First tech federal credit union student loan refinance

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Fees

Late fees range from $15 to $25

Regular Annual Percentage Rate (APR)

6.70% to 18.00%

Fees

Late fees range from $15 to $25

Regular Annual Percentage Rate (APR)

6.70% to 18.00%

On First Tech Federal Credit Union's website

First Tech Personal Loan

On First Tech Federal Credit Union's website

Details

Regular Annual Percentage Rate (APR)

6.70% to 18.00%

Fees

Late fees range from $15 to $25

Pros & Cons

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Wide range of loan amounts

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No origination fees

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No prepayment penalties

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24/7 customer support

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Same day funding available

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Membership required to apply

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Late fees

Highlights

• Loan amounts range from $500 to $50,000
• Loan term lengths are either 24 months or 84 months
• Eligiblefor First Tech by joining the Financial Fitness Association for $8, or if you live or work in certain parts of Oregon
• Speak to a customer representative at any time over the phone
• Loans are made by First Technology Federal Credit Union

Pros and cons of First Tech Credit Union personal loans

How First Tech 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. 

Today's Personal Loan Offers

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 Credit Union trustworthy?

First Tech Credit Union doesn't have any public controversies.

The Better Business Bureau gives First Tech Federal Credit Union a C rating. The BBB, a non-profit organization focused on consumer protection and trust, evaluates companies by measuring a business' responses to consumer complaints, honesty in advertising, and clarity about business practices. The BBB cites 22 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 Credit Union personal loans compare

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, Navy Federal, and 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. 

Ryan Wangman is a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.  Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>

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