First Tech Federal Credit Union Loan Review

Are you facing what feels like a mountain of debts each month? Would you like to combine them into one monthly payment? A consolidation loan can do just that. This provider offers loans of this type, to pay off a mortgage, auto loan, student loan, and many other debt types.

First Tech Federal Credit Union
Direct-to-Debtor Payments Best for
2 /5
$ /mo
Starting Price
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Table of Contents

    Terms, Fees and Rates 2020

    Minimum credit score: 

    APR: 7.7% - 18%
    Loan amounts min to max: $500 - $50,000
    Origination fee: $0
    Terms: Up to 84 months
    Late payment fee: Up to $50
    Prepayment penalty: $0

    Pros and Cons


    • No origination fee
    • Provides direct payments to debtors
    • Small loans
    • Long terms
    • No prepayment penalty


    • Must be a member of the Union
    • High late payment fee
    • No soft credit check

    Why should you consolidate your loans with First Tech Federal Credit Union?

    • No origination fee - This is associated with the creation of and upkeep of your account. It’s quite a bonus that this isn’t required as fees with competitors are sometimes as large as 5%.
    • Direct payments - If you wish, the provider will pay your loans directly, so all you’ll need to do is maintain sufficient funds in your bank account.
    • Small loans - For some, an amount of between $500 and $2000 is all they need to consolidate their debts. Such minimal personal loans are usually unavailable on the market.
    • Long terms - Generally, longer terms will equal lower monthly fees.
    • No prepayment penalty - Those lucky enough to find a way to pay off their loan early won’t be charged for doing so. Paying off a loan early could save thousands of dollars in future interest fees.

    What are the eligibility requirements?

    For full details of eligibility, please contact the lender directly.

    By far the most important eligibility factor is union membership, which can be gained through:

    • Employment with any of First Tech’s business partners
    • Residence or employment in Lane County, Oregon
    • Work for one of First Tech's sponsor companies
    • Employment with the State of Oregon
    • A family member of someone already part of the Union

    How to apply for a First Tech Federal Credit Union consolidation loan? 

    There’s no way to avoid a hard credit check, unfortunately. For those willing to take some mild damage to their credit score, applications can be made online, in person, or over the phone. Loan decisions will generally be made within one business day.

    Customer Service

    • FAQ section online
    • Call support available 24/7
    • By mail

    What types of debt can be consolidated with this provider?

    A wide range of debt types can be consolidated, including personal, auto, mortgages, and student loans (both private and federal).

    Bottom line

    First Tech Federal Credit Union has some positive features, such as the extensive loan terms and the ability to pay off your lenders directly. Unfortunately, though, the vast majority of people won’t be able to join the union as members, let alone apply for a loan.

    Thankfully, there are more inclusive options on the market. Visit Avant, where citizens in all but four states can apply for loans of up to $35,000. Another great choice would be SoFi, which provides loans to most states of up to $100,000 for those with credit scores of 680 or higher.