Personal loans, car loans and more for Geico employees and their families.
What types of loans does Geico FCU offer?
Geico FCU offers several different types of loans to cover different personal expenses. These include:
- Personal loans. Geico FCU offers personal loans between $500 and $20,000 for any legitimate personal expense, including college. Terms range from one to four years with fixed APRs between 7.74%–17.75%.
- Car loans. New and used car loans as well as auto loan refinancing from $5,000 to $20,000 with fixed rates from 1.99% (starting at) APR. Terms run from 36–84 months.
- Tuition reimbursement. Not quite a student loan, Geico FCU’s tuition reimbursement loan is a short-term six-month loan for Geico employees who have returned to school and will eventually be reimbursed by Geico.
- Home loans. Geico FCU offers several different types of mortgages as well as home equity lines of credit (HELOCs) and home loan refinancing.
Why should I consider taking out a loan with Geico FCU?
- Cosigners allowed. You can bring on an eligible cosigner if you can’t qualify for a Geico FCU personal loan on your own.
- Competitive rates. With car loan rates starting as low as 1.99% APR and personal loans topping off at 17.75% APR, Geico offers relatively low rates compared to online lenders.
- Flexible uses. You can use your personal loan to pay for educational expenses — something many personal loan providers don’t allow.
- Long terms available. You can get a term as long as 84 months on some car loans.
Where does Geico FCU fall short?
- Limited membership. You can’t borrow from Geico FCU unless you’re a member. And to be a member you have to be a current or former employee of Geico or one of its subsidiaries, or be a family member of one.
- Few branches. Geico FCU only has branches in nine cities across Maryland, New York, Texas, Virginia, Florida, Georgia and California.
- Poor customer reviews. Geico FCU is one of the few financial institutions that gets consistently negative ratings across the board as of August 2018.
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How much will it cost me to borrow with Geico FCU?
It depends on what type of loan you get, how long your term is and what you’re using it for. For example, personal loans start at 7.74% APR, though the lowest rate you can get on a three-year loan term is 9.24% APR.
There are no fees to apply for a personal or car loan with Geico FCU. However, if you’re late making a payment or your check bounces, you’ll be charged a $28 fee.
What do customers say about Geico Federal Credit Union?
Not much and nothing good. As of September 2018, Geico FCU gets an F rating from the Better Business Bureau (BBB), mainly based on its failure to respond to eight of the nine customer complaints filed against it. It only has three reviews on its BBB page, two of which are negative. It has no Trustpilot page, though it has two reviews on Yelp.
Nearly all of these reviews are complaints about customer service — specifically how difficult it is to get in touch with a representative. A few complained that they had difficulty getting through to the customer service line, which was our experience. Another complained that their branch hours are inconvenient and there are always long lines.
Are Geico FCU loans safe?
Generally, yes. Geico FCU uses SSL encryption to protect any information you enter online. You also have the option of submitting your application in person at a local branch instead of applying online, which can help protect sensitive information like your Social Security number.
Geico FCU recently revamped its site, so it’s easier to navigate than before. It doesn’t share any of your information with other financial companies for any reason, unlike many lenders that share your personal details with affiliates for marketing purposes.
How to apply for a loan with Geico FCU
Before you can get started on your loan application, you must become a member. You can do this by downloading a membership application on Geico FCU’s website, filling it out and bringing it to your local branch along with a state-issued photo ID.
You have two options when it comes to applying for a loan through Geico FCU: online or in person. To apply online, go to the Geico FCU site and sign in to your online account and follow the directions to apply for the type of loan you’re interested in. Otherwise, you can download and complete an application before bringing it in to your local branch.
Eligibility requirements
Geico FCU doesn’t have any hard eligibility requirements for its loans other than membership. However, it considers factors like your credit score, income and debts when you apply.
Becoming a member is a little more difficult. You must either:
- Be a full-time or contract Geico employee.
- Be an employee of a Geico subsidiary.
- Be an employee of Banner Life Insurance Company.
- Get a pension or annuity from one of the above employers.
- Be an immediate family member of an eligible employee.
- Be a household member of an eligible employee.
More about Geico FCU
Geico FCU was created in 1950 as a federal credit union to provide financial services to Geico employees and their families. Not much has changed since — even its board of directors are all Geico associates. Since it’s a federal credit union, it’s owned by its members and follows guidelines set by the National Credit Union Administration, including an interest rate cap of 18% on all of its loans.
Bottom line
Geico FCU could be worth considering if you or a family member works or has worked at Geico. But you might not find the most competitive rates on its personal loans if you have excellent credit. And its poor online reputation might be enough to make you consider other lenders.
Visit our personal loans guide to learn more about how borrowing works and compare your options. Or explore more credit union personal loans if you’re interested in borrowing from that type of provider.
Frequently asked questions
Image source: Geicofcu.org
