Tyndall is a federal credit union that historically has focused primarily on providing financial services to people connected to the Tyndall Air Force Base in Florida. The first branch was established in 1956 in a storefront on the base and would provide a maximum of $200 on a secured loan. Now Tyndall is a full-service financial institution with over $1 billion in assets and 16 branches spread over nearby counties in Florida and Alabama.

The credit union was chartered by the U.S. Department of Health, Education and Welfare, which was the forerunner of the National Credit Union Administration: the federal agency that regulates, supervises and insures all federal and the vast majority of state credit unions.

How Does It Work?

Tyndall accepts loan applications online, over the phone or in person at one of their branches. If your credit score is over 680, you can qualify for the lowest interest rate of 5.99%. To apply for a loan, you must be a member or qualify for membership with Tyndall Federal Credit Union. Customers can qualify by employment, membership with an organization that is related to the base, or by living within the service areas of Tyndall's branches.

What Are The Interest Rates?

Interest rates are 5.99% for a 48-month loan and 6.49% for a 60-month loan. These interest rates are for members who setup automatic payments from a Tyndall account. Those who don't setup automatic payments get a 0.5% interest hike.

How Much Money Can I Borrow?

Loan amounts range from $1,000 to $10,000. If you borrow $10,000 for 48 months, your monthly payments will be $234.80 and the total cost will be $11,270.40. The same loan with a 60-month term and a 6.49% interest rate will mean monthly payments of $195.61 and a total cost of $11,736.60.

What Is the Application Process Like?

The application process takes 24 hours or less, whether you apply online, over the phone or in person. If you apply in the morning, you should have a response the same day.

How Is It Better Than Other Lenders?

Tyndall Federal Credit Union offers interest rates as low as 5.99% to borrowers with a credit score above 680. Generally, the credit requirements for that kind of interest rate are much more stringent. The catch is you must meet Tyndall's membership requirements to qualify for these rates.

As a credit union, Tyndall is a non-profit organization that is run by and for its members and is exempt from paying federal tax, which means it can also offer lower fees and higher interest rates on savings accounts than most banks.


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