First Tech Federal Credit Union promises quick 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,” depending on the lender.
Your credit doesn’t have to be perfect to qualify for a personal loan. First Tech points out that it has a “full range of products to offer to 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 leeway if money is tight.
Founded in 1952, the California-based credit union serves numerous tech 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 credit union if you are not a member.
- This lender does not offer rate reduction for automatic payment setup.
You can use a First Tech personal loan “for almost anything,” depending on the lender. A personal loan offers an alternative to a credit card to pay for emergencies or little luxuries, like a dream vacation or a patio for your home.
You can apply for a First Tech personal loan online, by phone at 855 855-8805 or in person at a branch.
First Tech Federal Credit Union can check your rate before you apply with soft credit that won’t hurt your credit score. If you continue with the request, the lender will ask for a full credit report, which will trigger a serious investigation that may affect your credit.
When you are ready to apply, you should have on hand:
- Your social security number.
- Your driver’s license or identity document.
- Your contact details.
If you apply online, you will receive an email with detailed information on the next steps and how to check the status of your loan. 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.
- Financing of home renovations.
First Tech personal loans cannot be used for:
- Post-secondary education expenses as defined by Regulation Z of the Consumer Financial Protection Bureau, such as college, university or professional expenses.
- For commercial or commercial purposes.
- Trading of shares 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 pay it back in fixed monthly installments with interest over two to seven years.
Your annual percentage rate is based on your credit history and the terms of your loan. Here are the lowest APRs and terms available for First Tech personal loans at the time of posting:
- 6.7% APR for loans of $ 500 to $ 35,000 with 24-month repayment terms.
- 7.7% APR for loans of $ 500 to $ 35,000 and terms of 36 months.
- 8.7% APR for loans of $ 5,000 to $ 35,000 and terms of 48 months.
- 9.2% APR for loans of $ 10,000 to $ 35,000 and terms of 60 months.
- 10% APR for loans of $ 15,000 to $ 50,000 and terms of 72 months.
- 11% APR for loans of $ 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 from disbursement, 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 criteria and can help 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 are not eligible 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 the creditworthiness of each borrower.
The credit score requirements of the lender vary depending on the loan amount and the security of the loan. First Tech Federal Credit Union works with borrowers across the credit spectrum, noting that the products are available to accommodate most types of credit.
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 hubs in California, Oregon and Washington, as well as:
First Tech Federal Credit Union obtains a C rating from the Better Business Bureau. It is not BBB accredited. Trustpilot gives First Tech 3.7 out of 5 stars, but this score is based on a single review.
The Consumer Financial Protection Bureau received two complaints in 2020 regarding personal loans from First Tech. One complaint concerned a problem with a payment, and the other concerned a problem with complementary products or services; First Tech did not provide timely responses. The company closed one complaint with explanation and gave a late response to the other.
There are several ways to contact us if you need help with a First Tech personal loan.
- Call 855-855-8805 24/7 for general inquiries.
- Make 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 quick cash.
- People who want to defer their first loan payment for up to 45 days.