First New York Federal Credit Union personal loans review | finder.com

First New York Federal Credit Union personal loans review

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Affordable loans for residents of Albany, Rensselaer, Saratoga, Schenectady and Schoharie.

First New York Federal Credit Union personal loans could be a viable option for New York residents looking for an inexpensive loan of $50,000 or less.

You can borrow as little as $500 with its standard personal loan — even less with other options. It accepts all credit types and has less strict debt-to-income ratio (DTI) requirements than most lenders. Read on to find out if First New York is right for you.

Product NameFirst New York Federal Credit Union Personal Loans
Min Loan Amount$500
Max. Loan Amount$50,000
APR6.74%–11.75%
Interest Rate TypeFixed
Maximum Loan Term5 years
  • Member of First New York Federal Credit Union
  • First New York savings account with a balance of at least $5
  • Reside in one of the following NY counties: Albany, Schenectady, Saratoga, Rensselaer and Schoharie
  • Maximum DTI 50%

What makes First New York personal loans unique?

Variety and low cost is where First New York personal loans shine the most. While its standard term loans already come with competitive rates compared to other types of financial institutions, it offers several types of secured loans with potentially even lower interest rates. It also welcomes all credit types and offers credit building loans specifically designed to help borrowers improve their credit rating.

First New York personal loans come in smaller amounts than you typically find with other lenders — its personal loans start at $500 and its credit building loans are capped at $1,000. You might want to look somewhere else if you’re looking to finance a large project costing more than $25,000 — the maximum you can borrow unless you borrow against stocks valued at $100,000 or more.

What kinds of personal loans does First New York offer?

First New York offers several different types of personal loans, including your standard multi-use term loan, a credit builder and secured personal loans.

Loan What is it Who it’s for Loan amounts APR Loan terms
Personal loan A fixed-term loan that you can use for almost any legitimate purpose. First New York members. $500–$25,000 Fixed rate: 6.74%–8.49% 24–60 months
HELP loan A personal loan designed to help you build your credit score. Members in good standing with First New York, who’ve been employed for the past 12 months and aren’t in bankruptcy. Up to $1,000 9.99% Up to 12 months
Cashline overdraft protection Allows you to withdraw more than you have in your First New York account. It works similar to a line of credit. First New York members. Up to $5,000
  • Fixed rate: 11.50%
  • Variable rate: Prime +7%
Open
Share secured loans A personal loan backed by your savings account. First New York members with a savings account. Your savings account balance 3% above your bank account’s APY (share dividend rate) Up to 10 years
Share certificate secured loans A personal loan backed by your First New York share certificate account (the credit union equivalent of a CD). First New York members with a share certificate Account balance 3% above certificate rate Certificate term
Stock secured loans A personal loan backed by your investments, where you borrow against the value of the stocks you own. First New York members who own stocks. Up to 50% of your stock value or $50,000 6.95%–9.95% 12–60 months

What are the benefits of getting a personal loan with First New York?

  • Competitive interest rates. Like most credit unions, First New York offers loans with interest rates lower than you might find with banks or online lenders
  • Low minimum amounts. Many lenders require borrowers to take out at least $2,000, but First New York lets members take out as little as $500 on their standard loans and potentially even less with its other secured options.
  • Lots of secured options. You have the option of securing your loan with your personal savings or investments to get even lower interest rates or make your application stronger.
  • No credit or income requirements. While your credit score and income impacts the terms of your loan, First New York considers applicants of all credit types.

What to watch out for

  • Low maximum amounts. While your borrowing limit on some of the secured loans might be higher if you have over $50,000 tucked away in a savings account, you’re generally capped at that amount.
  • Secured loans capped by your account balance. You need to have a substantial amount put away to qualify for a substantial secured loan.
  • Not as fast as online loans. Expect to wait at least a few business days to receive your funds — longer than most online lenders. Look somewhere else if speed is your top priority.
  • Limited number of branches. Some customers complained that the limited number of First New York branches made it difficult to go to the bank in person.

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Rates last updated September 21st, 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
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$50,000
4.99%–36% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
580
$100,000
3.09%–35.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16%–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
6.990% – 14.865% (fixed)
Payoff Personal Loans
Pay down your debt with a fixed APR and predictable monthly payments.
640
$35,000
5.99%–24.99% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
Best Egg Personal Loans
A prime lender with multiple repayment methods.
640 FICO®
$35,000
5.99%–29.99% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
4.99%–29.99% (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

What do other customers have to say about First New York?

Very little, which is not uncommon for such a small financial institution. It gets an A+ rating from the Better Business Bureau (BBB), which appears to be based on the fact that no one has filed a complaint or government actions against it. It’s not BBB-accredited. It also has no Trustpilot page and only a few customer reviews on other sites.

The few reviews that exist are generally positive. Customers appear to be pleased with the quality of customer service and ease of managing online accounts. There were a few complaints about having trouble getting a straight answer to specific questions and one customer mentioned that the rates were merely on par with other credit unions — not particularly competitive for that type of financial institution. Another reviewer found it difficult to find branches near their home.

Am I eligible?

To qualify for a First New York personal loan, you need to at least:

  • Be a member of First New York Federal Credit Union.
  • Have a First New York savings account with a balance of at least $5.
  • Have a debt-to-income ratio of 50% or less.

First New York Federal Credit Union eligibility

To be eligible for a First New York personal loan, you must be a member. You’re eligible for membership if you live, work, attend a school or worship in one of the following New York State counties:

  • Albany
  • Rensselaer
  • Saratoga
  • Schenectady
  • Schoharie

You can also qualify for membership if you have an immediate relative or a permanent member of the household of someone who is eligible. First New York defines immediate family members as: Spouses, children, parents, siblings, grandparents, grandchildren, stepparents, stepchildren, stepsiblings and adopted children.

How do I apply?

  1. Read all disclosures before submitting your application.
  2. Wait for First New York to contact you to help you complete your application, typically within 24 business hours. If you’re a new member or have a credit score under 639, First New York will ask you to submit two paystubs to verify your employment and income.
  3. Wait for First New York to process your application and respond with your loan offer. At this point it’ll do a hard credit pull, which causes your credit score to take a temporary dip.
  4. Carefully read your loan offer. Make sure you can afford the monthly payments, you aren’t borrowing too much or too little, and you’re satisfied with the rates.
  5. Sign your loan documents if you agree to your loan’s terms.
  6. Receive your funds. How First New York disburses your funds depends on your application. For example, it might deposit them directly into your account or write a check to your creditors if you’re using your loan for debt consolidation.

I got a personal loan through First New York. Now what?

Once you receive your funds it’s time to start thinking about making repayments. Consider signing up for autopay, as First New York offers a 0.25% autopay discount on interest rates. Using autopay eliminates the need to manually make repayments each month.

Whatever repayment method you choose, be sure to check in on your account on a regular basis. Reach out to First New York’s customer service by calling, using its live chat feature or visiting a branch if you notice something off or have any questions.

Bottom line

First New York personal loans are most useful to New York residents who only need a small amount of financing without paying high interest rates from most small-dollar lenders. It has a wide range of secured loan options, but you can also find unsecured personal loans if you aren’t interested in putting anything on the line.

But be prepared to sign up for the long haul. You’ll need to be a member with a savings account that has a balance over $5 to qualify. Your application will also go more quickly if you’ve been a member for at least a year — First New York doesn’t need to verify your income. Interested? Learn about your other credit union loan options in New York by reading our guide before you decide.

Frequently asked questions

Anna Serio

Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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