SchoolsFirst Federal Credit Union Personal Loans

With low borrowing minimums, as well as a safer payday loan alternative, Schoolsfirst is a good option for those with small and immediate borrowing needs. However, its limited eligibility means only California school employees, including educators and support staff and family members, are candidates for a SchoolsFirst FCU personal loan.

If you aren’t qualified for a SchoolsFirst FCU personal loan, you’ll need to seek out alternative lenders that can offer comparable rates and terms, such as other credit unions or an online lender.

SchoolsFirst FCU offers three different personal loan products:

Each personal loan at SchoolsFirst FCU has its own annual percentage rate (APR) range. As of publishing, you can expect: 

• Personal Loan: 9.49% - 18.00% APR
• Overdraft Protection Loan: 10.50% - 17.90% APR
• Payroll Savings Loan: 17.90% APR

To get a 0.75% discount on your personal loan rate, you’ll need to enroll in automatic transfers from your SchoolsFirst FCU account.

SchoolsFirst doesn’t disclose what fees it charges for personal loans. However, SchoolsFirst FCU specifically states that it doesn’t charge origination fees or prepayment penalties.

To apply for a SchoolsFirst FCU personal loan, you’ll need to first become a member. To be eligible for membership, you must:

• Be a current school employee at an eligible school in California
• Be a retired employee of an eligible school in California
• Have an immediate family member who is a member of SchoolsFirst FCU
• Be an employee of a company that provides a direct service to an eligible school or district in California
• Be a college student in California who is completing an eligible education program that requires student teaching

In addition to your application, you’ll need the following to apply:

• A valid form of identification
• A deposit of $5 to open your Share Savings account
• Your most recent pay stub

Once approved for a membership, you can apply for one of SchoolsFirst FCU’s three personal loans. However, it doesn’t provide much insight into its application process. That said, you can apply for a SchoolsFirst FCU personal loan in three ways:

1. Online: You must log into your online banking account to access the SchoolsFirst FCU personal loan application.
2. Over the phone: You can apply over the phone by calling SchoolsFirst FCU.
3. In person: By visiting a branch in person, you can fill out a loan application face-to-face and with the guidance of a SchoolsFirst FCU employee.

Compared to other lenders, SchoolsFirst FCU offers superior personal loan options. For example, when you compare it with Best Egg, SchoolsFirst FCU’s max APR is nearly half of Best Egg’s, and it offers a wider range of loan amounts and terms.

Here’s how the two companies stack up side-by-side:

SchoolsFirst FCU has a long history of helping those who work in the education field, gaining the trust of over 1.2 million members since its founding nearly a century ago. It is federally insured by the National Credit Union Administration (NCUA), so members are protected should an issue arise.