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First Tech Federal Credit Union Personal Loan Review

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A First Technology Federal Credit Union personal loan might be good for borrowers who would like to avoid paying application, origination or prepayment fees. The lenders also offers a wider breadth of loan amounts than most competitors. You do have to join and be a member of First Tech, however. Keep reading this review to learn more about First Technology Federal Credit Union personal loans.

First Technology Federal Credit Union personal loan highlights

  • Credit union membership is required: You have to join First Tech to be approved for a personal loan. If you don’t live and work in Oregon or for a qualifying partner company, you won’t be eligible for membership.
  • Minimal fees and penalties: First Tech doesn’t charge application, origination, or annual fees or a prepayment penalty. One of the few fees you could encounter is a $25 late payment fee.
  • Wide range of borrowing amounts: Get as little as $500 or as much as $50,000 to use for personal expenses or pay off debt.
  • Terms ranging from 24 to 84 months: First Tech gives you ample time to pay off larger loan amounts. You could also opt for a shorter term to reduce your overall cost of borrowing.

First Technology Federal Credit Union at a glance

  • APR range: As low as 10.00%
  • Minimum credit score: Not specified
  • Terms: 24 to 84 months
  • Origination fee: No origination fees

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Terms Fees and penalties
  • Terms: 24 to 84 months
  • APR: As low as 10.00%
  • Loan amounts: $500 to $50,000
  • Time to funding: Not specified
  • Credit check: Not specified
  • Origination fee: No origination fees
  • Prepayment fee: None
  • Late payment fee: Up to $25
  • Other fees: $28 returned payment fee

Eligibility requirements

  • Minimum credit score: Not specified.
  • Minimum credit history: Not specified.
  • Maximum debt-to-income ratio: Not specified.

You have to be a First Tech Federal Credit Union member to be eligible for this personal loan. As its name suggests, First Tech is geared toward employees of tech-focused companies, though it also serves some Oregon workers and residents. To be eligible for membership, you must meet one of the following criteria:

  • Live or work in Lane County, Ore.
  • Be a member of the Computer History Museum or the Financial Fitness Association
  • Work for the State of Oregon
  • Be an employee or contractor of a partner company
  • Have an immediate family member who is a current First Tech member

To apply for a First Tech membership, you’ll need to provide your Social Security number, email address, home address, employer information, driver’s license information, and the account and routing number of your bank account.

When you fill out your personal loan application, you’ll have to indicate how you qualify for membership.

Applying for a personal loan from First Technology Federal Credit Union

The application process for a First Tech personal loan is straightforward. You can apply online, over the phone, or at a First Tech branch. As mentioned, you’ll have to become a credit union member if you aren’t already.

When you apply, you’ll provide some basic personal information as well as income and employment information. You’ll also enter your desired loan amount, term, and your intended use for loan funds.

One thing to keep in mind: While First Tech offers terms ranging from 24 to 84 months, certain terms are limited to specific loan amounts. For example, the longest term is only available for loans between $20,000 and $50,000, while the shortest term is limited to loans of $5,000 to $35,000.

After you submit your application, First Tech will review your income and credit history to determine what you qualify for. You’ll receive your money after your application is approved and all required documents and agreements are signed.

Pros Cons
  • No origination fees or prepayment penalties: You won’t pay extra to take out your loan or pay it off early.
  • Wide range of loan amounts: Borrow as little as $500 or as much as $50,000
  • Multiple term options: You can take up to 7 years to pay back larger loans.
  • Membership requirement: You have to join First Tech, and not all prospective borrowers will be eligible.
  • APR increases with amount and term: Personal loan APRs start at 10.00% — and the more you borrow over a longer term, the higher the rate.
  • Late fee: There’s a $25 fee for late payments.

Who’s the best fit for a First Technology Federal Credit Union personal loan?

A First Tech personal loan is a good option for borrowers who are already members of the credit union or those who are eligible and want to join to get a loan and possibly other financial products. If you don’t qualify for membership, this isn’t the right option for you.

If you are eligible, however, First Tech’s personal loan may be a good fit if you need only a little bit of money or a very large amount. You can request to borrow anywhere from $500 for a small expense to $50,000 to cover a significant debt consolidation. While loan amounts vary by lender, many have narrower ranges than what First Tech offers.

Alternative personal loan options

Discover Bank

  • APR: 6.99% to 24.99%¹
  • Minimum credit score: Not specified
  • Terms: 36 to 84 months
  • Origination fee: No origination fee

If you’re attracted to First Tech’s long repayment terms and large loan amounts, Discover may be a good option to consider. You may get up to 84 months to pay off what you owe (depending on your offer), and you can borrow up to $35,000. Discover says it makes same-day approvals in most cases — and you can opt to have your funds sent directly to creditors if you’re looking to pay off debt.


  • APR: 8.27% to 35.99%
  • Minimum credit score: 620 (580 if you live in California)
  • Terms: 36 or 60 months
  • Origination fee: Up to 8.00%

If you’re looking for a quick turnaround on your loan application, Upstart may be a good fit. It takes about five minutes to check your rate (and only requires a soft pull on your credit) — and you may receive your funds as soon as the next day after you’re approved and accept your terms. Like First Tech, Upstart offers a wide range of loan amounts ($1,000 to $50,000). The downside: you may pay Up to 8.00% origination fee, which will be deducted upfront from your total loan amount. Plus, Upstart’s top APR is much higher than First Tech’s.


  • APR: 8.05% to 35.89%
  • Minimum credit score: Not specified
  • Terms: 36 or 60 months
  • Origination fee: 3.00% - 6.00%

LendingClub is a peer-to-peer marketplace. Through the service, you can see your rates online in just a few minutes with no impact to your credit score. While the application process is straightforward, the turnaround time for funding is four days. As with First Tech, you can borrow a small or large sum ($1,000 to $40,000) through LendingClub.

However, you’ll pay an origination fee, and your APR may go as high as 35.89% if you get a loan. While applicants with a range of credit scores may qualify for a loan through LendingClub, you’ll likely qualify for the lowest rates with better credit.

¹The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.


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