Geico Federal Credit Union personal loans review | finder.com

Geico Federal Credit Union personal loans review

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Unsecured personal loans from $500 to $20,000 for Geico employees and their families.

If you work for Geico — or are related to someone who does — and you need financing, consider personal loans from Geico Federal Credit Union’s (FCU). You can borrow up to $20,000 to cover almost any personal expense, and they come with competitive fixed rates. There are no hard credit or income requirements, but you’ll have to join Geico FCU to be eligible — generally only open to employees of Geico and its subsidiaries and their relatives. It’s also not available in every state.
Product NameGeico Federal Credit Union Personal Loan
Min Loan Amount$500
Max. Loan Amount$20,000
APR7.74%–17.75%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term4 years
  • Work for Geico Corporation or a subsidiary of Geico
  • Be a Geico FCU employee
  • Be a Geico contract employee
  • Work at the Banner Life Insurance Company
  • Receive a pension or annuity from an eligible employer
  • Be an immediate or household family member of an eligible employee
  • Be the surviving spouse of someone who was eligible for membership

What makes Geico FCU personal loans unique?

Geico FCU offers a wide range of financing options to use for any legitimate personal expense — including education. Beyond the standard unsecured loan, Geico offers personal lines of credit, secured loans and even a small-dollar credit builder loan for borrowers who don’t have the credit score to qualify for a loan on their own. It’s one of the few personal loans that allows cosigners, so you don’t need excellent credit or a high income to get the most competitive rates.

The catch: You have to be a member to qualify. Geico FCU is for people who’ve worked for Geico and its subsidiaries. And, you have to visit a branch in person to become a member. Geico FCU only has branch locations in New York, Texas, Virginia, Florida, Maryland, Georgia and California.

What are Geico FCU personal loans?

Geico FCU’s personal loans are unsecured term loans for large one-time expense of up to $20,000. Its loans are extended to credit union members only, and come with fixed interest rates that range from 7.74%–17.75% that stay the same for the life of your loan.

The longer your loan term, the higher your rates are:

  • 12-month term from at 7.74% APR
  • 24-month term start at 8.24% APR
  • 36-month term start at 8.74% APR
  • 48-month term starts at 9.24% APR

Geico FCU also offers four other personal loan products:

  • Debt consolidation loan. This loan works almost exactly the same as the personal loan, only the funds are restricted to paying off credit cards and other types of debt.
  • Overdraft line of credit. Geico checking account holders can apply to have a line of credit from $500 to $2,500 linked to their account so they don’t get hit with Geico’s $30 overdraft fee. Rates start at 12.75%.
  • Savings account and certified secured loans. This option lets Geico savings account or share certificate customers borrow against the value of their accounts to qualify for lower rates and more flexible terms than Geico’s personal loan.
  • Fresh start loan. Don’t qualify for a personal loan? Geico’s fresh start loan is designed to help build your credit by paying back a small-dollar loan from $300 to $1,000. Rates start at 18% APR, and you can have as long as 1 year(s) to pay it off. You must work at the same employer for at least one year to qualify.

You can also apply for car loans, student loans, mortgages and home equity loans through Geico FCU.

What are the benefits of a Geico personal loan?

  • College expenses OK. Many personal loan providers restrict borrowers from using funds to pay for school. Geico doesn’t.
  • Cosigners allowed. Don’t think you have the credit or income to qualify for the most competitive loan on your own? Geico lets you apply with a creditworthy coapplicant.
  • No fees. The only time you’ll pay a fee on these loans is if you’re late on a repayment or don’t have enough funds in your account.
  • Small-dollar loans. You can borrow as little as $500 at relatively competitive rates for this price.

What to watch out for

  • Limited membership. You need to have some kind of affiliation with Geico to join its credit union.
  • Higher rates for longer terms. Even if you have perfect credit, the lowest APR you’ll qualify for is 9.24% if you want the longest loan term.
  • Hard to reach. It took us several attempts to get through to Geico FCU’s customer service line.
  • Negative customer reviews. We didn’t find any positive customer reviews online for Geico FCU.

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Rates last updated October 23rd, 2018

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4.99%–36% (fixed)
Upgrade Personal Loans*
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6.99% to 35.97% (fixed)
Monevo Personal Loans
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550
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3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
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$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
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6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
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9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
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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.
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16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

Compare up to 4 providers

Am I eligible?

The only hard eligibility requirement for Geico FCU’s personal loans is that you must be a member before you apply. However, that doesn’t necessarily mean that everyone can qualify. You’ll likely have a better chance of getting a more competitive rate or qualifying for a higher loan amount if you have good to excellent credit and enough income to cover the cost of your loan repayments after taking care of your debt obligations.

Geico FCU membership eligibility

To become a member of Geico FCU, you must:

  • Work for Geico Corporation or a subsidiary of Geico
  • Be a Geico FCU employee
  • Be a Geico contract employee
  • Work at the Banner Life Insurance Company
  • Receive a pension or annuity from an eligible employer
  • Be an immediate or household family member of an eligible employee
  • Be the surviving spouse of someone who was eligible for membership

Immediate family members include spouses, children, parents, siblings, stepchildren, stepparents, step-siblings, grandparents, grandchildren and adopted relatives. Household members are anyone sharing a home and economic responsibilities — so not that roommate you met on Craigslist.

How do I apply?

To apply for a Geico FCU personal loan, you first need to become a member. After checking you’re eligible, visit your local branch and ask to join. Bring a valid state-issued ID with you — you’ll need that to apply.

To cut down on time, you can download and fill out the membership application form by going to the Geico FCU site, scrolling down and clicking Become a member today. It should lead you to a PDF of the membership form, which you can bring to your local branch with two pieces of photo identification, one must be government issued.

You don’t have to pay any fees to become a member, but you do have to open a savings account with a minimum balance of $25. You also have to keep that account for at least three months, even if your loan application is rejected.

After joining Geico, you have two options for applying for a loan:

  1. Log in to your online account and fill out an online application
  2. Download an application and bring it in to your local Geico branch.

Once you submit your application, a Geico loan officer guides you through the rest of the process. Geico requires borrowers to provide a copy of their most recent pay stubs or a W-2 form. If you’re self-employed, you can provide the two most recent years of your personal tax returns and bank statements.

If you have the documents on hand, it can take between 24 and 48 hours to get your funds.

I got a Geico Federal Credit Union personal loan. Now what?

Geico FCU’s personal loans come with monthly repayments, which starts after you receive your funds. If it’s an option, consider signing up for autopay. That way, you won’t have to remember to make repayments each month.

Keep an eye on your bank account and your loan balance, regardless of which repayment method you choose. If you notice anything that doesn’t seem right — an extra fee, a payment that didn’t go through — reach out to customer service by calling 800-542-7896. Or you can visit a branch in person if you have trouble getting through.

Bottom line

Geico FCU’s personal loans come with less restrictions than some other types of personal financing and you’re allowed to apply with a cosigner — making them a viable alternative to student loans. However, the poor reviews might make you think twice about this lender if quality customer service is something you value.

Not sure it’s for you? Or just want to shop around some more? You can learn about more borrowing options by visiting our personal loans guide.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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