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Personal Loans

Lock in a low fixed rate with a First Tech personal loan.

Get a personalized rate in 30 seconds or less for a 2 year term.
Checking your rate will not affect your credit.Check my rate: To check the rates and terms First Tech Federal Credit Union conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. All loan applications are subject to credit approval. Membership is required and subject to approval.

As low as 6.70% APR Actual rate will be determined based on the applicant’s credit history, and final loan terms. All loans are subject to credit approval. Credit Union membership is required and subject to approval.

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Why get a personal loan from First Tech?

  • Low, fixed rates
  • No application fees, origination fees or prepayment penalties
  • No payments for up to 45 daysDeferring your first payment (up to 45 days from the funding date of your loan) is optional and is not a condition of your loan. Deferring your loan payment may affect your APR and the total interest you pay. All other loan terms and provisions will remain the same.
  • Many ways to join First Tech
  • DebtSafe® Optional payment protection

Personal Loans

What is a personal loan?
A personal loans is a loan for a set amount of money that is repaid with interest through fixed monthly payments. Personal loans can be used for a variety of reasons such as consolidating higher interest loans or credit card debt, paying for events like weddings or funerals, paying for unexpected emergency purchases or even vacations.Personal loans cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university, or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal activities. Personal loans can offer an alternative to credit cards by a fixed rate and predictable monthly payment.

Borrow from $500 to $50,000
Fast online application
Fixed rate and fixed monthly payment
Flexible repayment terms from 2 to 7 years
Visit the rates page for complete rate information and loan costs

 

Reap the benefits.

Quick and easy loan application

  • Online loan application
  • Digital document delivery
  • Fast loan decision

Secure, anytime, anywhere account access

  • Free mobile app
  • Free Online Banking

More money in your pocket

  • No pre-payment penalty
  • No application or origination fee
  • No annual fee

Frequently Asked Questions

We have a few personal loan options depending on your needs. Whether it's braces for that perfect smile, a dream vacation, or a new deck on the house, you can get the money you need quickly with a personal loan. We offer great rates and flexible terms. And you won't have to waitweeks for an approval.

If you have any questions, contact us at 855.855.8805 or find a location near you.

You can apply for a loan online in just minutes, or by phone at 855.855.8805. First, check your credit. If everything is in order, including your debt-to-income ratio, determine how much you need to borrow and locate a loan that fits your needs.

Most loans are approved right away or within a business day, depending on the amount being financed and your overall credit and situation.

Your credit does not have to be perfect to qualify, but you should be aware of your credit score and the factors that can affect it. Visit our Financial Wellness Center for more information about credit scores.

We will need some form of identification, your name, address, employer information.

Call or email a member service representative at firsttechlending@firsttechfed.com. If you apply online you'll get an email with detailed information about next steps and how to check the status of your loan.

For most applications it is possible to receive the money the same day your loan is approved. Sometimes it may take up to 2 to 3 business days depending on your unique situation.

Securing a personal loan with bad credit is not impossible. We have a full range of products to offer to all credit types. We will work with you to understand your unique situation.

As long as you do not miss any payments and your loan is paid in full by the time indicated by the terms of the agreement, a personal loan could improve your credit score overall. Different factors, such as the amount of loans you have compared to your income, can have different effects on your score. Visit our Financial Wellness Center for more information about credit scores.

Credit scores are highly individualized based on a number of factors. Consolidating several loans into one could improve your score.  Visit our Financial Wellness Center for more information about credit scores.

Credit score requirements vary depending on the amount being financed and the security of the loan. We have credit products to fit most types of credit. If you're not sure where you stand, contact us. Visit our Financial Wellness Center for more information about credit scores.
 

Credit unions are member-owned, not-for-profit institutions, meaning that profits go toward lower loan rates and higher interest for members. Because of this, credit unions can often offer lower interest rates and low or no fees on personal loans.

It is possible to apply for a personal loan online. Visit firsttechfed.com to start yours.

A personal loan is an unsecured, closed-end loan. That means the loan balance cannot be increased. You can refinance an existing loan, which is basically the same as applying for a new loan.

Once your personal loan is approved and you have the funds, you can use the money for almost anything, including school.

When a borrower cannot qualify for a personal loan with their own, a cosigner can be added to the application to guarantee the loan.

It is possible to qualify for a joint personal loan. This is when two borrowers take on equal responsibility to repay the personal loan. With a joint personal loan, each borrower will be assessed for credit worthiness.

While the funds from a personal loan can be used for almost anything, there are stipulations that do not allow you to use those funds for the down payment on a house. That is because unsecured debt cannot be used for the down payment on a mortgage.

Most loans are approved right away or within a business day, depending on the amount being financed and your overall credit and situation.

It is possible to have both a personal loan and an auto loan. Depending on interest rates and your overall credit, you could save money by consolidating both loans into one.

You can use the funds from a personal loan to invest in legal enterprises, including the stock market and other investment options. However, some investments are not insured and can lose money. Regardless of the outcome of the investment, the personal loan would still need to be paid back in full according to the terms of the loan.

