First Tech Federal Credit Union Reviews

First Tech’s personal loans are only available to members of its credit union. In order to become a member, you generally need to meet one of the following criteria (other routes to membership may be possible, though):

• You have someone in your family or household who is already a First Tech member.
• You or a family member work for a company on First Tech’s partner list or for the state of Oregon.
• You work or live in Lane County, Oregon.
• You belong to the Computer History Museum (membership starts at $15 per year) or the Financial Fitness Association (membership is $8 per year).

Once you’re a First Tech member, you’re always a member — even if you move, change jobs, or stop paying for an annual membership with the Computer History Museum or Financial Fitness Association.

First Tech states that it doesn’t require borrowers to have perfect credit. However, if your credit score is higher, you’ll likely get a lower annual percentage rate (APR).

You can apply for a personal loan through First Tech’s online application process or by calling its toll-free number. However, you might want to check your rate first. Checking your rate can help you decide if First Tech has the right loan for your needs without dinging your credit score.

If you already have a First Tech account, a personal loan application will be faster since most of the information is pre-filled for you. Other applicants will need to fill in their personal information, including date of birth and Social Security number, along with employment details.

First Tech Federal Credit Union offers a wide range of loan terms and amounts. Borrowers can secure a personal loan for as little as $500 or as much as $50,000. How much you borrow will determine your loan term (or vice versa), and the longer the term, the higher the minimum APR.

First Tech doesn’t publish maximum APRs for personal loans on its website, but a company representative we spoke with told us the maximum APR for all loan terms is 18.00%.

It’s worth mentioning that First Tech has other financing options available that come with different repayment terms and APRs. For example, First Tech offers a revolving line of credit with rates as low as 12%. With that line of credit, you can borrow up to $25,000 and make payments only when you carry a balance.

You can also purchase optional payment protection through First Tech’s DebtSafe program. This protection could cancel your loan balance or payments up to the contract maximums in case of death, disability or involuntary unemployment.

First Tech Federal Credit Union is a legitimate financial institution with over 500,000 members. Established in 1952, First Tech now claims to be one of the 10 largest credit unions in the United States based on asset size. Members’ deposits are insured for up to $250,000 by the National Credit Union Administration (NCUA), and you can bank with First Tech in all 50 states.