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Geico Federal Credit Union loans

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Personal loans, car loans and more for Geico employees and their families.

Geico Federal Credit Union (FCU) is a nonprofit lender that offers personal financing to Geico employees, former employees and their families. Its personal loans are more flexible than those offered by other lenders — you can apply with a cosigner and use it to cover college expenses. But the negative customer reviews and lack of branches might make you want to look elsewhere.

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. Borrow 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%.
    Read Geico FCU personal loan review
  • 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.
  • Home loans. Geico FCU offers several different types of mortgages as well as home equity lines of credit (HELOCs) and home loan refinancing.
  • 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.

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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Rates last updated November 20th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.34% to 35.99% (fixed)
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99% to 36% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.95% to 35.89% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34% to 155% (Varies by state) (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$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% to 35.99% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95% to 35.99% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)

Compare up to 4 providers

Rates last updated November 20th, 2018

Reveal your potential loan offers and rates

Answer two quick questions to filter the loan offers and get the best one for you.

Select your credit score range

I don't know my credit score

Finally, select where you live.

To get your credit score:

Experian logo

Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Term of Loan Requirements
car.Loan.com Car Loans
Apply with a simple online application to get paired with a local auto lender. No credit and bad credit accepted.
300
Varies by lender
Must be a US citizen with a current US address and employed full-time or have guaranteed fixed income.
Auto Credit Express Car Loans
Get connected with an auto lender near you, even if you have bad credit.
300
Typically 3 to 6 years
Must be employed full-time or have guaranteed fixed income of at least $1,500/month and be a current resident of the US or Canada.
LightStream Auto Loans
Quick car loans from $5,000 to $100,000 with competitive rates for borrowers with strong credit.
Good to excellent credit
Flexible terms
Good or excellent credit, enough income or assets to afford a new loan, US citizen or permanent resident, 18+ years old
RateGenius Auto Loan Refinance
Connect with a network of over 150 lenders to refinance your car loan.
510
Varies
Income of $2,000+/month, vehicle has less than 150,000 miles, no older than 10 model years, loan balance is at least $10,000, debt-to-income ratio: less than 50%.
LendingClub Auto Refinancing
Lower your monthly car payments and save on interest through a fast and easy online application process.
Fair or better credit
Minimum of 2 years
Car must be less than 10 years old with fewer than 120,000 miles. Current loan must have a balance between $5,000 and $55,000 and at least 24 months left in its term.
MotoRefi Car Loan Refinancing
A car loan connection service for borrowers looking to refinance.
525
1–6 years
Must have an income of at least $2,000/month and have a vehicle with less than 100,000 miles.
LendingTree Auto Loans
Compare multiple financing options for auto refinance, new car purchase, used car purchase and lease buy out.
Good to excellent credit
Typically 1 to 7 years
Must be a US citizen and 18+ years old. Must have good to excellent credit.

Compare up to 4 providers

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

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US Personal Loans Offers

Important Information*
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit score.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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