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First Tech Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Carla Soto
Updated 19 Aug 2023
Fact checked

First Tech Federal Credit Union logo

First Tech Federal Credit Union was founded in 1952 and is based in Hillsboro, Oregon. Today, First Tech has over 600,000 members and $12 billion in assets. First Tech Federal Credit Union provides personalized services including higher interest rates on savings and lower rates on personal loans, new and used auto loans, and HELOCs.

With emergency savings not always available and debt levels rising, more and more people are turning to personal loans to cover emergencies, pay for medical bills, and consolidate their credit card debt. You might be asking, ‘Is a personal loan from First Tech Federal Credit Union the best option for me?’ Let the First Tech Federal Credit Union personal loans calculator reveal an estimate of your monthly repayments.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

An overview of First Tech Federal Credit Union personal loans

First Tech Federal Credit Union offers personal loan products to qualified borrowers. The money can be used for many different things, like paying off higher-interest loans or credit card debt, planning for special events like weddings or funerals, or even going on vacation. First Tech personal loans do not require collateral, and you can get a personalized fixed rate in 30 seconds or less.

Here’s a breakdown of the key features and benefits of a First Tech Federal Credit Union personal loan:

  • Loan amounts: $500 to $50,000
  • Loan terms: from 2 to 7 years
  • Turnaround time: same or next business day funding after approval
  • Interest rates: From 6.70% to 18.00% APR
  • Co-applications: Apply with a co-borrower to increase chances of approval

Requirements for a First Tech Federal Credit Union personal loan

Members and employees of First Tech Federal Credit Union are the only ones who can get a personal loan. If you are not yet a member, there are different ways to join. Membership is available to anyone who:

  • Is a family member of a First Tech member
  • Works for an innovative company on First Tech’s partner list or for the State of Oregon
  • Works or lives in Lane County, Oregon
  • Belongs to the Computer History Museum or the Financial Fitness Association

Borrower criteria for a First Tech Federal Credit Union personal loan are undisclosed. However, most lenders require potential loan applicants to prepare and submit the following documents:

  • Proof of identity (that you are 18 years of age or older)
  • Proof of residence (a recent utility bill or a copy of your lease or other rental agreement)
  • A copy of government-issued ID (e.g. driver’s license)
  • Have a minimum score of around 600 to qualify; if a higher credit score is required, you may need a co-signer or co-borrower
  • Have a debt-to-income ratio of 40% or lower
  • Evidence of steady source of income (recent tax returns, monthly bank statements, pay stubs)
  • If self-employed: provide tax returns or bank deposits

 

First Tech Federal Credit Union personal loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
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Loan Amount

$20,000

Term

3 months

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First Tech Federal Credit Union

First Tech Federal Credit Union personal loans

First Tech Federal Credit Union personal loans
Estimated Month Repayments
$615 Inclusive of fees
Interest Rate
6.70%
APR
Repayment Period
24 months
to 84 months
Loan Amounts
$5,000
to $50,000
Go to site
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Estimated Month Repayments
$606 Inclusive of fees
Interest Rate
5.74%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$3,000
to $10,000
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Estimated Month Repayments
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Interest Rate
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APR
Repayment Period
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Loan Amounts
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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

Pros and cons of First Tech Federal Credit Union personal loans

Pros

  • Fast funding
  • Options to choose and change your payment date
  • Joint loan options
  • Direct payment to creditors with debt consolidation loans
  • Loans available to 50 states

Cons

  • Exclusive to credit union members
  • The lender doesn’t make its full eligibility criteria clear
  • No rate discount
  • There is a minimum credit score requirement

Frequently asked questions

What are the minimum and maximum loan amounts for a First Tech personal loan?

First Tech offers personal loans between $500 and $50,000.

What are the loan term options for a First Tech personal loan?

You have between 2 and 7 years to repay your personal loan from First Tech.

How soon will the money be disbursed to my account?

If you get approved for a First Tech personal loan, you can receive the funds on the same or next business day.

How much interest does First Tech charge for a personal loan?

Potential rates for a First Tech personal loan can range from 6.70% to 18.00%.

How can I improve my chances of approval for a First Tech personal loan?

Applying with a co-signer who has a good credit standing and a regular source of income can increase the possibility of getting approved for a First Tech personal loan.

Video: Invest in you with First Tech Federal Credit Union

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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