First Tech Federal Credit Union Personal Loans: 2021 Review

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

Its personal loans range from $500 to $50,000 with repayment terms between two and seven years, leaving room for you to customize the loan to your budget. Borrowers can pre-qualify to see their potential rates, though you have to meet membership criteria to be eligible for a loan.

One of the following is required for First Tech membership:

• Work for a qualifying tech or telecom company.

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

• Be an immediate family member of a First Tech member.

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

» MORE: Benefits of credit union loans

First Tech is best for borrowers who:

• Are credit union members.

• Want to choose from a variety of repayment terms and loan amounts.

• Want to add a co-signer, co-borrower or collateral.

First Tech at a glance

Key terms to know about personal loans

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Where First Tech stands out

Option to pre-qualify: You can pre-qualify for a First Tech loan, which lets you see potential loan offers without affecting your credit score. Pre-qualification is common with online lenders, but rarer among banks and credit unions.

Joint, co-signed and secured loans: First Tech lets borrowers add a co-signer or co-borrower to their loan application. Borrowers can also secure a loan with a CD, savings account or stocks. Any of these options can help increase your chances of qualifying for a loan or getting a lower rate.

Direct payment to creditors: For debt consolidation loans, this lender will directly pay off any credit cards or other unsecured debt once you sign the loan agreement, leaving you with just one monthly payment. This feature isn’t uncommon, but it’s a perk you won’t find with all lenders.

» COMPARE: Best debt consolidation loans

Fast funding: First Tech says borrowers should receive an approval decision on the same day they apply. Then, the lender can typically fund the loan the day you’re approved. If you’re a new member, you may not receive funds until the next business day.

» MORE: First Tech checking, savings and CDs

Where First Tech falls short

Reports to only one credit bureau: First Tech does not report payments to the three major credit bureaus, which is rare among lenders. It reports payments only to Experian. This means if your credit report were pulled from TransUnion or Equifax, it wouldn't show a history of on-time payments on your personal loan, which could have helped build your score.

No rate discount for automatic payments: Like many banks and credit unions, First Tech doesn’t offer a rate discount for setting up automatic payments. This rate discount is usually between 0.25 and 0.5 percentage points and encourages on-time payments.

However, members with a qualifying checking account at First Tech could receive 0.25% cash back on their minimum loan payments, up to $15 per month.

How to qualify for a First Tech loan

First Tech doesn’t make many of its borrower requirements public, but the lender says applicants need a minimum credit score of 660.

Loan example: A four-year, $13,000 loan with a 15.5% APR would cost $365 in monthly payments. You’d pay $4,520 in total interest on that loan.

How to get a First Tech loan

Apply on First Tech

To apply for a First Tech loan, you need to be a member. Members can apply online.

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