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First Tech Federal Credit Union personal loans review
These personal loans don't have fees, but expect higher starting rates.
finder.com’s rating: 4.2 / 5.0
★★★★★
- Best for borrowers after a wide range of loan amounts and long terms.
- Pick something else if you have excellent credit — you can find more competitive rates elsewhere.
Details
| Min. Loan Amount | $500 |
|---|---|
| Max. Loan Amount | $50,000 |
| APR | Starting at 6.70% |
| Interest Rate Type | Fixed |
| Loan Term | 2 to 7 years |
First, am I eligible?
The only hard eligibility requirement for First Tech FCU's unsecured term loans is that you're a member. However, your credit score, income and debt will also be factored into your loan decision. You might have trouble getting approved if you're unemployed or have a DTI above 43%. Self-employed applicants might also have to submit additional documentation.
Membership eligibility
Becoming a member involves opening a First Tech FCU bank account. To join First Tech FCU, you must meet the following criteria:
- Work for a sponsor tech or telecom company
- Work for the state of Oregon
- Work for any company in Lane County, Oregon
- Live in Lane County, Oregon
- Be an immediate family member of a First Tech member
- Be a member of the Computer History Museum
- Be a member of the Financial Fitness Association
The last two options are your two choices if you don't work for an eligible company, aren't related to a First Tech member or don't live in Lane County, Oregon. It costs at least $15 a year to become a member of the Computer History Museum, and membership to the Financial Fitness Association costs $8 a year.
Pros
- Loans from $500 to $50,000
- Competitive rates for small-dollar loans
- Credit decisions in as little as 24 hours
- No application, origination or prepayment fees
Cons
- You must become a member
- Higher rates for larger loans
- Limited branch locations
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First Tech FCU reviews and complaints
The borrowers who mentioned the personal loan application process were happy with their rates and how simple it was. And while it doesn't have a Trustpilot page, customers have reviewed several of its locations on Yelp. Ratings typically hover around 2 or 3 out of 5 stars. It looks like everyone is generally happy with the quality of service as long as things go smoothly. But when something goes wrong, several complained that they had trouble getting a fix.
Not a member yet? Follow these steps to apply for First Tech FCU membership. Otherwise, skip ahead.
- Go to the First Tech FCU website and click Discover First Tech.
- Select Become a Member and click Join Us.
- Follow the directions to fill out the online application. To save time, you can upload an image of your state-issued photo ID to autofill part of the application for you.
- Enter your current bank account information to transfer funds into your new First Tech FCU bank account.
- Read and review the disclosures before submitting your application.
What information do I need to apply?
You will need four basic pieces of information to complete an application:
- Government-issued photo ID
- Current bank account information
- Social Security number or tax ID number
- Gross annual income
Already a member? Here’s how to apply for a personal loan:
- Go to the First Tech FCU website and click Loans.
- Select Unsecured Loans Debt Consolidation.
- Scroll down until you see the green Apply button under Personal Loans.
- Follow the directions to complete the required fields. Like with the membership application, you can save time by uploading a photo of a state-issued photo ID to prefill the form.
- Read the disclosures and review your application before submitting it.
- Wait for First Tech FCU to get back to you with an offer. This can take around 24 hours.
- Submit any additional documents before reviewing, signing and submitting your final loan documents.
- Wait for your funds to be disbursed into your First Tech FCU bank account.
What happens after I apply?
First Tech FCU will verify your identity and process your application. It should be in contact with you to finalize any details. Write down your reference number to keep track of your loan status while it's being processed.
How do repayments work with First Tech FCU?
Your first payment is due 45 days after your loan shows up in your First Tech account. To save the time and mental space it takes to make manual payments each month, consider signing up for autopay.
Regularly check in on your account and your loan balance to make sure everything is going smoothly. If you notice a problem, reach out to First Tech FCU's customer service line as soon as possible by calling 855-855-8805.
More about First Tech FCU
First Tech FCU was founded in 1952 by Tektronix. Like its name implies, it strives to serve those in tech-based industries. And it's always been focused about the future — using computers for online data processing as early as 1976 and ATMs in 1979.
This commitment has driven its partnerships. Microsoft joined in 1992, and in 1995, it was the second financial institution to have a secure website for online transactions. It also serves employees of Agilent Technologies, Amazon and Cisco. With a mind for innovation, it's a good choice for those involved in tech industries.
Not sure First Tech FCU is right for you? Check out our personal loan guide to compare more lenders.
Frequently asked questions
How can I find out if I work for a sponsor company?
- Go to the First Tech FCU site, click Discover First Tech and then hit Become a Member.
- Scroll down to the heading Who Can Join.
- Under Work, click the text link on the words Sponsor company.
- Companies are listed alphabetically. Either use the search function to find your company's name or scroll down until you find it.
Can I apply for membership if I have a freeze on credit reporting bureaus?
No, First Tech FCU requires all membership and personal loan applicants to lift any freezes on reporting to credit bureaus.
Do I need to live in Lane County, Oregon to be eligible?
No, First Tech FCU membership is available to residents of all 50 states as long as they meet one of its eligibility requirements.
Image source: Shutterstock and firsttechfed.com
Personal loan ratings
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We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.
Read the full methodology of how we rate personal loan providers.
Review by
Anna Serio
anna.serio@finder.comAnna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Expert review
First Tech FCU’s no-fee personal loans come in a wide range of amounts and have a relatively simple application. They might be a good fit for anyone interested in borrowing from a credit union.
Its rates are particularly competitive for small-dollar loans, though borrowers with excellent credit might be able to find a better deal elsewhere if they’re looking for more than $5,000 in funds.
Not sure First Tech is right for you? Compare your other personal loan options below.