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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.

  • 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%–17.75%

APR

Details

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

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. 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.

Pros

  • 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.

Cons

  • 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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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.

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.
More about Geico Federal Credit Union loans

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 visiting our personal loans guide.

Frequently asked questions

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