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First Tech Credit Union offers personal loans with competitive rates to qualified applicants. But you’ll need to become a member to apply.
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Pros
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No prepayment penalties, application fees or origination fees
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Secured and unsecured personal loan options
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Wide range of loan amounts
Cons
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Membership required
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No APR discount for autopay enrollment
What you need to know about a First Tech Credit Union personal loan
Founded in 1952, First Tech Credit Union is a federal credit union that serves employees of major tech companies like Amazon and Microsoft. It offers a variety of financial products, including personal loans, credit cards, and home loans.
You can use a First Tech personal loan for many purposes — including consolidating debt, funding a wedding, or covering vacation expenses. Loan terms range from six months to seven years, and loan amounts start at just $500.
Offers secured and unsecured loans
First Tech offers both unsecured personal loans and several secured loan options — including savings-secured, certificate-secured, and stock-secured loans. This flexibility can be helpful depending on your credit situation or if you’re willing to provide collateral.
Wide range of loan amounts available
Loan amounts for both secured and unsecured loans start at $500, which may be ideal if you need a small personal loan for an emergency or unexpected expense.
Need more? First Tech also offers larger loan amounts:
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Up to $50,000 for unsecured personal loans
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Up to $500,000 for savings- and certificate-secured loans
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Up to $1 million for stock-secured personal loans
Membership is required
Before applying, you must become a First Tech Credit Union member. You’re eligible if:
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A family or household member is already a member
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You live or work in Lane County, Oregon
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You or a family member work for the State of Oregon or a First Tech partner company
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You’re a member of the Financial Fitness Association or the Computer History Museum
If none of these apply, First Tech encourages you to visit a branch or call to see if you qualify another way.
A closer look at a First Tech Credit Union personal loan
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Joint and co-applicant loans: You can apply with a co-signer or co-borrower to improve your approval chances and possibly secure a lower rate.
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Late fees: Payments made more than 10 days late may incur a fee.
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Prequalify with no credit harm: You can check your rate online using a soft credit pull, which won’t impact your credit score. Keep in mind, prequalification does not guarantee approval. A hard inquiry is required if you decide to apply officially.
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Payment deferral available: You can defer your first payment for up to 45 days after loan disbursement — potentially helpful during a financial pinch. Just note this could increase the total interest you pay.
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Mobile app: First Tech’s app is available on iOS and Android and lets you manage your loan, check balances, and make payments.
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Nationwide availability: First Tech offers personal loans in all 50 states.
Who is a First Tech Credit Union loan good for?
First Tech may be ideal if you’re already a member or can qualify for membership. It’s also a strong option if you want to avoid extra fees — there are no origination, application, or prepayment fees.
Borrowers needing large loans may appreciate the high limits — especially on secured loans. But keep in mind, secured loans require collateral. If you default, the lender could take your savings, CD, or stocks, depending on what you put up.
How to apply with First Tech Credit Union
You can start your application online by checking your estimated rate with a soft credit inquiry. First Tech will ask for:
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Full name and address
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Date of birth
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Social Security number or tax ID
If you decide to proceed, you’ll need to complete a full loan application, which involves a hard credit check and submitting financial details such as income and housing costs.
You can also apply by phone, and check your loan status by contacting customer support via phone or email.
Not sure if First Tech Credit Union is right for you? Consider these alternatives:
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PenFed: Another federal credit union offering competitive rates and flexible terms for personal loans.
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Avant: A solid choice for borrowers with less-than-perfect credit — though the lowest interest rates may not be as competitive as First Tech’s.
