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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

6.49% to 17.75%

APR

Details

Product NameGeico Federal Credit Union personal loans
Min. Loan Amount$500
Max. Loan Amount$20,000
APR6.49% to 17.75%
Interest Rate TypeFixed
Loan Term1 to 4 years

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

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

Data indicated here is updated regularly
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible personal loans
4.99% 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.
SoFi personal loans
5.99% to 18.28%
680
$100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
LendingTree personal loans
Starting from 2.49%
Good to excellent credit
$50,000
Receive up to five loan offers in just minutes through LendingTree's simple online form.
NetCredit personal loans
34% to 155%
No minimum
$10,500
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo personal loans
3.49% to 35.99%
None
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
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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

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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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