First Tech Federal Credit Union Personal Loans Review 2024

Pros Explained

• First payment can be deferred for 45 days: If you don’t want to make a payment on your loan right away, First Tech Federal Credit Union allows you to defer your first payment for 45 days. This unique feature sets this lender apart from the competition. 
• Same-day funding is sometimes available: Depending on your situation, you could get approved and receive funding the day you apply for the loan. This loan approval and funding time is exceptional compared to other lenders in the industry.
• No origination fees: Some lenders charge upfront fees that are a percentage of the loan amount. This ends up reducing the amount you actually borrow. First Tech Fed does not charge this fee, however.

Cons Explained

• Must be a credit union member to apply: To get a personal loan from First Tech Federal Credit Union, you must first join the credit union. However, membership is open to anyone throughout the United States if they join the Computer History Museum or the Financial Fitness Association.
• No loan discounts offered: First Tech does not offer a loan discount for setting up automatic payments or for having certain bank accounts, as some other credit unions and banks do.

Types of Personal Loans Offered by First Tech Federal Credit Union

First Tech Federal Credit Union offers an unsecured personal loan that can be used for several purposes including:

• Consolidating high-interest-rate loans and credit cards
• Paying for weddings and funerals
• Covering emergency expenses (e.g., medical or vet bills)
• Paying for vacations

Unsecured personal loans from First Tech Federal Credit Union cannot be used to pay for post-secondary educational expenses. The loan proceeds also can’t be used for any type of business or commercial use. Furthermore, like most personal loans, you can’t use the funds to make a down payment on a house, purchase securities, gamble, or engage in any illegal activities.

Time to Receive Personal Loan Funds

Depending on your financial situation and the nature of your application, you may be able to get approved right away or within one business day. Once your loan is approved, funds may be deposited into your bank account the same day. However, funding could take as long as two to three days.

Borrower Requirements

First Tech Federal Credit Union doesn’t disclose the specific criteria it uses to approve applicants for a loan. However, the credit union states that borrowers don’t need perfect credit to qualify.

First Tech Federal Credit Union Personal Loan Features

First Tech Federal Credit Union offers several unique personal loan features not standard in the industry, including the following.

• Defer your first payment for 45 days: First Tech Federal Credit Union allows new borrowers to defer their first loan payments for 45 days after the loan is funded. This is an optional deferral and isn’t something you’re required to do. It can be a great option if you want a little more time to make your first payment after getting your loan.
• DebtSafe optional payment protection: First Tech Federal Credit Union offers a unique payment protection option (called DebtSafe) that can help you cover your loan payments and finances in the event of death, disability, or the involuntary loss of your job. With this program, your loan balances or payments may be canceled if you experience a qualifying life event.

Co-Signers and Co-Applicants

Suppose you can’t qualify for a personal loan on your own or want to apply for a personal loan jointly with another person. In that case, First Tech Federal Credit Union allows co-signers and co-borrowers. Personal loan providers don’t always offer this feature.

Can You Refinance a Personal Loan With First Tech Federal Credit Union?

You can refinance an existing personal loan with First Tech Federal Credit Union. To do so, you need to qualify for a new personal loan. If you’re approved, you can use the funds to pay off your existing loan. This can be beneficial if you want a lower interest rate, a longer repayment term, or both.

Customer Service

If you have a general inquiry, you can contact First Tech Federal Credit Union’s customer service team 24 hours a day by calling its toll-free number. You can also send a secure message with questions about your account by logging into your online banking portal and using First Tech’s online banking messaging center. Plus, you can schedule an appointment online to meet with a banker in person or virtually. 

You can ask general questions 24 hours a day and schedule time to meet with a banker—advantages some smaller banks don't offer.

Customer Satisfaction

Reviews suggest customers are generally satisfied with the products and services provided by First Tech Federal Credit Union. First Tech Federal has an A+ Better Business Bureau rating and earned a 4 out of 5 star average rating on Trustpilot. 

Like most credit unions, First Tech has a not-for-profit business model and is member-owned. So, its members' needs are its top priority.

First Tech Federal Credit Union Membership Requirements

You have a few ways to become eligible for membership at First Tech Fed. You can join if:

• A family member or household member is already a First Tech member
• You or a family member work for a company on the credit union’s partner list or for the State of Oregon
• You work or live in Lane County, Oregon
• You join the Computer History Museum (for $15 per year) or the Financial Fitness Association (yearly membership is $8)

How to Apply For a First Tech Federal Credit Union Personal Loan

You can apply for a personal loan from First Tech Federal Credit Union by following these steps.

1. Become a credit union member: See above for eligibility requirements.
2. Gather basic personal information: Before you apply, make sure you have your Social Security number, driver’s license or state ID, and contact information readily available. You’ll need this to check your rate and complete the loan application. 
3. Check your rate and see if you qualify online: The next step is to complete a simple online application. At this point, First Tech will conduct a soft credit check, which won’t impact your credit score. This will allow you to see if you are likely to qualify for the loan, along with the rates and terms you might be able to receive. 
4. Review your rates and apply for the loan: Once you review the rates and terms you might be able to receive, you can complete your application online. At this point, the credit union will perform a hard credit check and full underwriting to see if you qualify. 
5. Wait to see if you’re approved and review your offer: Once your application and loan underwriting are complete, you’ll receive an email letting you know if you’ve been approved for the loan and the rates and terms you’re being offered. 
6. Accept your loan and receive funding: If everything looks good, you’ll need to accept the loan, and then the lender will disburse the funds. In some cases, you might get funding the same day as loan approval, but it could take several days.

Other Banking Services and Loans Offered by First Tech Federal Credit Union

Along with unsecured personal loans, First Tech Fed also has a full suite of traditional banking and credit union products. They include:

• Deposit accounts
• Investment products
• Home loans
• Vehicle loans
• Student loan refinancing
• Personal insurance
• Business insurance
• Business banking

Compare First Tech Federal Credit Union With Other Personal Loan Lenders

The Bottom Line

First Tech Federal Credit Union membership]offers a good personal loan option with a competitive rate. Plus, you may even be able to get same-day funding, something that’s not commonly available in the industry. Furthermore, since there aren’t strict credit score requirements, First Tech may even be able to approve those with less-than-perfect credit for a personal loan. However, you must meet membership criteria.

What Credit Score Do You Need for a Loan From First Tech Federal Credit Union?

First Tech does not disclose credit score requirements on its website. However, when applying for a loan, you have a better chance of qualifying with a good credit score, meaning 670 or higher.

Where Does First Tech Federal Credit Union Operate?

First Tech's headquarters is in Oregon. However, it has locations in California, Colorado, Georgia, Idaho, Massachusetts, Texas, and Washington state.

Is First Tech Credit Union FDIC Insured?

First Tech is federally insured, but by the National Credit Union Administration (NCUA) rather than the FDIC, which insures banks. The NCUA insures all deposited funds for up to $250,000.

Does First Tech Federal Credit Union Have a Good Reputation?

First Tech Federal has an A+ rating with the Better Business Bureau and a better-than-average customer rating on Trustpilot. 

What Is the Maximum I Can Borrow With a First Tech Federal Credit Union Personal Loan? 

First Tech Federal personal loans have a wide borrowing range from $500 to $50,000.

Does First Tech Federal Credit Union Have a Mobile App?

First Tech Federal Credit Union does have a mobile app that can be used for digital banking and for accessing your loan account.

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%
• Learn more about how we evaluated personal loans in our complete methodology.