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First-Time Borrower Loan

Take control of your credit future. Get started with a credit builder loan from TEGFCU.

Our economy runs on credit, so building yours is a smart financial move. A First-Time Borrower Loan could be your first step in creating a credit history. Establishing creditworthiness now can help make major financial decisions down the road, like buying a car or home, easier and more affordable. Strong credit unlocks better loan rates, saving you money in the long run.

With a personal loan, you get the money you need in one lump sum and enjoy the convenience of a fixed monthly payment at a low rate. Plus, when you take out a First-Time Borrower Loan from TEGFCU, you’ll gain a financial partner to help you establish good credit for the long term.

Loan amounts from $500 – $1,000

Terms up to 12 months

.25% rate discount with automatic payments

Quick approval process

No application fees

No cosigner or collateral needed

No credit history on their credit report

A debt-to-income ratio (DTI) of 35% or less (includes house expenses)

At least 6 months of consistent income (proof required)

References (required)

Fill Out Application

Stop by a local branch, call us at 845.452.7323, or complete our easy online application and submit the required documents.

Consultation

You will meet with one of our loan officers to discuss credit and money management. We will then help you create a credit plan to help you achieve a good credit score.

Quick Access to Cash

Next comes the loan. Once approved, you’ll enjoy fast access to the funds you have been approved for.

Credit Health Check

We want to help you with your new credit history. After 6 months, we will continue with our credit counseling and look back to review your payment history. If all is good, we can discuss other ways to borrow and build credit, like an unsecured credit card.

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Why is my credit score important?

Join TEGFCU

At TEGFCU, your best interests have always been our focus. As a better alternative to banks, our mission is simple, to help you get to a better place financially.

Membership is open to anyone (and their immediate families) who lives, works, worships, or attends school in Dutchess, Orange, Ulster, Putnam, Rockland, Sullivan, and Westchester County, NY. A $5 minimum deposit opens the door to all the benefits of being a valued TEGFCU member.

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