Where does PenFed Credit Union do business?
PenFed Credit Union is a credit union based in Alexandria, VA. It was founded in 1935 and offers personal lines of credit in 50 states (and Washington, DC).
What are the APRs offered via PenFed Credit Union?
PenFed Credit Union offers a variable APR personal line of credit of 14.65%.
Does PenFed Credit Union charge an origination fee?
No, PenFed Credit Union does not charge an origination fee.
An origination fee is what some lenders charge for processing, underwriting, and funding a line of credit. These fees can range from 0.5% to 5% of the line of credit amount. Whenever possible, go with lenders that don’t charge origination fees.
Does PenFed Credit Union charge a cash advance fee?
No, PenFed Credit Union doesn't charge a cash advance fee. Some lenders charge a cash advance fee every time borrowers withdraw cash from their line of credit. Typically, fees range from 0.5% to 10% of the amount withdrawn..
Does PenFed Credit Union charge a late fee?
Yes, PenFed Credit Union may charge borrowers a late payment fee.
Does PenFed Credit Union charge prepayment fees?
No, PenFed Credit Union does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit off and close the account.
How much can you borrow via PenFed Credit Union?
Personal lines of credit start at $100 and go up to $25,000.
What do you need to qualify for a line of credit with PenFed Credit Union?
Applicants with a credit score of at least 500 can apply for a line of credit via PenFed Credit Union. The minimum age to apply for a line of credit is 18 or the state minimum, whichever is higher.
Active duty servicemembers and their covered dependents are eligible to apply for a line of credit via PenFed Credit Union. Their rates fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a line of credit.
To qualify, applicants may need to provide the following documentation:
- Driver's license
- Applicants must have an active and valid checking account
- Proof of citizenship or residence permit
- Recent pay stubs
- Proof of income
What is the estimated funding time for a personal line of credit via PenFed Credit Union?
PenFed Credit Union will typically approve (or deny) a line of credit application within 24 hours and fund personal lines of credit within 3 business days of approval.
Does PenFed Credit Union report payments to credit bureaus?
PenFed Credit Union may report credit data to the following credit reporting agencies:
Other Services by PenFed Credit Union
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- U.S. Citizen
- U.S. Permanent Resident
- Active Duty Military
- Military Dependent
- 1099 Misc. Income
- Direct Deposit (W2, SSA, SSDI)
- Payroll Check or Prepaid Card
- Proof of Income
- Recent Pay Stubs
- Driver License (or other photo ID)
- Proof of citizenship/residence (Green Card)