First Tech Federal Credit Union Personal Loans: 2024 Review

First Tech is a federally insured credit union that serves certain tech companies and their employees.

Its personal loans come in a wide range of amounts and repayment terms. However, you have to meet membership criteria to be eligible for a loan.

» MORE: Top credit unions for personal loans

Table of Contents

First Tech personal loans at a glance

Where First Tech personal loans stand out and fall short

How to use First Tech personal loans

Customer reviews of First Tech personal loans

Do you qualify for a First Tech personal loan?

How to apply for a First Tech personal loan

Compare First Tech to other lenders

How we rate First Tech personal loans

First Tech personal loans at a glance

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Where First Tech personal loans stand out

Co-sign and joint loan options: First Tech lets you add a co-signer or co-borrower to your loan application, which can help increase your chances of qualifying for a loan or getting a lower rate. In a joint loan, both borrowers have equal access to the loan funds. In a co-signed loan, only the primary borrower has access. Co-signers and co-borrowers are both responsible for missed payments.

Wide range of loan amounts and repayment terms: First Tech personal loans start at $500 and go to $50,000, meaning borrowers can fund a wide range of expenses, from a small emergency repair to a major home improvement project. Paired with the lender’s terms of six months to seven years, loans can be easily customized to fit your needs. Loan amounts vary based on the loan term.

Fast approval and funding: First Tech says borrowers should receive an approval decision on the same day they apply. The lender can typically fund the loan the same day you’re approved, though it could take up to three business days for some borrowers.

» COMPARE: Fast personal loans

Where First Tech personal loans fall short

Pre-qualification results are limited: You can pre-qualify for a First Tech personal loan with a soft credit pull, but doing so only reveals the lowest rate you could get on a two-year loan. Two NerdWallet writers who pre-qualified were shown the same “as low as” APR through pre-qualification, which was also First Tech’s minimum APR.

Typically, borrowers can choose their requested loan amount and repayment term during pre-qualification and the lender returns a potential APR, repayment term and monthly payment.

No direct payment to creditors: If you get a debt consolidation loan from First Tech, the lender won’t send the loan funds directly to your creditors. This isn't required for debt consolidation, but it’s a nice perk that other lenders offer and saves you the step of sending the funds yourself.

» COMPARE: Best debt consolidation loans

No rate discount: Unlike other lenders, First Tech doesn’t offer a rate discount. Rate discounts are usually awarded for setting up autopay and range from 0.25 to 0.5 percentage points off the loan’s annual percentage rate.

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How to use First Tech personal loans

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First Tech personal loan customer reviews

As of September 2024, First Tech has 4.4 stars on Trustpilot, a website that collects consumer reviews. Reviews cover many of First Tech’s products, not just personal loans. Customers mention the company’s helpful customer service and fast loan funding. The lender also has an A+ rating with the Better Business Bureau.

First Tech’s mobile app is rated 4.4 stars across about 12,000 reviews on Google Play and 4.7 stars across about 36,000 reviews on Apple’s App Store.

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Do you qualify for a First Tech personal loan?

To be eligible for a First Tech personal loan, you must be a member of the credit union. One of the following is required for First Tech membership:

• Work for a qualifying technology-oriented company.

• Work for the state of Oregon or live or work in Lane County, Oregon.

• Are a family or household member of a First Tech member.

• Are a member of the Computer History Museum or the Financial Fitness Association.

First Tech’s borrowing requirements

• Minimum credit score: 660.

• Maximum debt-to-income ratio: 50%.

• Must provide a Social Security number and copy of your driver's license or other state-issued ID.

• First Tech's average borrower snapshot

  • Average credit score: 745.

  • Average debt-to-income ratio: 33%.

  • Average loan amount: $15,000.

  • Most common loan term: 4 to 5 years.

  • Most common loan purposes: Debt consolidation, home improvement and major expenses.

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How to apply for a First Tech personal loan

Here are the steps to apply for a First Tech loan.

1. Pre-qualify on First Tech’s website. First Tech allows prospective borrowers to pre-qualify online to preview their potential APR on a two-year loan. You’ll be asked to provide basic personal information, like your name, address and Social Security number. There’s no hard credit pull at this stage.

2. Preview your rate and formally apply. If you’re satisfied with the estimated APR and want to move forward with getting a First Tech personal loan, you will then submit a formal personal loan application. This could require more documents, like W-2s and pay stubs, to confirm the information you gave during pre-qualification. First Tech will also do a hard credit check when you apply, so your credit score could temporarily dip.

3. Make a plan to repay the loan. First Tech reports payment to all three major credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

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Compare First Tech to other lenders

Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.

Best Egg and Upgrade offer personal loans up to $50,000, but don’t require an existing relationship to be eligible.

Best Egg

» MORE: Read our review of Best Egg

Upgrade

» MORE: Read our review of Upgrade

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How we rate First Tech personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

• Category definitions

  Affordability (25%)

  An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts.

  Customer experience (20%)

  A good customer experience includes allowing borrowers to choose and change their repayment date, a fully online application process, a mobile app to manage the loan and a customer service team with wide availability.

  Underwriting and eligibility (20%)

  The lender reviews borrowers’ credit reports and credit history and tries to understand their ability to repay a loan. It offers loans in most states and doesn’t restrict eligibility by requiring a pre-existing relationship.

  Application process (20%)

  Borrowers can pre-qualify to check their potential rate, loan amount, repayment term and APR without affecting their credit score. They can easily find answers to questions about the personal loan on the lender’s website. The application process is fast enough to allow funding within a couple of days or less.

  Loan flexibility (15%)

  A flexible loan is one that offers a wide range of loan amounts and repayment term options. It includes common features like additional loan types and direct payment to creditors on debt consolidation loans.

  Discretionary

  A lender’s star rating can be reduced if the lender is sued by a state or federal regulator for unfair consumer practices or has been accused by a reputable source of suspicious business practices.

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