up with the funds by advancing your current due date one month forward. The terms and conditions will remain the same, and interest will continue to accrue on your loan during the skipped payment period. Find out more and get the full details here.
Making your GECU loan payments is simple. You have multiple options to pay from either a GECU or outside account.
ITM banking: Visit an Interactive Teller Machine (ITM) during Personal Teller hours to transfer your payment from a GECU account. ITMs are available inside ITM lobbies and vestibules as well as in our drive-thru lanes.
Telephone banking with Sourceline: Dial 513.243.3333 or 800.589.2875 and follow the prompts to make a payment from your GECU account. This option is available 24/7. Note that to use Sourceline, you’ll need your Member Number and the last 4 digits of your Social Security Number.
Paying from another bank or credit union
Online Banking or our mobile app:
For consumer loans and mortgages, log in and set up one-time or recurring payments using your other financial institution’s account and routing number.
Additionally, you can also cross this banking to-do off your list at any branch location. One of our dedicated team members would be happy to help you process your loan payment! Have a question about your loan? We’re here to help! Give us a call at: 513.243.4328 or 800.542.7093. Or, use Secure Chat in Online Banking or our mobile app to get in touch with a team member during normal business hours.