Get a personal loan of up to $20,000 from one of the country’s largest credit unions serving Long Island’s Nassau and Suffolk counties.
If you’re looking for an unsecured loan to finance your next big project and live in the area, consider this New York–based credit union. You don’t need to be a teacher to qualify for a membership or loan with TFCU. Read on to learn about applying and potential fees.
|Product Name||Teachers Federal Credit Union Personal Loans|
|Min Loan Amount||$250|
|Max. Loan Amount||$20,000|
|Min APR||From 10.45%|
|Minimum Loan Term||2 years|
|Maximum Loan Term||5 years|
- Be a resident or frequent visitor of either Nassau or Suffolk county in New York
- Have a Social Security number
- Be a US citizen or permanent resident
- Be employed or have a consistent income
- Have responsible credit history
What is a personal loan from Teachers Federal Credit Union?
Founded in 1952, TFCU is a New York–based credit union with 25 branch locations in Nassau and Suffolk counties. It offers unsecured personal loans, so you don’t need to provide collateral to borrow. And you could qualify for up to $20,000, depending on your credit history and financial situation.
Membership is open to anyone living, working or attending school on Long Island’s Nassau or Suffolk counties — not just teachers.
Use your funds for anything from home improvements, wedding or a much-needed vacation. Offering repayment terms from two to five years, loans allow for payments by account transfer or cash.
How did Teachers Federal Credit Union get its name?
You might be wondering why a credit union open to most employed Long Island residents has that name. Well, it wasn’t always so open. It was originally only for teachers in Suffolk and Nassau counties when it first set up shop in 1952. As it grew, it slowly became able to accommodate different types of members, starting with family members and finally opening to the public.
What are the benefits of a Teachers Federal Credit Union personal loan?
- Not just for teachers. While the name implies a membership exclusive to teachers, Teachers Federal Credit Union requires only that you or a family member live or work near a TFCU branch.
- Reasonable rates. When compared with similar unsecured loans, TFCU’s 10.45% starting APR is fair. Although other providers advertise lower starting rates, most borrowers are offered loans with APRs of up to 10%.
- Loan terms from two to five years. You’ll have up to 60 months to repay your loan, giving you low, manageable monthly payments. As with all loans, make sure you know how much you can afford before you borrow.
What to watch out for
- Small maximum loan. The cap on an unsecured personal loan from TFCU is $20,000. If you’re looking to finance a bigger project, consider a different lender.
- All 25 branches are on Long Island. TFCU members can use ATMs and credit union service centers anywhere in the US, but branch locations are limited to Long Island, New York.
- Unsecured funds could mean higher interest. Unlike secured loans, an unsecured loan doesn’t require collateral. It’s great that you don’t have to risk your property or car, but it typically results in higher interest rates than similar secured options.
Compare more personal loan providers
Am I eligible?
To apply for a personal loan from Teachers Federal Credit Union, you’ll need to be a member. Membership is open to those who reside, work or attend school in Long Island’s Nassau or Suffolk counties.
To apply, you’ll need to provide:
- Your drivers license or other form of ID.
- Your previous home address, if you’ve lived at your current address fewer than two years.
- Your Social Security number.
- A credit card, debit card or checking or savings details to fund the account.
- Proof that you’re a permanent US resident.
Your credit score, income and other factors play a role in the terms of your loan, but specific qualifications depend on how much you want to borrow and how long you need to pay it back.
To be eligible for a loan:
- You should be employed or have a consistent income.
- You should have decent credit with a history of on-time payments.
How do I apply?
Click Apply Now on TFCU’s personal loan page. For a simple, quick application, gather the information you’ll need to apply, including:
- Your preferred loan amount and terms.
- Your personal information, including your Social Security number and home address.
- Your employment details, such as your employer’s name, your title within the company and the company’s address.
- Your debts, including your mortgage, auto loans, credit cards and student loans.
If you’re not yet a TFCU member, you’ll have a chance to select why you still qualify for the loan or register to become a member.
I got the loan. Now what?
You’ll need to budget for your monthly payments. The terms of your loan contract determine how much you pay monthly and how long you have to repay your loan’s principal and interest.
Keep in mind that late or missed payments will affect your credit score — which can damage your ability to take out a loan in the future.
If you live on Long Island or visit the area for work or school, an unsecured personal loan from Teachers Federal Credit Union could be a solid choice to finance your next big expense.
Before you decide, compare your other personal loan options to make sure you’re getting the best offer you’re eligible for.