About Lender
Federal Employee Loans is a lending website that provides installment loans of up to $3,000 to non-military federal workers, including those from USPS, HHS, TSA, and VA organizations. The loans are intended to help federal employees who may be facing unexpected expenses or financial challenges.
The company offers an easy online application process and claims to provide quick approval and funding. However, it is important to note that the company is not affiliated with the federal government, and its services are not endorsed by any government agency. Borrowers should carefully review the terms and conditions of any loan offer before accepting it.
Key Features
Federal Employee Loans offers installment loans of up to $3,000 to non-military federal workers. Some key features of the company include:
- Quick Approval. The company offers quick approval for loan applications.
- Easy Application. The application process is completed online and is simple and easy to navigate.
- Medium-Term Loans. The loans are medium-term ones, which means that the repayment period is typically longer than that of a payday loan.
- No Prepayment Penalty. The company does not charge a prepayment penalty, allowing borrowers to pay off their loan early without incurring additional fees.
- No Collateral. The loans are unsecured, meaning that borrowers do not need to provide collateral to qualify for a loan.
- Allotment Payment: Federal employees can choose to make their loan payments through an allotment payment system directly from their paycheck.
Pros and Cons
Pros
- Access to credit for those with poor credit. Federal Employee Loans may be an option for federal employees who have poor credit or a limited credit history.
- Flexibility in loan use. The loans offered by the company can be used for any purpose, giving borrowers flexibility in how they use the loan funds.
- Allotment payment can help establish good credit. Making on-time loan payments through this system can help establish a borrower's credit history and improve their credit score.
- No origination fees. The lender does not charge any origination fees, which can save borrowers money compared to other lenders that may charge fees for loan processing.
- No hidden fees. The company is transparent about the fees associated with their loans, with no hidden fees or charges that borrowers may not be aware of.
Cons
- Limited loan amount. It ranges from $500 to $3,000, which may not be sufficient for borrowers who need a larger amount.
- Not endorsed by the federal government. Federal Employee Loans is not affiliated with the federal government, which may be a concern for some borrowers who are looking for a government-backed loan.
- Limited eligibility. The loans are only available to non-military federal workers, which means that many federal government employees are not eligible for the loans.
- Risk of debt. As with any loan, there is a risk of falling into debt if the borrower is unable to make the loan payments on time.
Products
Federal Employee Loans offers installment loans to non-military federal workers. The loans are available in amounts ranging from $500 to $3,000, with a loan term from 6 to 12 months. The APR (Annual Percentage Rate) for these loans ranges from 6% to 35%, which is based on factors such as the borrower's credit history, income, and other financial information. The loans can be used for any purpose, including debt consolidation, emergency expenses, and home improvement.
Reliability
Federal Employee Loans claims to offer low-interest rates, quick approval and funding, and an easy application process, it is important to note that the company is not affiliated with the federal government, and its services are not endorsed by any government agency.
Federal Employee Loans supports a wide range of federal agencies. However, it is important to note that the company is a private lending website and is not affiliated with any of these agencies.
While the company may be a reliable lender, borrowers should carefully review the terms and conditions of any loan offer before accepting it, and should only borrow what they can afford to repay.
Funding a Loan
Federal Employee Loans offers same-day funding for loans, with funds deposited directly into the borrower's checking account. The company claims to have a streamlined application process that makes it easy for borrowers to apply for a loan online. While the company may not require a credit check as part of the application process, they may still evaluate the borrower's creditworthiness using other factors such as income, employment history, and debt-to-income ratio.
To apply for a loan with Federal Employee Loans, borrowers will need to provide personal information and employment information, including their social security number, employment status, and bank account information for loan funding. The company states that the loan application process is simple and easy, and borrowers can apply online in just a few minutes. If a loan is approved, the company will process and verify the borrower's information. After approval, they will either call or email the borrower with the following steps.
It is important to carefully review the terms and conditions of any loan offer before accepting it, and to only borrow what you can afford to repay.
