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FedEx may not be known for its banking, but the FedEx Employees Credit Association (FECA) provides members with a full array of products, including personal loans. You won’t need perfect credit to be approved, but you’ll have to be a member to apply.
$20,000
Max. Loan Amount
7.99% to 7.99%
APR
Max. Loan Amount | $20,000 |
---|---|
APR | 7.99% to 7.99% |
Interest Rate Type | Variable |
Loan term | Up to 5 years |
You’ll have to be a member of FECA in order to borrow a personal loan. To qualify, you must be a FedEx employee, retiree, family member or household member. To join the credit association, you’ll also need the following:
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.
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. And with one of its loans offering the same interest rate no matter who applies, you won’t have to worry about your credit impacting the rate you receive.
FedEx Employees Credit Association has standard personal loans with fixed rates, short-term loans, lines of credit and its special 12-12-12 loans that allows you to borrow $1,200 for 12 months at 12% APR.
FECA’s signature loan is a traditional unsecured personal loan. The interest rate is fixed, which means your payments will be the same over the life of your loan.
For financing available when you need it, you can draw on a line of credit. And as you pay it back, you can draw from it again.
You’ll get exactly what’s on the tin with the 12-12-12 Specialty Loan. It has easy-to-remember terms, is unsecured and has a fixed interest rate.
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 you must still meet a minimum credit score.
Explore your options by APR, minimum credit score and loan amount. Select the Go to site button for more information about a particular lender.
As of December 2018, FECA is accredited with the Better Business Bureau (BBB) and has an A+ rating. And despite having no complaints listed against it, it only has two reviews — both rating it one star. Both have problems with the customer service. But with such a limited number of reviews, you’ll have to do research with your local branch to make sure the customer service is up to your expectations.
Once your application for membership is accepted, you can go on to apply for a personal loan.
Your application is reviewed and compared against the underwriting criteria for the specific loan type, amount and term you’ve requested. If approved, FECA will get in touch with you to complete the next steps.
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. Most of its loans have 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. And if you’re able, consider whether you want to pay off the loan early to avoid some of the interest charges.
A personal loan from FECA can be a much-needed solution when you’ve got a big purchase to make or need to pay for a large expense. You’ll have to be a member to apply, but even still, you aren’t guaranteed to be approved. Take your time and compare your personal loan options to find the one that best fits your financial situation.
Do I have to keep a savings balance to have a loan?
Yes. The minimum $25 savings balance represents your share of the credit association and may not be withdrawn.
What are rates based on?
The loan specifics and your credit score affect the rate you’ll be offered.
Are all other loans subject to the membership requirement?
Yes. You can’t take out any of the FECA loans unless you’re a member.
I'm a FedEx employee. If I stop working for FedEx, what happens to my loan?
Nothing will happen to your loan so long as you keep your account in good standing and $25 in your savings account.
FedEx Employees Credit Association Signature Loans is not currently available on Finder
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