Weekend Loan Approvals: First Tech's Process Explained

First Tech Federal Credit Union offers a range of loans, including personal, home, student, commercial, and vehicle loans. The company provides fast loan approval and funding, with borrowers receiving an approval decision on the same day they apply. Funding can also be provided on the same day as approval, although it could take up to three business days in some cases. First Tech does not disclose the specific criteria it uses to approve applicants for a loan, but borrowers don't need perfect credit to qualify. The company also offers 24/7 customer service, allowing customers to make general inquiries at any time. However, it is unclear whether First Tech approves loans on weekends, as there is no specific information available on their website or other sources.

First Tech's loan approval process

To be eligible for a First Tech personal loan, you must be a member of the credit union. Membership requirements include working for a qualifying tech company, working for the state of Oregon, living or working in Lane County, Oregon, being a family or household member of a First Tech member, or being a member of specific organizations like the Computer History Museum or the Financial Fitness Association.

The first step in the loan approval process is to review your rates and terms. First Tech will conduct a soft credit check, which won't impact your credit score, to determine your likelihood of qualifying for the loan and the potential rates and terms. Once you review and accept the proposed rates and terms, you can proceed to complete your loan application online.

At this point, First Tech will perform a hard credit check and full underwriting assessment to determine your eligibility for the loan. If your application is approved, you will receive an email notification, along with the final rates and terms offered. After accepting the loan, the lender will disburse the funds, which can be as fast as the same day or within three business days.

First Tech offers a range of loan amounts, from $500 to $50,000, and repayment terms from six months to seven years, allowing borrowers to customize the loan to their needs. Additionally, First Tech does not require a perfect credit score for approval, making their loans accessible to a wider range of borrowers.

First Tech's loan funding time

First Tech Federal Credit Union offers a range of loans, including personal, debt consolidation, home improvement, vehicle, and student loans. The company also provides commercial lending options. First Tech's loan funding time varies, with some borrowers receiving funding on the same day as approval, while others may have to wait up to three business days. The credit union does not disclose the specific criteria it uses to approve applicants or its credit score requirements, but it states that borrowers don't need perfect credit to qualify.

First Tech conducts a soft credit check initially, which doesn't impact the borrower's credit score, to determine if they are likely to qualify for the loan. This is followed by a hard credit check and full underwriting before final approval. The credit union emphasizes fast funding and has an A+ rating from the Better Business Bureau. Its mobile app also has high ratings on Google Play and Apple's App Store, with customers praising its helpful customer service.

To be eligible for a First Tech personal loan, one must be a member of the credit union. Membership requirements include working for a qualifying technology-oriented company, working for the state of Oregon, living or working in Lane County, Oregon, being a family or household member of a First Tech member, or being a member of the Computer History Museum or the Financial Fitness Association. Additionally, a minimum credit score of 660 and a maximum debt-to-income ratio of 50% are specified as criteria.

First Tech offers a range of loan amounts, from $500 to $50,000, and repayment terms of six months to seven years, allowing borrowers to customize the loan to their needs. The credit union also provides the option to defer the first payment for 45 days after the loan is funded. It's important to note that First Tech's personal loans cannot be used for business expenses, down payments on a house, securities purchases, gambling, or illegal activities.

While the specific days of the week for loan approval are not mentioned, First Tech's 24-hour customer service availability, fast funding, and same-day funding options suggest that loan approvals and funding may be possible on weekends.

First Tech's loan eligibility criteria

Membership

To be eligible for a First Tech personal loan, applicants must be a member of the First Tech Federal Credit Union. Membership requires meeting specific criteria, including any of the following:

• Working for a qualifying technology-oriented company.
• Working for the state of Oregon or living/working in Lane County, Oregon.
• Being a family or household member of an existing First Tech member.
• Being a member of the Computer History Museum or the Financial Fitness Association.

Credit Score

While First Tech does not disclose specific credit score requirements, a good credit score of 660 or higher is generally recommended for a better chance of loan approval. Pre-qualification with a soft credit pull can provide an idea of the lowest rate for a two-year loan.

Debt-to-Income Ratio

First Tech considers an applicant's debt-to-income ratio, with a maximum ratio of 50% allowed for eligibility.

Identification and Social Security Number

Applicants must provide a valid Social Security number and a copy of their driver's license or other state-issued identification.

Repayment Plan

First Tech reports payments to the three major credit bureaus (Equifax, Experian, and TransUnion). Therefore, applicants should have a plan to make on-time repayments to build their credit score. Setting up automatic payments and budgeting can help manage loan repayments.

Loan Purpose

First Tech prohibits the use of its personal loans for business expenses. The loans can be used for various purposes, including home improvement projects, debt consolidation, emergencies, medical and dental bills, education expenses, and vehicle financing.

First Tech's customer service

First Tech Federal Credit Union's customer service team is available 24 hours a day. Customers can contact the team by calling their toll-free number or by sending a secure message via the online banking portal. Customers can also schedule an appointment online to meet with a banker in person or virtually.

First Tech offers a range of loan options, including personal, home, student, and commercial loans. Loan amounts start at $500 and go up to $50,000, with repayment terms ranging from six months to seven years. The company provides fast approval and funding, with same-day approval and funding in some cases. However, it's important to note that funding can also take up to three business days in certain situations.

To be eligible for a First Tech personal loan, individuals must be members of the credit union. Membership requirements include working for a qualifying technology-oriented company, working for the state of Oregon, or living or working in Lane County, Oregon. Family or household members of existing First Tech members or members of the Computer History Museum or the Financial Fitness Association are also eligible for membership. A minimum credit score of 660 and a maximum debt-to-income ratio of 50% are also required.

First Tech's loan repayment terms

First Tech offers a wide range of loan amounts and repayment terms. The lender's terms range from six months to seven years, and loan amounts range from $500 to $50,000. This flexibility allows borrowers to fund various expenses, from small emergency repairs to significant home improvement projects.

To be eligible for a First Tech personal loan, you must be a member of the credit union and meet specific criteria. This includes having a minimum credit score of 660, a maximum debt-to-income ratio of 50%Social Security number and a copy of your driver's license or other state-issued ID.

First Tech offers customizable repayment options to fit borrowers' needs. During pre-qualification, borrowers can choose their requested loan amount and repayment term, and the lender will provide a potential APR, repayment term, and monthly payment amount. Additionally, First Tech allows co-signers or co-borrowers on loan applications, potentially improving loan approval chances or securing a lower interest rate.

Repayments can be made in several ways. Borrowers with a First Tech checking account can link it to their loan for automatic payments. Those without a First Tech checking account can set up automatic monthly payments from their current financial institution to their First Tech loan. Additionally, borrowers can use their non-First Tech debit card, checking, or savings account to make quick payments. ACI Pay, a service of ACI Payments, Inc., offers another fast and convenient payment option for First Tech members.

Frequently asked questions