First New York Federal Credit Union


First New York serves over 30,000 members in Schenectady, Albany, Saratoga, Schoharie and Rensselaer counties. Our mission is “to consistently surpass member expectations by enthusiastically providing first-class personal and professional service with a commitment to continuous innovation.”

First New York Federal Credit Union has been in business for 79 years, offering all the traditional financial products such as mortgages, home equity and auto loans, checking and savings accounts, share certificates, money market accounts, education loans, commercial banking and investments.

First New York FCU is a not-for-profit financial cooperative which serves more than 30,000 members. The credit union was originally founded in 1937 as Schenectady Teachers Federal Credit Union, and now has six full-service branch locations and operates 3 in-school branch offices, run by student volunteers inside the Schenectady, Mohonasen and Scotia-Glenville High Schools.

Loan Features

Auto Loans
We can put you in the Driver’s Seat! We offer some of the lowest rates on both new and used auto loans in the Capital Region with a full suite of auto loan services to match. Looking for a used vechicle? Our low rates, friendly service, and convenient local branches are just some of the benefits that come with a First New York auto loan. We also offer no pre-payment penalties and life/disability coverage.

Recreational Vehicle Loans
We can help you finance the recreational vehicle of your dreams. Whether you want to cruise the open road on a motorcycle, sail the local waters in a boat, or just spend family time in a camper; our recreational vehicle loan can help you to get there with some of the lowest loan rates in the Capital Region. We finance many different types of recreational vehicles, including RVs, campers, motorcycles, boats, jet skis, and snowmobiles.

Visa Credit Card
Our Visa Credit Card has no annual fee, a 25-day interest-free grace period on purchases, the ScoreCard Bonus Point Program, where you earn one point for every dollar charged for purchases and Visa Purchase Alerts to help monitor your account activitiy wherever you are.

Personal Loans
A Personal Loan is your “anything” loan. You may use the money for home improvements, personal computers, vacations, weddings, and more. You have the need, we have the solution!

Receive a discount of 0.25% Annual Percentage Rate with automatic loan payments
Borrow up to $25,000 per member, subject to credit approval
Choose a repayment term, up to 5 years, that meets your needs
Minimum loan is $500
Payment protection available

Home Equity Loans and Lines of Credit
Building an addition to or renovating your house? If you need access to money for a longer term project, a variable rate Home Equity Line of Credit is a smart alternative to other high interest, non tax-deductible loans. Use the equity in your home and finance your needs:

Low variable rate based on the prime rate; adjusts monthly
Borrow up to 90% of the value of your home, up to $453,100
Pay no closing costs except for NYS mortgage tax
Competitive rates – in most cases they’re lower than credit cards and consumer loans
Fast approval by friendly & professional staff trained to make your loan process easy
Interest paid may be tax deductible – please consult a tax advisor
Revolving line of credit is open for 10 years, with 15 years to repay the balance
Access your line of credit just by writing a check

Easy Street Flex-Mortgage
Our Easy Street Flex-Mortgage product offers you the ability to be mortgage-free in 5 to 12 years. Refinance your existing mortgage and pay off other high interest debt or tuition expenses. Our Easy Street Flex-Mortgage product provides protection against rising interest rates with a low fixed rate.

Competitive fixed rates with choice of terms from 5 to 12 years
Borrow up to 80% of the value of your home
Pay no closing costs except for NYS mortgage tax
No Title Insurance
No Attorney Fee
No Appraisal Fee
No Recording Fee
No Points
Cash Back Option
Fast approval by friendly & professional staff trained to make your loan process easy

Everyone dreams of owning their own home, and as your financial partner, we are here to help you realize your dream. From a mortgage to help you buy your first home, to the mortgage that will help you buy your dream home, we have a variety of products with rates and terms to meet your needs. Finding the right mortgage loan is as important as finding the right house. That is why we personally help you select the loan that will fit your needs and your lifestyle. To fit all your needs we offer a variety of mortgage options.

Fixed Rate Mortgages
A fixed rate mortgage has a consistent interest rate and monthly payments that never change. This is a great option for those planning to stay in their home for a long time and who want to minimize the effects of rising interest rates on their mortgages.

15, 20, 25, 30 year fixed terms with fixed monthly payments
Only 5% down payment required
Low closing costs
Bi-weekly mortgages
1-4 unit owner-occupied
No pre-payment penalties
Locally approved

Solar Loans
We can help our members reduce their carbon footprint through the use of solar power. Our Solar Loan provides affordable financing for your renewable energy improvements.

Low Fixed Interest Rates
Terms up to 20 Years
Zero Down Payment
No Application Fee
No Prepayment Penalty

Student Loan
Now you can pay for college the smart way with three great repayment options and competitive interest rates! This loan is an ideal solution to help you pay for college expenses not covered by scholarships and federal loans. The Smart Option Student Loan features and benefits:

Multiple in-school repayment options plus a choice of competitive fixed and variable interest rates, providing even more flexibility
No origination fee and no prepayment penalty
Benefits and an interest rate reduction available
Rates that reward creditworthy borrowers
Applying with a creditworthy cosigner may help you qualify
100% US-based Student Loan Specialists

Application Process

You may qualify for a Help Loan if:

You are a member “in good standing” with First New York FCU and not currently in bankruptcy
You are currently employed, and have been for at least 12 months
Receive a discount of 0.25% Annual Percentage Rate with automatic loan payments
Maximum term of up to 12 months
Maximum loan amount of $1,000
Proceeds must be used to pay an existing debt and the check will be made payable – No Cash Out

To be eligible for a First New York personal loan, you must be a member. You’re eligible for membership if you live, work, attend a school or worship in one of the following New York State counties: Albany, Rensselaer, Saratoga, Schenectady, Schoharie

Application process:
1. Go to First New York Federal Credit Union’s website and click Apply Now.
2. Select Apply for a Personal Loan.
3. Enter your email, create a password and hit Start My Application.
4. Follow the directions to fill in the required fields.

Wait for First New York to contact you to help you complete your application, typically within 24 business hours. If you’re a new member or have a credit score under 639, First New York will ask you to submit two paystubs to verify your employment and income.
Wait for First New York to process your application and respond with your loan offer. At this point it’ll do a hard credit pull, which causes your credit score to take a temporary dip.

Repayment Terms

Minimum Loan Amount $500
Maximum Loan Amount $50,000
Loan Term Up to 5 years
Min APR From 6.74%

Customer Support

+1 518-393-1326

2 Wall St
Albany, New York

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