FedEx Employees Credit Association personal loans review |

FedEx Employees Credit Association personal loans review

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Explore the four different personal loans available to FedEx employees, retirees and family members.

Personal loans are a solution to paying for life’s big events like weddings, vacations and moving costs. Credit unions tend to offer lower rates to their members, and you can often work with a representative to walk you through the underwriting criteria and how the loan would impact your finances.

FedEx isn’t a name often associated with banking, but the FedEx Employees Credit Association (FECA) provides members with a full array of products including personal loans. And you don’t need perfect credit to be approved.

Product NameFedEx Employees Credit Association Signature Loan
Max. Loan Amount$20,000
Interest Rate TypeFixed
Maximum Loan Term5 years
RequirementsTo be eligible for a personal loan with FECA, you’ll have to first become a member of the credit union. To qualify for membership, you must be a FedEx employee, retiree, family member or household member. To join the credit association, you’ll also need : Social Security number, two forms of ID, including one that’s government-issued, $25 to deposit in a savings account.
  • Your Social Security number.
  • Two forms of ID, including one that’s government-issued, such as a passport or driver’s license.
  • $25 to deposit in a savings account.
  • Be a FedEx employee, retiree, family member or household member.

Am I eligible?

To be eligible for a personal loan with FECA, you’ll have to first become a member of the credit union. To qualify for membership, you must be a FedEx employee, retiree, family member or household member. To join the credit association, you’ll also need the following:

  • Your Social Security number.
  • Two forms of ID, including one that’s government-issued, such as a passport or driver’s license.
  • $25 to deposit in a savings account.

Loan eligibility will vary based on the type of personal loan you’re applying for. Each type of personal loan is subject to its own underwriting standards.

What makes FedEx Employees Credit Association personal loans unique?

FedEx is known for its delivery services, not its banking. But this credit union has a full suite of loans, banking products and investment opportunities for its members — even those with poor credit. Its unique loans include standard personal loans with fixed rates, short-term loans, lines of credit and its special 12-12-12 loans — where you can borrow $1,200 for 12 months at 12% APR.

What is a FedEx Employees Credit Association Signature Loan?

Your assets won’t be at risk when you apply for an unsecured Signature Loan with FECA. This loan also features a fixed interest rate, so you won’t have to worry about your monthly payments changing.

What other FedEx Employees Credit Association personal loans are offered?

FECA has additional loans and a line of credit for personal use. Take a look at the other types of personal loans you can apply for:

Line of credit

For financing available when you need it, you can draw on a line of credit. As you pay it back, you can draw from it again.

  • APR. From 7.99%
  • Terms. Ongoing.
  • Amounts. Up to $10,000.

12-12-12 Specialty Loan

You’ll get exactly what’s on the tin with the 12-12-12 Specialty Loan. Aside from its easy to remember terms, it’s unsecured and features a fixed interest rate.

  • APR. 12%.
  • Terms. 12 months.
  • Amounts. $1,200.

Freedom Loan

The Freedom Loan is billed as a safe alternative to payday lenders, but be fully aware of the potential traps of a short-term loan. Additional underwriting requirements are required to get this loan and include a minimum credit score.

  • APR. 18%.
  • Terms. Up to 6 months.
  • Amounts. From $250–$750.

What are the benefits of FedEx Employees Credit Association personal loans?

  • A selection to choose from. Having four different types of personal loans to satisfy different needs sets FECA apart from its competitors. It’s uncommon to see more than one personal loan option, much less four.
  • Accessible application status. You can check your application status online at any point during the process.
  • Online service. A mobile app is available, and you can pay bills and check your loan balance anytime on the FECA site.
  • Additional products. Other loan products, checking, savings and investing accounts are all available through FECA.

What to watch out for

  • Membership. You’re required to be a FedEx employee, retiree, family member or household member in order to join. This can be a big hurdle, unless you have family who dons the purple and black, that is.
  • Low maximum. The most you can borrow is $20,000 with the Signature Loan, but that may not be enough. Other lenders provide larger amounts if you have a bigger purchase to make.
  • Short-term loans. Though the Freedom Loan is an alternative to payday loans, it’s still a short-term loan and comes with a high APR and other associated dangers.
  • Unavailable information. The rates and fees page of the FECA website doesn’t offer any information regarding fees for things as simple as late or returned payments.

Compare other personal loans

Rates last updated October 22nd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16% to 35.89% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
5.99%–35.99% (fixed)

Compare up to 4 providers

What does the Internet say about FedEx Credit Union personal loans?

As of July 2018, FECA is accredited with the Better Business Bureau and holds an A+ rating. Its composite score is 3.68 out of 5, and it only has one review listed, which is negative. The review cites a bad customer service experience, but has since been resolved.

How do I apply?

Once your application for membership is accepted, you can go on to apply for a personal loan.

  1. Go to the FECA site and hover over Loans.
  2. Click Personal Loans.
  3. Scroll to the bottom of the page and click Apply Online.
  4. Sign into your FECA account.
  5. Fill out the information for the loan you’re applying for.
  6. Review your information.
  7. Submit the application.

Your application is reviewed and compared against the underwriting criteria for the specific loan type, amount and term you’ve requested.

Step by step application with screenshots

I got the FedEx Employees Credit Association personal loan. Now what?

You’re ready to take advantage of a great rate and move forward with your purchase, but you also need to consider how you’ll make repayments. The Signature Loan has a fixed rate, so you won’t have a sudden hike in the amount due.

Work with FECA agents or use your online account to set up payments. Automatic payments may help you avoid potential late fees if you’re able to set them up. Also consider whether you want to pay off the loan early to avoid some of the interest charges.

Bottom line

A personal loan from FECA can be a much-needed solution when you’ve got a big purchase to make. One of the biggest barriers to getting one of these loans is the membership eligibility requirements. But even if you can get approved for an account, you may not be approved for a loan. Take your time and compare your personal loan options to find the one that best fits your financial situation.

Frequently asked questions

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