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First Tech Personal Loans: 2025 Review

Written by
Denny Ceizyk
Edited by
Kellye Guinan
Updated on Mar. 25, 2024

At a glance

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4.7
Rating: 4.7 stars out of 5
Bankrate Score
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Availability
Rating: 4.8 stars out of 5
4.8
Affordability
Rating: 4.7 stars out of 5
4.7
Customer Experience
Rating: 5 stars out of 5
5.0
Transparency
Rating: 4.6 stars out of 5
4.6

About Bankrate Score

Full methodology

Established in 1952, First Tech is a federal credit union offering a variety of financial products to its members, such as mortgage loans, checking and savings accounts and personal loans. Plus, it offers exclusive financial services to many major tech corporations and their employees, like Google and HP.

Lender Details

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Loan amount

$500-$50,000

Rates Icon

APR from

7.89%-18.00%

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Term lengths

6-84 months

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Funds available in

As soon as the same day after approval

First Tech is best for flexible terms on secured and unsecured personal loans

First Tech's personal loans provide flexibility for your loan amount and repayment terms, something not found with most other personal loan lenders. You can borrow as little as $500, less than the $1,000 minimum found at other lenders. For larger loan amounts, customers can choose terms as long as 84 months, which will keep the payment low. 

First Tech also offers a 45-day payment deferral option. There are no application, origination or prepayment fees. And unlike many lenders, it also offers secured loans so you can borrow against the value of certificates of deposit, savings accounts or stocks. 

First Tech personal loan purposes

First Tech doesn't appear to have restrictions on how funds can be used. It allows customers to invest borrowed personal loan funds in the stock market or other investments. Borrowers with substantial stock investments can borrow up to $500,000 against their account value for both personal and business purposes.

Where First Tech personal loans stand out

  • Wide range of loan amounts. Borrowers can take out as little as $500 with a standard unsecured loan, or as much as $500k for a stock-secured loan. That's a much wider range than most lenders that offer between $1,000 and $50,000.
  • Variety of loan terms. You can choose First Tech's six-month term for a quick payoff, or spread the payment over seven years to manage your cash flow. Most personal loan lenders offer terms between two and five years.
  • No fees. You'll pocket what you borrow since First Tech doesn't charge fees. Some personal loan lenders charge origination fees of up to 10 percent of your loan amount. 

Where First Tech personal loan falls short

  • You may not be eligible for membership. Membership is restricted to employees or families of employees of its partner companies, which include Amazon, Microsoft and Intel. Check the lender's website for additional membership options.
  • High minimum APR. First Tech's 8.49 percent starting rate is higher than what you'll find with the lowest rate personal loan lenders. That said, federal credit unions like First Tech do cap the annual percentage rate (APR) on a loan at 18 percent.
  • Unpublished eligibility requirements. The lender's website indicates that borrowers don't need perfect credit scores to qualify, but specific requirements aren't listed.

First Tech customer resources

Customer support

First Tech provides a 24-hour toll-free number, but it doesn't indicate if you're speaking to a call service or a bank representative. Secure chat and message options are also available. Members that live near a branch can also schedule an in-person appointment. 

Digital experience

The lender's rate checking and application process can be done online or through an appointment with a First Tech banker. Once you have an account, you are able to access information about your loan — and any other financial products — both through a mobile app and free online banking. 

First Tech's phone app gets a 4.7 out of 5-star rating on the App Store and a 4.4 out of 5-star rating on Google Play. Overall, feedback is positive, but it appears that a recent update has some bugs that slow down customer account access.

How this lender compares

logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
7.89%-18.00%
Loan Amount
$500-$50,000
Term Length
6-84 months
Min Credit Score
Not disclosed
Compare ratesArrow Right Icon
on Bankrate
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
8.99%-17.99%
Loan Amount
$600-$50,000
Term Length
Up to 60 months
Min Credit Score
700
Read our reviewArrow Right Icon
on Bankrate
logo
Rating: 4.7 stars out of 5
4.7
Bankrate Score
APR from
7.90%-35.99%
Loan Amount
$1,000-$40,000
Term Length
24-72 months
Min Credit Score
600
Read our reviewArrow Right Icon
on Bankrate

First Tech vs. PenFed

First Tech offers a much wider variety of personal loan products than PenFed, with more repayment term options. That makes First Tech a better choice, especially if you need a seven-year term payment to fit your budget — PenFed's maximum term is 5 years.

Membership to PenFed is open to everyone, which may make it a better choice if you don't meet First Tech's more stringent membership requirements. PenFed also gives its members access to a financial hardship assistance program, which may be beneficial to customers that fall on hard financial times.

Learn more: PenFed Review

First Tech vs. LendingClub

First Tech offers a wider range of loan amounts, giving borrowers access to as little as $500 or as much as $50,000, compared to LendingClub's $1,000 to $40,000 range. First Tech's repayment options are more diverse as well, giving you 6-month to 84-month options versus LendingClub's 24- to 72-month range. 

LendingClub's minimum APR is lower than First Tech's, clocking in at just below 8 percent compared to First Tech's 8.49 percent minimum. LendingClub's 600 minimum credit score may also make it a better option if you've got some bumps in your credit history.

Learn more: LendingClub Review

Do you qualify for a First Tech personal loan?

First Tech's website doesn't provide details about the requirements for approval. In general, most lenders require fair to good credit, proof of stable income and work history and evidence of a valid banking account.

How to apply for a personal loan with First Tech

You'll need to follow the following steps to apply for a personal loan at First Tech. 

  1. Apply for membership. This may include proving employment with an eligible company.
  2. Provide identification. Have your driver's license and social security card ready.
  3. Provide identifying information. This usually includes your name, address and employer information and banking information.

How Bankrate rates First Tech

Score Explanation
Overall score 4.7 First Tech earns a high score because of its wide range of repayment options, customer service and low minimum loan amount.
Availability 4.8 First Tech has a low minimum loan amount, and customers may get same-day funding. However, it's not clear what's required for approval.
Affordability 4.7 First Tech personal loans offer more repayment term and loan amount flexibility that other personal loan lenders.
Customer Experience 5.0 First Tech offers a highly rated app and 24-hour customer support by phone.
Transparency 4.6 First Tech outlines some fees and rates.

Methodology

Bankrate's trusted personal loans industry expertise

Read our full methodology

48

years in business

45

lenders reviewed

20

loan features weighed

900

data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

What customers think

What people across the web are saying about First Tech

First Tech scores a 4.4 star out of 5 rating on TrustPilot, with most customers satisfied with their banking experience. Negative feedback seems to be oriented around technical difficulties with digital banking.

"This credit union truly stands out with its great products and services designed to meet my banking needs. Whether it’s savings, loans, or financial guidance, they offer top-tier solutions that make banking easy and rewarding. What truly sets them apart, though, is the people they are genuine, knowledgeable, and always willing to go the extra mile. You’re not just another account number here you’re valued and supported by a team that genuinely cares. Highly recommend!"

— Trustpilot user

"They used to be great and now they are not an accurate banking service, accuracy seems like the one thing to be in banking. One more than one occasion, the inconsistent way online banking displays payments and balances can lead to overdrafts or double payments. it takes them too long to address customer concerns and website/mobile usability is very poor, I reported an issue with bill pay that can lead to double payments over a year ago and its still not fixed. considering that is the primary method of interaction these days, that is very poor."

— Trustpilot User

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