First Tech Federal Credit Union 2025 Personal Loan Review

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

First Tech personal loans at a glance

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.

» MORE: Top credit unions for personal loans

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 use First Tech personal loans

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 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.

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).

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: