First Time Borrower Loan Program

Fund your future

Personal Loans To Suit Your Needs

Personal loans can be used for many different reasons. 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. And because personal loans are unsecured, you don’t need to provide upfront collateral.

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$500 – $1000 Loans With Competitive Rates

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No Cosigner Needed

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.25% Rate Discount with Automatic Payments

If you’re a current member or eligible for membership, TEG can help you establish a credit history. We’ll get you started the right way with advice on what you can afford and how to establish good credit.

First Time Borrower Loans
Best For
Those with a consistent source of income for at least 6 months who want to establish credit.
Interest Rate
as low as 10.49%*
Up to 48 months
No application fees
Fixed rate

Why Finance With TEG FCU

When you think about your financial goals, chances are they involve some fairly big purchases, such as a house or a car.

Before you can start comparing mortgage and auto loan rates, you’ll need to have a credit history with a score that makes you eligible for low rates. 

You may ask, “How am I supposed to build a good credit history, if I can’t get a loan?” At TEG, we want to help you get started with your first loan.

TEG First Time Borrower Loans don’t require cosigners and can be used for just about anything. Applicants can be approved in just a short period of time when they meet the following qualifications:

  • 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)
Young first time borrower considers financing with TEG FCU.

Quick, Convenient, and Secure Application



Fill Out Application

Stop by a local branch, give us a call, or fill out our easy online application and submit the required documents.




You will meet with one of our loan officers to talk about credit and how to manage your money. We will help you create a credit plan to put you on the path of a good credit score.



Quick Access to Cash

Next comes the loan. Once approved, you’ll enjoy fast access for the funds you need in your approved amount.



Credit Health Check

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

Similar Loan Products

First Time Borrower Vehicle Loan

If you need a car, don’t let your lack of credit stop you. Our First Time Borrower Vehicle Loans help get you behind the wheel.

Secured Mastercard


A Secured Mastercard helps you build or improve your credit score, with no annual fees.

*Rates effective as of 11/1/2023. Annual Percentage Rate (APR) advertised “as low as”. Your rate may vary from rates shown. The maximum APR is 18%. Rates are subject to change at any time without advance notice. The stated rate is discounted by .25% and includes a requirement that loan payments are automatically transferred from your account for the life of the loan. No minimum and maximum term of 48 months.