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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.
If you’re looking for an unsecured loan to finance your next big project and live in either Long Island’s Nassau and Suffolk counties, consider this New York–based credit union. You don’t need to be a teacher to qualify for a membership or loan with TFCU.
Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
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, meaning you won’t need to provide collateral to borrow.
You could qualify for up to $20,000, depending on your credit history and financial situation. And 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. TFCU offers repayment terms between two to five years, and you can pay by either cash or ACH transfer.
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 this name. It’s because TFCU wasn’t always so open. When it first set up shop in 1952, it was exclusively meant for teachers in Suffolk and Nassau county. 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 As low as 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 to60 months to repay your loan. This results in 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
Updated November 12th, 2019
Am I eligible?
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 meet minimum requirements, you should
Be employed or have a consistent income
Have decent credit with a history of on-time payments
What are TFCU’s membership requirements?
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. You’ll also need to provide the following information:
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
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.
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.
Yes. TFCU offers mortgages, auto loans and other types of credit.
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