Review of First Tech Federal Credit Union Personal Loans 2022

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Late fees vary from $15 to $25

Regular APR

5.70% to 18.00%


Late fees vary from $15 to $25

Regular APR

5.70% to 18.00%

  • Wide range of loan amounts
  • No assembly costs
  • No prepayment penalties
  • 24/7 customer support
  • Financing available same day
The inconvenients
  • Membership required to apply
  • Late fee
More information
  • Loan amounts range from $500 to $50,000
  • Loan terms are 24 months or 84 months
  • Eligible for First Tech by joining the Financial Fitness Association for $8, or if you live or work in parts of Oregon
  • Speak to a customer representative anytime over the phone
  • Loans are made by First Technology Federal Credit Union

Advantages and Disadvantages of First Tech Credit Union Personal Loans

How First Tech Credit Union Works

First Tech Federal Credit Union offers unsecured personal loans, which are loans that don’t require collateral, such as a home or car.

First Tech lets you use a personal loan for many reasons, including debt consolidation and home improvement. While some other companies restrict the use of your personal loan, First Tech allows you to spend the funds on almost anything – just check with the credit union to make sure your expenses are eligible.

Personal loans are available in all US states. You can apply with a co-borrower for a joint personal loan or get a co-signer for your own loan, which can help you get better rates if your co-borrower has a good credit history.

You can complete the online application and get your rate in minutes.

You may be able to receive your money the day your application is approved, or it may take up to three business days to get your money.

You can call customer support 24 hours a day, seven days a week. You can also reach the credit union by mail, by sending a secure message or by making an appointment in person.

First Tech also has a well-reviewed mobile app on the Google Play and Apple stores if you like managing your money on the go.

What credit score do you need for a First Tech Credit Union personal loan?

With First Tech Federal Credit Union, the Company Website note that the minimum credit score required for a personal loan varies depending on the amount of money you wish to withdraw.

If you need access to your credit report, you can get it for free from any of the three major credit bureaus on weekly until April 20, 2022. This report will provide you with information about your payment and credit history, but it will not provide you with your credit score. Reviewing your credit report can help you spot errors and find areas for improvement.

You can get your score for free on your credit card statement or online account. You can also buy it from a credit reporting agency.

Your credit score will not be affected if you check your rates, as First Tech will only perform an indirect credit check. However, the lender will conduct a credit check once you accept the loan offer, which will likely affect your credit score. A thorough investigation gives the lender a full view of your credit history, but can negatively impact your credit score.

Is First Tech Credit Union Trustworthy?

First Tech Credit Union has no public controversies.

The Better Business Bureau gives First Tech Federal Credit Union a C-ranking. The BBB, a nonprofit organization focused on consumer protection and trust, rates businesses by measuring a company’s responses to consumer complaints, honesty in advertising, and clarity of business practices. The BBB cites 22 complaints against the company, including two unresolved complaints, as the reason for the rating.

You might be better off going with another lender if that BBB score concerns you.

First Tech Credit Union Personal Loan Comparison

You can get the smallest loan amount from Navy Federal Credit Union, as the credit union offers loans as small as $250. However, First Tech Federal Credit Union and PenFed Credit Union have similar minimums; the former will lend as little as $500, while the latter will allow you to borrow a minimum of $600. You can withdraw up to $50,000 with First Tech, Navy Federal, and PenFed.

Navy Federal has stricter membership requirements than First Tech or PenFed because you are only eligible if you are an active military member or veteran, and an employee or retiree of the Department of Defense. Family members of any of the above groups are also eligible.

You can qualify to join First Tech simply by joining the Financial Fitness Association for $8, though you may also be eligible if you live or work in parts of Oregon. As for PenFed, if you have served in the military or worked in qualifying associations or organizations, you will qualify. You can also register by opening a savings account with a minimum deposit of $5.

All three

credit unions

have essentially the same maximum interest rate, no origination fees and no prepayment penalties.

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