First Tech Federal Credit Union promises quick personal loans, which can come in handy in an emergency. You can get a personal rate on a two-year loan “in 30 seconds or less,” according to the lender.
Your credit doesn’t have to be perfect to qualify for a personal loan. First Tech reports that it has “a full range of products to offer for all types of credit.”
The lender also offers the option to defer the down payment for up to 45 days after the exchange, giving you some breathing room if money is tight.
Founded in 1952, the credit union is headquartered in California, serving several technology companies, including Microsoft, Amazon, and Google.
- Borrow from $500 to $50,000.
- Eligible for rates as low as 6.7%.
- Defer your down payment for up to 45 days.
- You will need to join a credit union if you are not a member.
- This lender does not offer a rate discount for automatic payment creation.
You can use a Personal Loan from First Tech for “just about anything,” according to the lender. A personal loan offers an alternative to a credit card to pay for emergencies or a few luxuries, such as a dream vacation or a deck for your home.
You can apply for a Personal Loan from First Tech online, by phone at 855-855-8805 or in person at a branch.
First Tech Federal Credit Union can check your rate before applying with an easy credit withdrawal that won’t hurt your credit score. If you continue with the application, the lender will ask for a complete credit report, which will lead to a difficult inquiry that may affect your credit.
When you are ready to apply, you will need to have:
- Your Social Security number.
- Your driver’s license or state ID.
- Your contact information.
If you apply online, you will receive an email with detailed information about the next steps and how to check the status of your loan. Otherwise, applicants can email email@example.com or call 855-855-8805 for an update.
Most loans are approved immediately or within one business day, depending on your balance and the amount of your loan. Funding may take up to two to three business days depending on your circumstances.
Common loan uses for personal loans may include:
- debt consolidation.
- Cover emergency expenses.
- Home renovation finance.
First Tech Personal Loans cannot be used for:
- Post-secondary educational expenses as defined in Regulation Z of the Consumer Financial Protection Bureau, such as college, university, or professional expenses.
- Commercial or commercial purposes.
- Trade stocks and other investments.
- Gambling or illegal activities.
First Tech Federal Credit Union offers personal loans at a flat rate with no application fees, origination fees, or prepayment penalties. Borrow from $500 to $50,000 and pay it back in fixed monthly installments with interest over two to seven years.
The APR depends on your credit history and loan terms. These were the lowest APR rates and terms available for First Tech personal loans at press time:
- 6.7% APR for loans from $500 to $35,000 and repayment terms 24 months.
- 7.7% APR for loans from $500 to $35,000 and terms of 36 months.
- 8.7% APR for loans from $5,000 to $35,000 and terms of 48 months.
- 9.2% annual percentage rate for loans from $10,000 to $35,000 and terms of 60 months.
- 10% APR for loans from $15,000 to $50,000 and terms of 72 months.
- 11% APR for loans from $20,000 to $50,000 and terms of 84 months.
First Tech gives you the option to defer your down payment for up to 45 days from payment, but this can affect your APR and your total interest. You can refinance your personal loan if better terms are available, but you must be eligible for the new loan and use this money to pay off the old one.
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 personal loan from First Tech. First Tech claims to offer “hundreds of ways” for someone to meet the criteria for joining a credit union and they can help if you ask.
Your APR will be determined based on your credit history and the terms of your loan. If you have bad credit and do not qualify for a personal loan on your own, you can add a co-signer to your application that 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 for a lender vary based on the loan amount and the security of the loan. First Tech Federal Credit Union works with borrowers across the credit spectrum, noting that products are available to suit 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 is rated C by the Better Business Bureau. Not BBB approved. Trustpilot rates First Tech as 3.7 out of 5 stars, but this score is based on only one review.
The Consumer Financial Protection Bureau received two complaints in 2020 about First Tech’s personal loans. One complaint was about a problem when making a payment, and the other was about a problem with additional products or services; First Tech did not provide timely responses. The company closed one complaint with clarification and provided a response that came early with the other.
You have several ways to get in touch if you need help getting 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 contact you.
- Make an in-person appointment at a branch of the First Tech website.
- Members with online banking services can send and receive secure messages about First Tech personal loan.
- Complete and submit the online “Contact Us” form describing your issue.
Mail loan payments to:
PO Box 4317
Portland, or 97208-4317
First Tech allows you to apply for your loan online and receive your money on the same day in most cases. Borrowers can access digital document delivery and a free mobile application.
- People who need personal loans ranging from $500 to $50,000.
- People who need cash quickly.
- People who want to defer their first loan payment for up to 45 days.