First Tech Federal Credit Union promises fast personal loans, which can come in handy 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 doesn’t have to be perfect to qualify for a personal loan. First Tech specifies that it has a “full range of products to offer all types of credit”.
The lender also offers the option to defer your first payment for up to 45 days after disbursement, which can give you some breathing room if money is tight.
Founded in 1952, the California-based credit union serves many technology companies, including Microsoft, Amazon and Google.
- Borrow $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 fund if you are not a member.
- This lender does not offer a rate reduction 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 small luxuries, such as a dream vacation or a terrace for your home.
You can apply for a First Tech Personal Loan online, over the phone at 855-855-8805, or in person at a branch.
First Tech Federal Credit Union can check your rate before applying with soft credit that won’t hurt your credit score. If you pursue the application, the lender will request a full credit report, which will trigger an in-depth investigation that may affect your credit.
When you are ready to apply, you will need to have on hand:
- Your social security number.
- Your driver’s license or identity card.
- Your contact details.
If you apply online, you will receive an email with detailed information on next steps and how to check your loan status. Alternatively, applicants can email [email protected] or call 855-855-8805 for an update.
Most loans are approved immediately or within one business day, depending on your credit and the amount of your loan. Funding can take up to two to three business days depending on your situation.
Common uses of personal loans can include:
- Debt consolidation.
- Support for emergency expenses.
- Home renovation financing.
First Tech Personal Loans cannot be used for:
- Post-secondary education expenses as defined by Consumer Financial Protection Bureau Regulation Z, such as college, university, or professional expenses.
- For professional or commercial purposes.
- Trading in stocks 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 $500 to $50,000, then repay it in fixed monthly installments with interest over two to seven years.
Your APR is based on your credit history and the terms of your loan. These were the lowest APRs and terms available for First Tech personal loans at press time:
- 6.7% APR for loans of $500 to $35,000 and 24 month repayment terms.
- 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 after payment, but this may affect your APR and 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 credit union membership criteria and can help you if you need it.
Your APR will be determined based on your credit history and the terms of your loan. If you have bad credit and do not qualify for a personal loan on your own, you can add a co-signer to your application who will guarantee the loan.
Alternatively, you can 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 depending on the loan amount and loan security. First Tech Federal Credit Union works with borrowers of all credit types, noting that products are available to fit most credit types.
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 on schedule.
First Tech Federal Credit Union has more than 40 locations, with centers in California, Oregon and Washington, plus:
First Tech Federal Credit Union earns a C rating from the Better Business Bureau. It is not BBB accredited. Trustpilot gives First Tech 3.7 stars out of 5, but this score is based on a single review.
The Consumer Financial Protection Bureau received two complaints in 2020 regarding First Tech personal loans. One complaint was about a problem with a payment, and the other was about a problem with complementary products or services; First Tech did not provide timely responses. The company closed one complaint with an explanation and gave a late response with the other.
You have several ways to contact if you need help with a First Tech personal loan.
- Call 855-855-8805 24/7 for general inquiries.
- Schedule a virtual appointment on the First Tech website and a representative will call you.
- Schedule an in-person appointment at a branch from the First Tech website.
- Members with online banking services can send and receive secure messages regarding a First Tech personal loan.
- Complete and submit the online contact form describing your issue.
Mail loan payments to:
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 need personal loans ranging from $500 to $50,000.
- People who need money fast.
- People who want to defer their first loan repayment for up to 45 days.