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Teachers Federal Credit Union personal loans review

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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.


Max. Loan Amount

As low as 10.45%



Min. Credit Score


Product NameTeachers Federal Credit Union Personal Loans
Min. Loan Amount$250
Max. Loan Amount$20,000
APRAs low as 10.45%
Interest Rate TypeFixed
Min. Credit ScoreVaries
Minimum Loan Term2 years
Maximum Loan Term5 years

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.

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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
  • Proof that you’re a permanent US resident

If you don’t qualify for membership with Teacher’s FCU, you may want to see if there are other personal loans from credit unions you may be eligible for.

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:

  1. Your preferred loan amount and terms.
  2. Your personal information, including your Social Security number and home address.
  3. Your employment details, such as your employer’s name, your title within the company and the company’s address.
  4. 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. It’s one of the top New York credit unions that offer competitive personal loans.

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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  1. 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

    • AvatarStaff
      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.
      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,

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