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Geico Federal Credit Union personal loans review

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Geico Federal Credit Union personal loans
3.8
★★★★★
Finder score
Max. Loan Amount
$20,000
APR
8.24% to 20.50%
Min. credit score

Our verdict

Unsecured personal loans from $500 to $20,000 for Geico employees and their families.

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.

Pros

  • College expenses OK
  • Cosigners allowed
  • No fees
  • Small-dollar loans

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question

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.

Details

Product details

Min. Loan Amount $500
Loan Amount $20,000
APR 8.24% to 20.50%
Interest Rate Type Fixed
Min. credit score
Loan term 1 to 4 years

Contact info

Phone number 800-542-7896

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

  • Limited membership opportunities
  • Higher rates for longer terms
  • Loan terms capped at four years
  • Negative customer reviews
Name Product Filter Values APR Min. credit score Loan amount
LightStream personal loans
Finder Score: 4.8 / 5: ★★★★★
LightStream personal loans
7.49% to 25.99%
Good to excellent credit
$5,000 to $100,000
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PenFed Credit Union personal loans
Finder Score: 3.6 / 5: ★★★★★
PenFed Credit Union personal loans
7.99% to 18%
580
$600 to $50,000
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
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8.49% to 35.99%
620
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg personal loans
8.99% to 35.99%
600
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Credible personal loans
Finder Score: 4.3 / 5: ★★★★★
Credible personal loans
4.60% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized prequalified rates in minutes and then choose an offer from a selection of top online lenders.
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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

How do I find my local Geico FCU branch?

You can find the closest Geico FCU branch by visiting its website, hovering over Menu in the top navigation bar and entering your ZIP code in the ATM finder. To find a branch rather than an ATM, filter your search by Geico FCU Branches.

What are Geico FCU’s hours?

It depends on the branch. Generally, they’re open weekdays from either 8 a.m. to 3:30 p.m., 8:30 a.m. to 4 p.m. or 9 a.m. to 4:30 p.m. They’re closed on the weekend.

Do I need to open a checking account to become a member?

No, Geico FCU only requires you to open a savings account — which doesn’t come with any fees.

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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Anna Finder

Editor

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