PenFed Personal Line of Credit Review

Where does PenFed Personal Line of Credit do business?

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

What are the APRs offered via PenFed Personal Line of Credit?

PenFed Personal Line of Credit offers personal lines of credit with variable APRs starting from 14.65% to 14.65%.

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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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.

Does PenFed Personal Line of Credit charge prepayment fees?

No, PenFed Personal Line of Credit 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 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 $25,000. .

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 a line of credit with PenFed Personal Line of Credit?

Applicants with a credit score of at least 500 can apply for a line of credit via PenFed Personal Line of Credit. 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 not considered covered borrowers. In other words, they are eligible to apply for a line of credit via PenFed Personal Line of Credit. 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 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 3 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 and on-time payments on a credit card that reports your account activity to credit bureaus will demonstrate that you consistently manage debt well and can help increase your credit scores.

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.