We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

First New York Federal Credit Union personal loans review

Last updated:  

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

  • Best for current members looking for competitive rates and a wide range of loan amounts.
  • Pick something else if you don't live in a qualifying New York county.


Max. Loan Amount

6.74% to 11.75%



Product NameFirst New York Federal Credit Union Personal Loans
Min. Loan Amount$500
Max. Loan Amount$50,000
APR6.74% to 11.75%
Interest Rate TypeFixed
Maximum Loan Term5 years

Expert review

Anna Serio

Review by

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.

Expert review

First New York personal loans are ideal for New York residents of the five counties it has branches in who are looking for competitive rates and a wide range of loan amounts. It doesn’t have any hard credit or revenue requirements, meaning it could be a good alternative to payday lenders.

But be prepared to sign up for the long haul — it can take several days to process your application. And another few days to get your funds if approved. It also doesn’t offer a prequalification option — you’ll need to fill out a full application to see what rates and terms you might qualify for.

Not sure First New York is right for you? Compare your other personal loan options below.

First, am I eligible?

To qualify for a First New York personal loan, you need to meet the following criteria:

  • 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%

First New York Federal Credit Union eligibility

You may be 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 who is eligible. First New York defines immediate family members as spouses, children, parents, siblings, grandparents, grandchildren, stepparents, stepchildren and stepsiblings.


  • Competitive interest rates lower than most banks or online lenders
  • Loan amounts from $500 to $50,000
  • Secured and unsecured loans available
  • No credit or income requirements


  • May take multiple days to process loan application
  • Limited number of branches
  • No prequalification option

Compare other personal loan providers

Updated December 13th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Upgrade Personal Loans*
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
Even Financial Personal Loans
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
NetCredit Personal Loans
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Monevo Personal Loans
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
LendingClub Personal Loan
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
SoFi Personal Loan Fixed Rate (with Autopay)
5.99% to 17.88%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers say about First New York?

BBB accreditedNo
BBB ratingA+
Customer reviews verified as of18 November 2019

First New York FCU doesn’t have any reviews on its Better Business Bureau (BBB) page, and there is no Trustpilot page for it. However, it still receives an A+ rating from the BBB — largely because there have been no complaints filed against it.

How do I apply?

Follow these steps to apply for a personal loan from First New York FCU online:

What information do I need to apply?

To apply for a loan through First New York, you’ll need some basic information:

  • First New York bank account information
  • Social Security number
  • Details about your employment and income

What happens after I apply?

First New York will contact you within 24 hours to help you complete your application. If you’re a new member or have a credit score under 639, First New York will ask you to submit two pay stubs to verify your employment and income.

It will perform a hard credit pull — which can cause your score to temporarily decrease — and either approve or deny your application. If approved, carefully read your loan offer and sign your loan documents if you agree to the terms. Your funds will then be disbursed within a few business days.

How do repayments work with First New York?

First New York’s personal loans come with monthly 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.

Not sure First New York is right for you? Learn about your other credit union loan options in New York to see what other terms you may be eligible for.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site