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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.

finder.com’s rating: 4 / 5.0

★★★★★

  • Best for Geico employees looking for a loan with competitive rates.
  • Pick something else if you're ineligible for membership.

$20,000

Max. Loan Amount

7.74% to 17.75%

APR

Details

Product NameGeico Federal Credit Union Personal Loan
Min. Loan Amount$500
Max. Loan Amount$20,000
APR7.74% to 17.75%
Interest Rate TypeFixed
Minimum Loan Term1 year
Maximum Loan Term4 years

Expert review

Anna Serio

Review by


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.

Expert review

Geico FCU personal loans are ideal if you work for Geico or a subsidiary — it’s hard to qualify for membership otherwise. You can borrow as little as $500, and rates are capped relatively low compared to other lenders. You can even use the funds for college expenses — rare for a personal loan provider.

But if you aren’t somehow affiliated with Geico, you’ll need to look elsewhere. You also can’t borrow more than $20,000 — not ideal if you’re looking to finance an expensive purchase. Plus, it doesn’t get the greatest reviews from former customers.

Can’t qualify for membership to Geico FCU? Compare your other options below.

First, am I eligible?

The only hard eligibility requirement for Geico FCU’s personal loans is that you must be a member before you apply. In addition, having good to excellent credit and enough income to cover the cost of your loan repayments after taking care of your bills will help improve your chances as well.

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

Pros

  • College expenses OK
  • Cosigners allowed
  • No origination fee
  • Borrow as little as $500

Cons

Compare other personal loan providers

Updated January 23rd, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
$100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
$100,000
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
600
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
450
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
650
$25,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 20.01%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

How do I apply?

If you aren’t already, you first need to become a member. Visit your local branch and open a savings account with a minimum balance of $25. Even if your loan application is rejected, you have to keep your account for at least three months.

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.

What happens after I apply?

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.

How do repayments work with Geico Federal Credit Union?

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.

You can learn about more borrowing options by reading our personal loans guide.

Frequently asked questions

Personal loan ratings

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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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