Loan Conditions
Federal Employee Loans offers installment loans ranging from $500 to $3,000 with an Annual Percentage Rate (APR) ranging from 6% to 35%. The loan term is either 6-12 months or 24 payroll deductions (allotments). The company claims to have a higher acceptance rate, and the application fee is $0. They also do not require a credit check to qualify for a loan.
If a borrower fails to make a payment, there is a late payment fee of 5% of the unpaid installment payment up to $50. If a payment is returned, there is a return payment fee of $25.
Additional Services
Federal Employee Loans does not offer any additional services beyond installment loans for non-military federal workers. The company's focus is on providing loans to federal government employees who may need financial assistance for unexpected expenses. However, borrowers may be able to contact the company's customer service team if they have questions or concerns about their loan or application.
Federal Employee Loans vs BMG Money
Federal Employee Loans and BMG Money are both lending companies that offer loans to federal employees, but there are some differences between the companies:
- Loan Amounts. BMG Money offers loans ranging from $500 to $10,000, while Federal Employee Loans offers loans ranging from $500 to $3,000.
- Loan Terms. BMG Money offers loan terms from 6-36 months, while Federal Employee Loans offers loan terms of 6-12 months.
- Interest Rates. BMG Money offers interest rates ranging from 16% to 35.99%, while Federal Employee Loans offers interest rates ranging from 6% to 35%.
- Loan Eligibility. BMG Money offers loans to a wider range of government employees, including military and civilian employees, as well as employees of state and local governments. In contrast, Federal Employee Loans only offers loans to non-military federal workers, including USPS, TSA, HHS, and VA organizations.
- Loan Application Process. Both companies offer online loan applications, but BMG Money offers instant funding, while Federal Employee Loans deposits funds the same or next business day.
- Credit Score Requirement. BMG Money does not require a credit score for loan approval, while Federal Employee Loans may evaluate the borrower's creditworthiness using other factors such as income, employment history, and debt-to-income ratio.
Federal Employee Loans vs Kashable
Federal Employee Loans and Kashable are both lending companies that offer loans to federal employees, but there are some key differences between these two companies.
- Loan Amounts. Kashable offers loans ranging from $500 to $20,000, while Federal Employee Loans offers loans ranging from $500 to $3,000.
- Loan Terms. Kashable offers loan terms ranging from 6 to 24 months, while Federal Employee Loans offers loan terms of 6-12 months.
- Interest Rates. Kashable offers a starting APR of 6% for high-credit borrowers, while Federal Employee Loans offers interest rates ranging from 6% to 35%.
- Loan Eligibility. Kashable offers loans to a wider range of government employees, including military and civilian employees, as well as employees of state and local governments. In contrast, Federal Employee Loans only offers loans to non-military federal workers, including USPS, TSA, HHS, and VA organizations.
- Loan Application Process. Both companies offer online loan applications.
Federal Employee Loans vs Upstart
Federal Employee Loans and Upstart are both lending companies, but there are some key differences between the two companies.
- Loan Amounts. Upstart offers loans ranging from $1,000 to $50,000, while Federal Employee Loans offers loans ranging from $500 to $3,000.
- Loan Terms. Upstart offers loan terms ranging from 36 to 60 months, while Federal Employee Loans offers loan terms of 6-12 months or 24 payroll deductions.
- Interest Rates. Upstart offers interest rates ranging from 6.7% to 35.99%, while Federal Employee Loans offers interest rates ranging from 6% to 35%.
- Loan Eligibility. Upstart offers loans to a wider range of borrowers, including those with fair or limited credit history. In contrast, Federal Employee Loans only offers loans to non-military federal workers USPS, TSA, HHS, and VA organizations.
- Loan Application Process. Both companies offer online loan applications, but Upstart's application process involves a soft credit check that won't affect the borrower's credit score. Federal Employee Loans does not require a credit check as part of the application process, but they may still evaluate the borrower's creditworthiness using other factors.
