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First Tech Federal Credit Union personal loans review

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These personal loans don't have fees, but expect higher starting rates.

  • 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.

$50,000

Max. Loan Amount

10.25% to 15.75%

APR

Details

Product NameFirst Tech FCU personal loan
Min. Loan Amount$500
Max. Loan Amount$50,000
APR10.25% to 15.75%
Interest Rate TypeFixed
Minimum Loan Term2 years
Maximum Loan Term7 years

Expert review

Anna Serio

Review by


Anna Serio is a staff writer untangling everything you need to know about personal loans, including student, car and business loans. She spent five years living in Beirut, where she was a news editor for The Daily Star and hung out with a lot of cats. She loves to eat, travel and save money.

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.

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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What do customers say about First Tech FCU?

BBB accreditedNo
BBB ratingA
BBB customer reviews1 out of 5 stars, based on 5 customer reviews
Customer reviews verified as of26 November 2019

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.

How do I apply?

Not a member yet? Follow these steps to apply for First Tech FCU membership. Otherwise, skip ahead.
  1. Go to the First Tech FCU website and click Discover First Tech.
  2. Select Become a Member and click Join Us.
  3. 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.
  4. Enter your current bank account information to transfer funds into your new First Tech FCU bank account.
  5. Read and review the disclosures before submitting your application.

Already a member? Here’s how to apply for a personal loan:

  1. Go to the First Tech FCU website and click Loans.
  2. Select Unsecured Loans Debt Consolidation.
  3. Scroll down until you see the green Apply button under Personal Loans.
  4. 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.
  5. Read the disclosures and review your application before submitting it.
  6. Wait for First Tech FCU to get back to you with an offer. This can take around 24 hours.
  7. Submit any additional documents before reviewing, signing and submitting your final loan documents.
  8. Wait for your funds to be disbursed into your First Tech FCU bank account.

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

How to apply step by step with pictures

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

Image source: Shutterstock and firsttechfed.com

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2 Comments

  1. Default Gravatar
    Veeramani
    September 25, 2018

    How to get a loan sir very urgent?

    • Default Gravatar
      joelmarcelo
      September 25, 2018

      Hi Veerami,

      Thanks for leaving a question on finder.

      I noticed you are from India. Unfortunately, the lenders featured on our website only caters to residents from the US, Australia, UK, Canada and New Zealand. You will have to check with your local lenders in India if you are not from those 5 countries I mentioned. Sorry about that.

      Please send me a message if you need anything else. :)

      Cheers,
      Joel

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