First Tech Federal Credit Union Personal Loans Review 2021

Loan amounts and interest rates

First Tech loan amounts range from $ 500 to $ 50,000. The minimum and maximum amounts are similar to those offered by comparable lenders. For example, Navy Federal loan amount range is $ 250 to $ 50,000, and PenFed personal loan range is $ 600 to $ 35,000.

First Tech offers repayment terms ranging from two to seven years. If you want to prepay your loan, there are no prepayment penalties.

Interest rates at First Tech range from 6.70% to 18.00% APR. This is comparable to the Navy Federal APR range of 7.49% to 18.00%.

Advantages and disadvantages

How the First Tech Federal Credit Union Works

First Tech Federal Credit Union offers unsecured personal loans, which are loans that do not require collateral, such as a house or a car.

First Tech allows you to use a personal loan for many reasons, including debt consolidation and home improvement. While some other companies limit the use of your personal loan, First Tech allows you to spend the funds on almost anything – just check with the credit union to make sure your expenses qualify.

Personal loans are available in all US states. You can apply with a co-borrower for a joint personal loan or get a co-signer on your own loan, which can help you get better rates if your co-borrower has a good credit history.

You can complete the online application and get your rate in minutes.

You may be able to receive your money from the day your request is approved, or it may take up to three business days to get your money.

You can call customer service 24/7. You can also reach the caisse by mail, by sending a secure message or by making an appointment in person.

First Tech also offers a well-rated mobile app on Google Play and Apple stores if you like to manage your money on the go.

What credit score do you need?

With First Tech Federal Credit Union, the company’s website notes that the minimum credit score required for a personal loan varies depending on the amount of money you want to take out.

If you need to access your credit report, you can get it for free from any of the three major credit bureaus on every week until April 20, 2022. This report will give you information about your payments and your credit history, although it will not provide you with your credit score. Examining your credit report can help you spot errors and find areas for improvement.

You can get your score for free on your credit card statement or online account. You can also buy it from a credit reporting agency.

Your credit score will not be affected if you check your rates, as First Tech will only do a gentle credit check. However, the lender will do a credit check after you accept the loan offer, which will likely affect your credit score. Thorough investigation gives the lender a complete view of your credit history, but can negatively impact your credit score.

Is First Tech Federal Credit Union Trustworthy?

First Tech Federal Credit Union has no public controversy.

The Better Business Bureau gives First Tech Federal Credit Union a C for reliability. The BBB assesses reliability by measuring a company’s responses to consumer complaints, honesty in advertising, and clarity in business practices. The BBB cites 42 complaints against the company, including two unresolved complaints, as the reason for the rating.

You might be better off going with another lender if this BBB score is for you.

How First Tech Federal Credit Union Stacks Up

You can get the smallest loan amount from the Navy Federal Credit Union because the credit union offers loans as low as $ 250. However, First Tech Federal Credit Union and PenFed Credit Union have similar minimums; the former will lend as little as $ 500, while the latter will allow you to borrow a minimum of $ 600. You can subscribe up to $ 50,000 with First Tech, Navy Federal and PenFed

Navy Federal has more stringent membership requirements than First Tech or PenFed, as you are only eligible if you are an active military or veteran, as well as a Department of Defense employee or retiree. Family members from any of the above groups are also eligible.

You can qualify to join First Tech simply by joining the Financial Fitness Association for $ 8, although you may also be eligible if you live or work in certain parts of Oregon. As for PenFed, if you have served in the military or worked in qualified associations or organizations, you will be eligible. You can also sign up by opening a savings account with a minimum deposit of $ 5.

All three

credit unions

have essentially the same maximum interest rate, no origination fees, and no prepayment penalties.

About Judith J. George

Check Also

Best Personal Loans for Good Credit November 2022 – Forbes Advisor

Upstart has made a name for itself in the personal loan space due to its …