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First New York Federal Credit Union personal loans review

Low-cost loans for residents near the state’s capital.’s rating: 3.8 / 5.0


  • 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.


Min. Loan Amount$500
Max. Loan Amount$25,000
APR6.74% to 11.75%
Interest Rate TypeFixed
Loan TermUp to 5 years

How much will this loan cost me?

First New York FCU personal loans come with APRs starting at 6.74%. You can borrow between $500 and $25,000 with terms up to 60. Use the calculator below to see how much this loan might cost you at different rates and terms.

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How it works

The range of rates you’re eligible for depend on your loan term.

Loan termStarting APR
Up to 2 years6.74%
2 to 4 years6.99%
4 to 5 years7.24%

The rates, terms and loan amounts you qualify for depend on factors like your credit score and debt-to-income ratio (DTI). Typically, the lowest rates go to borrowers with an excellent credit score of 740 or higher and a DTI below 20%.

While we were unable to confirm the maximum APR, federal credit unions legally can’t charge rates over 18%.

What do I need to qualify?

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 has required a maximum 50% DTI in the past. But we were unable to confirm this number when we reached out in June 2020.

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.

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

Pros and cons

First New York Federal Credit Union can offer a good deal to some members. But it’s not always the right choice.


  • Competitive interest rates compared to most banks or online lenders
  • Loan amounts from $500 to $25,000
  • 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
  • Higher rates for longer terms

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Is First New York legit?

Yes, First New York is a federal credit union, which means it’s regulated by the National Credit Union Association (NCUA). It also must meet certain standards to stay a federal credit union — like capping rates at 18%.

It also provides a full privacy policy on its website. You can check exactly how your information is used and why it’s collected.

First New York reviews and complaints

BBB accreditedNo
BBB ratingA+
Customer reviews verified as of19 October 2020

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:

  1. Go to First New York Federal Credit Union’s website and choose Apply now.
  2. Select Apply for a Personal Loan.
  3. Enter your email, create a password and select
  4. Start my application.
  5. Follow the directions to fill in the required fields. This step should take take anywhere between five to 10 minutes, though you can save your application and come back to it later.

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, check 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

What other types of loans does First New York offer?

First New York also offers auto loans, RV loans, home equity lines of credit, mortgages, solar loans and private student loans.

How can I prequalify for a First New York personal loan without a credit check?

First New York doesn’t have a prequalification option. After you submit your application, First New York performs a hard credit inquiry, which can cause your credit to dip.

How many First New York locations are there?

First New York has eight branches across Niskayuna, Cobleskill, Glenville, Albany, Rotterdam and Saratoga Springs, New York.

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.

Review by

Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

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 income 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? Check out our table to compare more personal loan options.

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