PenFed Personal Line of Credit Review

PenFed Personal Line of Credit is offered by PenFed Credit Union, a credit union founded in 1935 and based in Alexandria, VA. PenFed Personal Line of Credit is available in 50 states (and Washington, DC).

What APRs does PenFed Personal Line of Credit offer?

PenFed Personal Line of Credit offers a fixed APR product of 14.65% APR.

Does PenFed Personal Line of Credit charge an origination fee?

No, PenFed Personal Line of Credit 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 Personal Line of Credit charge a cash advance fee?

No, PenFed Personal Line of Credit 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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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 Personal Line of Credit charge a late fee?

Yes, PenFed Personal Line of Credit may charge borrowers a late payment fee.

How much can you borrow via PenFed Personal Line of Credit?

Upon approval and based on your credit worthiness, your PenFed Personal Line of Credit personal line of credit will be assigned a credit line of at least $100 and as much as $20,000. .

PenFed Personal Line of Credit Fees

Cash Advance Fee	N/A
Origination Fee	N/A
Prepayment Fee?	No
Late Payment Fee	N/A

What do you need to qualify for PenFed Personal Line of Credit?

Applicants with a credit score of at least 500 and up to 850 are eligible for PenFed Personal Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

PenFed Personal Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via PenFed Personal Line of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by PenFed Personal Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Applicants must have an active and valid checking account
• Recent pay stubs
• Proof of income
• Driver's license
• Proof of citizenship or residence permit

What is the estimated funding time for a personal line of credit via PenFed Personal Line of Credit?

PenFed Personal Line of Credit will typically approve (or deny) a line of credit application within 24 hour s and fund personal lines of credit within 5 business day s of approval.

Does PenFed Personal Line of Credit report your account activity to credit bureaus?

PenFed Personal Line of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

How to apply for PenFed Personal Line of Credit

• Visit the PenFed Credit Union website.
• Fill in the application form. You will typically need to provide general financial information, such as your Social Security Number, address, annual income, and source of employment.
• Check the information is accurate and submit your application.