Some lenders charge a fee called a pre-payment penalty if you pay off the loan before the end of the term. First Tech does not charge a prepayment penalty. You can pay off the loan as soon as you are able.

Yes. To refinance a personal loan, you would need to qualify for a new personal loan and use those funds to pay off the older personal loan. This could save you money every month with an extended term, lower interest rate, or both.

You can use the funds for any legal enterprise, including a business venture. The personal loan would still need to be paid back in full according to the terms of the loan.
 

The funds from a personal loan can be used for almost any purpose, including buying a car or truck. However, an auto loan that is dedicated to the purchase of a vehicle might be a less expensive option.

It may be possible to use a personal loan to buy a home. However, the offer on the home would need to be cash instead of financed. Some tiny homes and manufactured home buyers turn to personal loans because many financial institutions will not finance non-traditional homes.

The interest on a personal loan is not tax-deductible, and will therefore not impact your taxes overall. Contact a tax advisor for advice about your particular situation.

A personal loan can build credit as long as you do not miss any payments and your loan is paid in full by the time indicated by the terms of the agreement. Consolidating several loans into one could improve your score. Visit our Financial Wellness Center for more information about credit scores.
 

When you qualify for a personal loan, the funds are either put into your account or paid by check. You can then make a withdrawal in cash, if that suits your financial needs.

A personal loan will appear on your credit report as an unsecured, closed-end loan.

To refinance a personal loan, you would need to open a new loan. This can affect your credit score slightly. As long as you make your payments on time, the possible negative effects could be reversed quickly. Visit our Financial Wellness Center for more information about credit scores.

A personal loan allows you to borrow a set amount of money that is then paid back over a specific period of time. The interest rate is locked, which keeps payments consistent over the life of the loan.

Our personal loans offer terms ranging from 24 to 84 months.

While there is no set limit to the number of personal loans you can have at one time, there is a limit on the amount of money that can be borrowed in total on personal loans. For information about how carrying more debt can affect your credit score, visit our Financial Wellness Center 

How to get a personal loan from a credit union?

To apply for a personal loan from a credit union, apply online in minutes at firsttechfed.com or speak in-person with a member service representative to identify the loan amount and term that meet your needs.

Using a personal loan to consolidate debt can be a good idea if your new personal loan has a lower interest rate than the loan(s) being consolidated. Consolidating debt to a single payment can often help ensure that all monthly payments are made on time, which can help build credit. Consolidating several loans into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

Unlike the interest paid on mortgage loans and student loans, personal loans, and the interest paid on those loans, are not tax-deductible.

Depending on the type of debt you are paying off, a personal loan may be the right choice for you. For example, the interest rates on many personal loans are often lower than those on credit cards, which would save you money. In addition, the rates on a personal loan are often locked while credit card rates are usually variable. Consolidating several loans into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

A personal loan makes sense for shorter-term loans of $500 to $50,000. In some cases it makes more sense to take out a personal loan than to use a home equity loan or credit cards. You can speak with a loan advisor to review the pros and cons of different loan types for your situation.

Depending on your credit card balance and interest rate, a personal loan may be the right choice for you. For example, the interest rates on many personal loans are often lower than those on credit cards, which would save you money. In addition, the rates on a personal loan are often locked while credit card rates are usually variable. Consolidating several credit cards into one could even improve your credit score. Visit our Financial Wellness Center for more information about credit scores.

Once your personal loan is approved and you have the funds, you can use the money for almost anything.

Even if the person who applied for the personal loan becomes deceased, the loan will still need to be repaid. The outstanding balance is typically charged to the borrower’s estate.

Depending on your financial situation and credit, a personal loan can offer flexibility to pay for and buy almost anything. These loans can offer a lower interest rate than some other forms of credit.

A personal loan is unsecured debt paid back over a set period of time with a fixed interest rate and monthly payments. “Unsecured” means the loan does not need collateral, such as a car or a house, to be pledged to secure the loan. The money can be used for almost anything, from medical bills and other financial needs, to vacations, and holiday expenses.

A secured personal loan is a way to borrow money against the value of an asset. This can include a vehicle, savings account, or other valuable item.
 

An unsecured personal loan is an obligation no protected by a guarantor or collateral by lien. For example, when borrowing money for an auto loan, the vehicle is the collateral. With a personal loan, there is often no collateral, and therefore the loan is unsecured.

The average interest rate on a personal loan varies depending on current lending guidelines, other lender rates, as well as credit scores of those who qualify.  Current rates on personal loans.

For current rates on personal loans

If you have a mortgage application in process, talk to your mortgage lender before applying for other loans.

A personalized First Tech rate in 30 seconds or less with check my rate.

Click the “Check My Rate” button below to get your rate for a 2 year term. Checking your rate will not affect your credit score.Check your rate: To check the rates and terms First Tech Federal Credit Union conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit score. All loan applications are subject to credit approval. Membership is required and subject to approval.

What is Check My Rate? Have more questions like this? Check out our full FAQ for more information.

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