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Teachers Federal Credit Union personal loans review

Loans capped at $20,000 from one of the country's largest credit unions.’s rating: 3.5 / 5.0


  • Best for Long Islanders looking for a small loan.
  • Pick something else if you're looking for competitive rates or larger loan amounts.


Min. Loan Amount$250
Max. Loan Amount$35,000
APR7.99% to 15.45%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Late Fee$25
Loan Term2 to 5 years

First, am I eligible?

First, am I eligible?
To qualify for a personal loan from Teachers Federal Credit Union (TFCU), you need to meet the following criteria at a minimum:

  • 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

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.


  • Borrow as little as $250
  • Up to 0.5% rate discount for platinum account members
  • Membership not limited to teachers
  • Can become a member during the application process


  • High starting rates
  • Maximum loan amount capped at $35,000
  • All 25 branches are on Long Island

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Teachers FCU reviews and complaints

BBB accreditedNo
BBB ratingC-
BBB customer reviews1 out of 5 stars, based on 11 customer reviews
BBB customer complaints19
Customer reviews verified as of19 October 2020

The majority of reviews aren't positive. Almost all of the recent customers have had issues with the online banking system — and when those issues cause big problems, Teachers FCU staff haven't been helpful.

How do I apply?

Teachers FCU has a quick application process that you can complete by following these steps:

  1. Visit the TCFU website and click Apply! on the personal loans page.
  2. Select your membership status. If you aren't a member, you can still apply.
  3. Enter your account number and the last four digits of your Social Security number. If you aren't a member, select your state of residence.
  4. Enter your loan amount and purpose. Then select the method of payment and preferred loan term.
  5. Enter information about yourself, including your full name and contact phone numbers.
  6. Enter your address and information about your employment and income.
  7. Review your loan application and read over TCFU's terms and conditions to submit your application.

What information do I need to apply?

To apply for a personal loan from Teachers FCU, you will need to provide some basic information:

  • Social Security number
  • Date of birth
  • Monthly housing expense
  • Gross monthly income

What happens after I apply?

TCFU will be in contact with you to go over your loan application and your next steps within one business day. If you have any questions, you can contact customer service.

How do repayments work with TFCU?

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 run into any problems, get in touch with Teachers FCU or visit a branch to discuss your options.

Before you decide, compare your other personal loan options to make sure you're getting the best offer you're eligible for.

Frequently asked questions

Is Teachers Federal Credit Union insured by the FDIC?

No, TFCU and similar credit unions are insured by the National Credit Union Administration, a federal agency created by Congress to regulate credit unions.

Like the Federal Deposit Insurance Corporation, NCUA protects individual accounts up to $250,000 in deposit accounts like savings, checking, money-market accounts and CDs. What's different is that the NCUA covers regular shares and share draft accounts that are specific to credit unions.

I attend school on Long Island but don't live there. Can I open an account?

Yes. If you're a frequent visitor to Long Island's Nassau or Suffolk counties, you're eligible for membership — even if you don't live close to a branch.

Does Teachers Federal Credit Union offer other types of loans?

Yes. TFCU offers mortgages, auto loans and other types of credit.

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

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

Teachers Federal Credit Union’s personal loans are ideal for Long Islanders looking for small loans — you can borrow as little as $250. It also doesn’t have any hard-and-fast credit requirements, meaning it could be a good alternative to high-cost short-term loans.

While you need to be a member of the credit union to borrow, you can apply for membership during the loan application — killing two birds with one stone. And despite its name, anyone who works, studies or lives in Long Island’s Nassau and Suffolk counties is eligible for membership.

But it doesn’t have the most competitive rates. And you’re limited to borrowing $20,000 — not ideal if you’re looking to fund a large project or expense.

Not a New Yorker? Compare other options below.

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    Default Gravatar
    January 14, 2018

    I want to consolidate my bills on credit card and need money for a purchase. I went bankrupt in 2015 what are my chances of getting a loan with credit score of 606-669

      Avatarfinder Customer Care
      January 15, 2018

      Hi Tina,

      Thanks for reaching out.

      A credit card consolidation loan combines your outstanding balances on your credit cards into one monthly payment. The benefit is that you’ll pay off your existing debts with those credit card companies and have a simplified payment process with just one lender.
      You may consider the following options for credit card consolidation and those are credit card balance transfer, debt consolidation personal loan, peer-to-peer loans and debt consolidation companies. Learn and compare which option is most ideal for your situation.

      Hope this helps,

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