Item: First Tech Credit Union Personal Loan
Rating: 5
Author: Robin Hartill, CFP®

5.0

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5.0

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Est. APR

7.89 - 18.00%

Min. credit score

None

Time to fund

2 days

Loan amount

$500 - $50K

Loan term

6 months to 7 years

Overview

First Tech is a members-only federally insured credit union that’s open to employees of roughly 900 tech companies. It offers a wide range of personal loan options, with loan amounts of $500 to $50,000 and terms ranging from six months to seven years.

» MORE: Compare personal loans

Detailed breakdown

Affordability

(25%)

4.5/5

We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.

Customer experience

(20%)

5/5

We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.

Underwriting and eligibility

(20%)

4.5/5

We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.

Loan flexibility

(20%)

5/5

We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.

Application process

(15%)

5/5

We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.

Overall

5/5

Read more about our ratings methodologies for personal loans.

Where First Tech personal loans stand out

Wide range of loan amounts and terms. First Tech offers loan amounts of $500 to $50,000, which can cover an emergency, debt consolidation or a large expense, like a home improvement project. Terms range from six months to seven years, allowing borrowers plenty of options whether they plan to quickly repay the loan or need longer-term financing.
Direct payment to creditors available. Borrowers who take out a debt consolidation loan through First Tech can opt to have their payments sent to creditors. Many borrowers find this simplifies the repayment process and reduces the temptation to spend loan funds instead of using them to lower debt.
Secured loans. First Tech offers both unsecured and secured personal loans. Borrowers can use an investment account, savings account or certificate of deposit as collateral. However, if you fail to repay the loan, First Tech can seize your collateral.
Pre-qualify with a soft credit check. First Tech allows members to pre-qualify for a personal loan with a soft credit check, which doesn’t affect your credit score. Borrowers can see their potential loan amount, rate, terms, monthly payments and total interest costs, and view multiple loan offers, when they pre-qualify. Once you formally apply, First Tech conducts a hard credit check, which can temporarily drop your score by a few points.
Fast approval and funding. First Tech says most applicants get an instant decision and receive same-day funding, if approved. Some lenders take up to a week to process applications and disburse funds.
Flexibility to choose payment date. First Tech lets borrowers choose their payment date, and customers can change the due date after signing the loan agreement. This can be helpful if your payday changes or you want to spread out when your bills are due.
Hardship programs available. Borrowers who run into financial troubles may qualify for hardship relief. Though the lender says options will vary based on the borrower’s circumstances, accommodations can include loan modifications and the ability to skip or defer payments.

Where First Tech personal loans fall short

No rate discounts. First Tech doesn’t offer interest rate discounts. Some lenders offer discounted rates (usually reduced by a fraction of a percentage point) to borrowers who set up automatic payments or authorize direct payments to creditors with debt consolidation loans.
Can’t add co-signer. First Tech allows joint loans, but not co-signed loans. Adding either a co-borrower or co-signer with strong credit can help you qualify for a loan or get a better rate. Co-signers, though, are responsible for repayment only if the primary borrower defaults.
No credit score access. First Tech doesn’t offer access to credit scores on its website or mobile app. Some lenders allow borrowers to check their credit scores so they can track the impact of their payments over time.

How to qualify

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 doesn’t have a minimum credit score or income requirement to qualify for a personal loan. The lender says it works with borrowers with credit scores ranging from fair (credit scores in the mid-500s to low 600s) to excellent (mid-700s or higher), as well as those with a thin credit file or no credit history.

First Tech loans are available in all 50 states and Washington, D.C.

» MORE: Top credit unions for personal loans

First Tech’s borrowing requirements

Minimum credit score: None.
Minimum annual income: No minimum income, but you must provide your income, as well as your employer’s name and contact information when you apply.
Maximum debt-to-income (DTI) ratio: 65%, including mortgage payment.
Must provide valid identification (like a driver’s license or passport).
Must have a Social Security number or Individual Taxpayer Identification Number (ITIN).

» MORE: How to get a personal loan

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Compare First Tech to the best 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.

5.0	4.5	5.0	5.0
EST. APR 7.89% - 18%	EST. APR 8.99% - 35.49%	EST. APR 7.9% - 35.99%	EST. APR 7.74% - 35.99%
LOAN AMOUNT $500 - $50K	LOAN AMOUNT $5K - $100K	LOAN AMOUNT $1K - $60K	LOAN AMOUNT $1K - $50K
MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE None Check Rates	MIN. CREDIT SCORE 600 Check Rates	MIN. CREDIT SCORE 600 Check Rates