Loan amounts and interest rates
First Tech loan amounts range from $500 to $50,000. The minimum and maximum amounts are similar what comparable lenders offer. For example, Navy Federal’s loan amount range is $250 to $50,000, and the range for PenFed’s personal loans is $600 to $35,000.
First Tech offers term repayment lengths from two to seven years. If you want to pay off your loan early, there are no prepayment penalties.
Interest rates at First Tech vary from 6.70% to 18.00% APR. That’s comparable to Navy Federal’s APR range of 7.49% to 18.00%.
Pros and cons
How First Tech Federal Credit Union works
First Tech Federal Credit Union offers unsecured personal loans, which are loans that don’t require collateral, such as a house or car.
First Tech allows you to use a personal loan for many reasons, including debt consolidation and home improvements. While some other companies limit what you can use your personal loan for, First Tech lets you spend the funds on almost anything — just check with the credit union to make sure your expense qualifies.
Personal loans are available in all US states. You are able to apply with a co-borrower for a joint personal loan or get a cosigner on your own loan, which may help you get better rates if your co-borrower has a good credit history.
You can fill out the application online and get your rate within several minutes.
You may be able to receive your money as soon as the day your application is approved, or it may take up to three business days to get your cash.
You can call customer support 24 hours a day, seven days a week. You can also reach the credit union by mail, sending a secure message, or setting up an appointment in person.
First Tech also has a well-reviewed mobile app on both the 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 needed for a personal loan varies based on the amount of money you want to take out.
If you need to access your credit report, you can get it at no cost from any of the three major credit bureaus on annualcreditreport.com weekly through April 20, 2022. This report will give you information about your payment and credit history — though it won’t provide you with your credit score. Looking over 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 won’t be affected if you check your rates because First Tech will only conduct a soft credit inquiry. However, the lender will conduct a hard credit inquiry once you accept the loan offer, which will likely affect your credit score. A hard inquiry gives a lender a comprehensive view of your credit history, but might negatively impact your credit score.
Is First Tech Federal Credit Union trustworthy?
First Tech Federal Credit Union doesn’t have any public controversies.
The Better Business Bureau gives First Tech Federal Credit Union a C in trustworthiness. The BBB evaluates trustworthiness by measuring a business’ responses to consumer complaints, honesty in advertising, and clarity about business practices. The BBB cites 42 complaints against the business, including two unresolved complaints, as the reason for the rating.
You might be better off going with a different lender if this BBB score concerns you.
How First Tech Federal Credit Union compares
You can get the smallest loan amount with Navy Federal Credit Union, as the credit union offers loans as small as $250. However, First Tech Federal Credit Union and PenFed Credit Union have similar minimums; the former will lend as low as $500, while the latter will let you borrow a minimum of $600. You can take out up to $50,000 with First Tech and Navy Federal, but only $35,000 with PenFed.
Navy Federal has more stringent membership requirements than First Tech or PenFed, as you only qualify if you are active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
You can qualify to join First Tech simply by joining the Financial Fitness Association for $8, though you may also be eligible if you live or work in certain parts of Oregon. As for PenFed, if you’ve served in the military or work at qualifying associations or organizations, you’ll qualify. You can also join by opening a savings account with a $5 minimum deposit.
All three
credit unions
have essentially the same maximum interest rate, no origination fees, and no prepayment penalties.
