Teachers Federal Credit Union personal loans review February 2018

Teachers Federal Credit Union personal loans review

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 NameTeachers Federal Credit Union Personal Loans
Min Loan Amount$250
Max. Loan Amount$20,000
Min APR From 10.45%
Minimum Loan Term2 years
Maximum Loan Term5 years
Application FeeNone
  • 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.

Not sure how borrowing from a credit union works? We have the answers

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.

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Rates last updated February 17th, 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
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.66% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (fixed)

Compare up to 4 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.

Bottom line

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.

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2 Responses

  1. Default Gravatar
    TinaJanuary 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

    • Staff
      JoanneJanuary 15, 2018Staff

      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.
      This page discusses the options for credit card consolidation and those are credit card balance transfer, debt consolidation personal loan, peer-to-peer loans and debt consolidation companies. You may read further on those pages for you to compare which option is most ideal for your situation.

      Hope this helps,
      Joanne