First Tech Federal Credit Union Personal Loans Review | Find the Best Loan for You

First Tech Federal Credit Union promises speedy personal loans, which can be helpful in an emergency. You can get a personalized rate on a two-year loan “in 30 seconds or less,” according to the lender.

Your credit does not have to be perfect to qualify for a personal loan. First Tech points out that it has a “full range of products to offer to all credit types.”

The lender also provides the option to defer your first payment for up to 45 days after disbursement, which can give you breathing room if money is tight.

Founded in 1952, the California-based credit union serves many technology companies, including Microsoft, Amazon and Google.

  • Borrow from $ 500 to $ 50,000.
  • Qualify for rates as low as 6.7%.
  • Delay your first payment for up to 45 days.

  • You will need to join the credit union if you are not a member.
  • This lender does not offer a rate discount for setting up autopay.

You can use a First Tech personal loan “for almost anything,” according to the lender. A personal loan offers an alternative to a credit card to pay for emergencies or little luxuries, such as a dream vacation or a deck for your house.

You can apply for a First Tech personal loan online, by phone at 855-855-8805 or in person at a branch.

First Tech Federal Credit Union can check your rate before you apply with a soft credit pull that will not hurt your credit score. If you continue the application, the lender will request a full credit report, which will trigger a hard inquiry that may affect your credit.

When you’re ready to apply, you will need to have on hand:

  • Your Social Security number.
  • Your driver’s license or state ID.
  • Your contact information.

If you apply online, you will receive an email with detailed information about next steps and how to check the status of your loan. Otherwise, applicants can email firsttechlending@firsttechfed.com or call 855-855-8805 for an update.

Most loans are approved immediately or within one business day, depending on your credit and your loan amount. Funding may take up to two to three business days based on your circumstances.

Common loan uses for personal loans might include:

  • Consolidating debt.
  • Covering emergency expenses.
  • Financing home renovations.

First Tech personal loans cannot be used for:

  • Postsecondary educational expenses as defined by the Consumer Financial Protection Bureau’s Regulation Z, such as college, university or vocational expenses.
  • Business or commercial purposes.
  • Stock trading and other investments.
  • Gambling or illegal activities.

First Tech Federal Credit Union offers fixed-rate personal loans with no application fees, origination fees or prepayment penalties. Borrow from $ 500 to $ 50,000 and then repay it in fixed monthly installments with interest over two to seven years.

Your annual percentage rate is based on your credit history and loan terms. These were the lowest available APRs and terms for First Tech personal loans at press time:

  • 6.7% APR for loans from $ 500 to $ 35,000 and repayment terms of 24 months.
  • 7.7% APR for loans from $ 500 to $ 35,000 and terms of 36 months.
  • 8.7% APR for loans from $ 5,000 to $ 35,000 and terms of 48 months.
  • 9.2% APR for loans from $ 10,000 to $ 35,000 and terms of 60 months.
  • 10% APR for loans from $ 15,000 to $ 50,000 and terms of 72 months.
  • 11% APR for loans from $ 20,000 to $ 50,000 and terms of 84 months.

First Tech gives you the option to defer your first payment for up to 45 days from disbursement, but this can affect your APR and your total interest. You can refinance your personal loan if better terms become available, but you must qualify for the new loan and use those funds to pay off the old loan.

You will need to join the credit union online, by phone at 855-855-8805 or at a branch before you can apply for a First Tech personal loan. First Tech claims to offer “hundreds of ways” for someone to meet the criteria to join the credit union and can help if you require it.

Your APR will be determined based on your credit history and your loan terms. If you have bad credit and do not qualify for a personal loan on your own, you can add to your application a co-signer who will guarantee the loan.

Alternatively, you could apply for a joint personal loan with a co-borrower, and the lender will consider each borrower’s creditworthiness.

The lender’s credit score requirements vary based on the loan amount and the security of the loan. First Tech Federal Credit Union works with borrowers across the credit spectrum, noting that products are available to fit most types of credit.

The good news is that a personal loan can help you build credit as long as you don’t miss payments and your loan is paid off according to the schedule.

First Tech Federal Credit Union has more than 40 locations, with hubs in California, Oregon and Washington, plus:

  • Colorado.
  • Georgia.
  • Idaho.
  • Massachusetts.
  • Texas.

First Tech Federal Credit Union earns a C rating from the Better Business Bureau. It is not BBB-accredited. Trustpilot rates First Tech 3.7 out of 5 stars, but this score is based on only one review.

The Consumer Financial Protection Bureau received two complaints in 2020 about First Tech personal loans. One complaint was about a problem when making a payment, and the other was about a problem with add-on products or services; First Tech did not provide timely responses. The company closed one complaint with explanation and gave an untimely response with the other.

You have several ways to reach out if you need help with a First Tech personal loan.

  • Call 855-855-8805 24/7 with general inquiries.
  • Schedule a virtual appointment on the First Tech website, and a representative will call you.
  • Set up an in-person appointment at a branch from the First Tech website.
  • Members with online banking can send and receive secure messages about a First Tech personal loan.
  • Complete and submit the online Contact Us Form describing your issue.

Send loan payments by mail to:

PO Box 4317
Portland, OR 97208-4317

First Tech allows you to apply for your loan online and receive your money the same day in most cases. Borrowers can access digital document delivery and a free mobile app.

  • People who require personal loans ranging from $ 500 to $ 50,000.
  • People who need cash quickly.
  • People who want to defer their first loan payment for up to 45 days.

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