First Tech Personal Loan Review

• Must join the credit union: Like with any other credit union, you have to become a member to get a loan. There are ways to qualify for First Tech membership based on where you work or live — but if you aren’t eligible that way, you can easily qualify by joining a partner organization instead.
• Low rates: First Tech’s personal loans come with competitive rates. Even if you just barely qualify, you might get a lower rate than what many online lenders can offer.
• Accepts collateral: You can use your savings or share certificate account as collateral to qualify or get a lower rate on your loan. For reference, a share certificate is what credit unions call their CD accounts.
• Fair-credit friendly: First Tech only requires a credit score of 660, making it an option for those with fair credit. If you’re not quite there, consider including a co-borrower and get a joint loan to boost your odds of approval.
• Merging with Digital Federal Credit Union (DCU): First Tech and DCU will be merging around the end of 2025. After the merger, DCU will work under the First Tech umbrella.
• Available in all 50 states, but few brick-and-mortar locations: First Tech does business nationwide, but there aren’t many physical branches. You may need to handle your banking online, through First Tech’s mobile app or at a shared co-op.
• Best if you have less-than-perfect-credit and want to join a credit union: You have to become a First Tech member to get a loan, but membership may be worth it. First Tech’s minimum credit score requirement for loans is fairly low (660), and its rates are capped at 18.00%.

First Tech Credit Union pros and cons

Unless you refinance your personal loan or pay off your loan early, you could be stuck with your lender for years. Review the pros and cons of First Tech before signing on the dotted line.

First Tech is a federal credit union, and per law, federal credit unions can’t charge rates above 18.00%. As a result, credit union personal loans tend to have low rates, and First Tech is no exception.

First Tech does business primarily online, but it has brick-and-mortar branches in a handful of states. It also partners with about 5,600 other credit unions across the country. These shared branches handle First Tech accounts even if they aren’t First Tech credit union branches.

Outside of low rates, credit unions typically come with exclusive benefits for their members. First Tech’s are a little sparse. For instance, First Tech members get a 10% discount on annual memberships for the Oregon Museum of Science and Industry. PenFed Credit Union, on the other hand, offers discounts on tax software, rental cars, insurance and more.

First Tech Credit Union regulatory action

First Tech was involved in a class action lawsuit, where it was accused of discriminatory practices against immigrants and Deferred Action for Childhood Arrivals (DACA) recipients. On October 8, 2024, First Tech agreed to compensate those affected with a settlement fund of $81,500.

First Tech Credit Union personal loan requirements

You have to become a credit union member to get a personal loan from First Tech. Then, you must meet First Tech’s borrower requirements.

If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. Popular reasons to get a personal loan include debt consolidation, major purchases, weddings and events, home improvements and emergencies.

Unlike some lenders, First Tech also lets you invest your personal loan funds. You can also use them to pay for school and business expenses. As long as what you’re paying for is legal, you can likely use a First Tech personal loan to pay for it.

If First Tech Credit Union’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.

How to get a personal loan with First Tech Credit Union

First Tech lets you apply for membership and your personal loan in one step, from the comfort of your home. Here’s how to do it.

Prequalify for a personal loan

Check your rates without hurting your credit score by prequalifying for a personal loan on First Tech’s website.

The form only allows you to choose a two-year loan term. Your offer might not be that accurate if you want more or less time than two years to pay back what you borrowed. Still, prequalifying can give you an idea whether you’re eligible for First Tech.

Fill out a loan application

You can formally apply for a loan online or over the phone. You don’t need to be a current member to do so. You’ll provide personal information and details about your finances. Most applications take just a few minutes to complete.

You also need to become a First Tech member to get a loan. If you don’t currently meet its membership requirements, you can join the Computer History Museum or Financial Fitness Association during the application process.

First Tech will pay your dues for the first year, and you don’t have to maintain your membership to keep your First Tech account. The Computer History Museum charges $15 for annual dues, and dues for the Financial Fitness Museum are $8.

Wait for approval, sign your loan documents and get your loan

Most applicants get an approval decision a few minutes after applying, but some may need to wait up to one business day.

If First Tech approves you, you’ll sign your loan documents electronically (also called a promissory note). These documents will tell you when your loan payments are due and other important details.

First Tech usually sends its loans the same day it approves you, but the process can take up to three business days.

How First Tech compares to other personal loan companies

Even if you believe First Tech Credit Union aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how First Tech stacks up against similar personal loan lenders.

How we rated First Tech Federal Credit Union

To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:

• Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
• Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent but also competitive.
• Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.

The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.

The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.

LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.