New York University Credit Union

Overview

New York University Credit Union (NYU FCU) was established in 1982 to serve the New York University community. Faculty, staff, students, alumni, retiree and their family members are all eligible to join. All that’s required to establish membership is $50 in a Share Savings account. We currently have more than 3,200 members and more than $15.5 million in assets. NYU FCU is governed by a volunteer board of directors comprised of current and former NYU employees. We are located at 14 Washington Place, New York, NY 10003.

All interest that NYU FCU accrues as a financial institution is passed on to our members in the form of better rates on loans, and lower or no fees for financial services. As a member of the credit union, you are encouraged to attend the annual meeting. At this meeting you may vote to elect a volunteer board of directors, who oversee the credit union’s operations. Each member receives one vote regardless of their account balance as long as the minimum balance ($50) is maintained in the primary savings account.

Because its members own NYU FCU collectively, we realize that people are our most valuable asset, and quality service is our most important goal.

Loan Features

Auto Loans
You can borrow for up to 6 years on new and used cars with fixed interest rates. Refinance available on vehicles up to 5 years old. No prepayment penalties and flexible terms with financing of up to 100% of the purchase/existing loan balance. For new loans the application fee is $25. If you are refinancing, this fee is waived.

Home Equity Line of Credit
If you own your home, take advantage of the equity in it with a New York University Federal Credit Union variable rate home equity line-of-credit. It’s simple, fast, and convenient. *NYU FCU share account is required for all loans.

The following applies to all Home Equity Programs:
Closing Cost – Members responsibility.
Setup Fees – Charged if loan is terminated for any reason within first two years
Primary homes: House, COOP and Condo (no rental properties, mobile homes, and mixed use properties).

Home Equity Line of Credit:
Loan amounts from $50,000 to $250,000
Line available up to 75% of appraised value minus balance of first mortgage.
Low adjustable rate of Prime Rate for the life of the loan.
Easy access during the five-year draw period with a repayment term of 15 years.

Small Business loan
New York University FCU offers small business loans up to $250,000. We require collateral as a real estate property, equipment and etc. To be eligible for small business loans, businesses must first become a member of the credit union. You can join by making a share (savings) deposit of $50 or more and paying a membership fee of $10.

Credit Cards
Any Credit Card Applicants are required to have a membership at NYU Credit Union. The loan application fee on all Credit Card Applications is $25. Waived for applications with credit card balance transfers.

Student Loans
The New York University FCU Private Educational Loans for Undergraduate and Graduate Students. As you determine the best way to finance your education, you should consider the full range of student financial aid options available to you. Private loans are often used to supplement federal student loans, when federal loans are not sufficient to cover the full cost of education.

Bill Consolidation Loan
Consolidating your debts means to transfer some or all of your debts that are at a higher interest rate into one loan payment that charges you a lower interest rate than the one you are currently paying. You may apply up to $45,000 given qualifying credit history, credit score and income. This will be an installment loan for 12-60 months, with a rate of 9.5%-11.5% depending on the term, with a fixed monthly payment.

For any loan over $10,000 a credit score over 740 is required. Our general requirement is a credit score of at least 620, good standing credit history and debt to income below 45%. Loan application fee $25. 10% of loan balance is frozen in share account on all unsecured consumer loans.

Holiday Detox Loan
Jump start your year with a debt detox! Consolidating all of your holiday debts into one loan payment. Loan application fee $25, up to $10,000 loan. 10% of loan balance is frozen in share account on all unsecured consumer loans.

Personal Loans
We offer a variety of personal loans that you can use for going on your dream vacation, holiday shopping or any other discretionary purchases. 60-month maximum term. Loan amounts: $500 – $10,000. Loan Application Fee -$25

Vacation and Holiday Loans
Maximum amount is $3000. Maximum Term 12 months. The Application fee is $25.00.

Share Secured Loan
Have a problem keeping the money you saved in an account, while new expenses keep popping up? Apply for a loan buttonWhy not take a loan against your share account balance at the credit union? We will lend you 95% of your collected share balance for 3% over our current dividend rate (.050%). You can choose a 36 month payback for one flat rate, or a payback of up to 144 months with a quarterly review.

Credit Builder Loan
This loan is to help you to rebuild your credit report and establish emergency savings. The maximum loan amount is $1000, Min – $500. Max term is 12 months. For example, if you qualify for $1000 loan, the entire amount is deposited into your savings account. As payments are made, you would gradually gain access to the savings account.

Life Happens Loan
Sometimes life happens, and the NYU FCU is here to help. If you find yourself in an unexpected emergency situation or expense, apply for this emergency loan to help you get back on track.
Rate- 16%
Term- 12 month
Application Fee- $25

Must be NYU employee for more than 2 years, a member for at least 6 months, must have a checking account with a payroll deduction or direct deposit at the NYUFCU and no other loans at the NYUFCU. Must list supervisor contact information on Reference Form. Credit score not less than 550. To apply select Personal Loan, and type Life Happens in purpose.

Quick Cash Loan
If you face any unexpected expenses, need extra cash or are short on funds between paydays, a Quick Cash Loan can help. This loan is for emergencies.

Mortgage Loans
We offer mortgages on 1-4 family homes, COOPs and condos. Whether you’ve buying or refinancing your home New York University Federal Credit Union has a full range of loans to fit your needs. The same rates apply on the purchase of a new home and on the refinance of an existing mortgage. Min mortgage amount $50,000 and Max mortgage amount is $3,000,000.

Application Process

You need to become a member before you can apply for a loan. Once you are a member of the credit union, you can apply for a loan through your online banking by clicking on “Self Service” and then “Apply for a Loan”. We then require some further documentation.

REQUIRED DOCUMENTS:
Last two paystubs
W2 for the past year
OR
Last 6 months of bank statements
Last two years of tax returns
AND
Reference Form

Repayment Terms

Min Loan Amount $250
Max. Loan Amount $10,000
Maximum Loan Term 5 years

Customer Support

NYU Federal Credit Union
726 Broadway, Suite 110
New York, NY 10003-9502
Phone: 212-995-3171

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