- Quick decision: First Tech offers fast online application and decision.
- Minimal fees: There is no application fee, original fee, early repayment penalty or refinancing fee.
- Allows joint application: If you are not able to qualify on your own, you can apply with another candidate.
- More competitive APRs elsewhere: The most creditworthy borrowers may find less annual percentage rates (APR) with other lenders.
- Must be a member: You must join the First Tech Federal Credit Union to be eligible.
- Late payment fees: Borrowers are charged a $ 25 fee for late payments.
Types of personal loans offered by First Tech Federal Credit Union
- Guaranteed equity loan
- Stock guaranteed line of credit
- Guaranteed loan certificate
- Guaranteed savings loan
In the case of an unsecured loan, the lender will lend funds based on qualifying factors of the borrower, such as credit history, income, employment status, and other existing debts. Secured loans require collateral to back them up.
Deadline for receipt of funds
If you have an existing bank account or a linked account from another bank, you can receive the funds the next business day, according to a representative.
Features of the First Tech Federal Credit Union personal loan
Personal loans have a number of characteristics, including:
- Unemployment protection: If you lose your job, First Tech Federal Credit Union offers you a few options. According to a representative, you can suspend payments for up to three months or temporarily reduce them.
- 45 days before your first payment: Your first payment is due 45 days after approval of the personal loan.
- Change the payment due date: You can change the payment due date once, according to a representative.
- Flexibility: You can use the money for a variety of purposes including debt consolidation, home improvement, major purchases, and more.
- Mobile app: You can manage your personal loan through First Tech’s mobile banking app. The application is available on Google Play (4.3 stars, 7,558 ratings) and the App Store (4.7 stars, 35,500 ratings).
Apply for a First Tech Federal Credit Union personal loan
To qualify for a personal loan, you must be a member. Fortunately, the enrollment process is straightforward and takes less than 10 minutes. You can join the credit union before or after you complete the application, according to a representative.
Membership is also available nationwide by joining the Financial Fitness Association or the Computer History Museum. First Tech covers the membership fee, according to a representative. To qualify for a personal loan, you will need to open a $ 5 savings account.
You can apply for a personal loan online, over the phone, or in person at a local branch. Unfortunately, there is no option to check rates without a serious investigation on your credit, which temporarily lowers your credit score.
The online application asks for the following details:
- Your name
- Date of Birth
- Social security number or tax identification number
- E-mail adress
- Phone number
- Monthly rent or mortgage payment
- Employment status
- Gross revenue
- Residence status
- Identification (driver’s license, identity card or passport)
- Amount of the loan
- Purpose of the loan
- term of the loan
To submit the application online, you will need to accept the disclosures and sign. Once approved, you can receive the funds by direct deposit the next business day if you already have a bank account.
Can I refinance a personal loan with First Tech?
Yes, you can refinance any personal loan from First Tech Federal Credit Union, according to a representative.
The First Tech Federal Credit Union personal loan is a great option if your credit score is less than perfect and you are looking to borrow a lower amount. Few lenders offer loan amounts as low as $ 500 with an APR capped at 18% and minimal fees. At the same time, depending on your creditworthiness, you may find better rates elsewhere. Borrowers will also need to become a member of the credit union to be eligible for a loan, although their membership requirements are not as stringent as others.
First Tech also offers borrowers the option to apply jointly, change the payment due date, and refinance the loan later. Plus, credit union unemployment protection can offer some comfort if you’re worried about job stability.
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