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  PenFed Personal Line of Credit
PenFed Personal Line of Credit
in Personal Lines of Credit from PenFed Credit Union
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PenFed Personal Line of Credit

Claimed
in Personal Lines of Credit from PenFed Credit Union
Net Recommendation Score -25  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -25, equating to 2.5 on a 5 point rating scale.

-25

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Rating not yet determined  

0 users recommend
3 users are unsure
1 user doesn't recommend
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Highlights
Community Rating

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Loan Amount $100 - $20,000
APR  (Fixed APR) 14.65%

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 Tysons, VA. PenFed Personal Line of Credit is available in 50 states (and Washington, DC).

Penfed line of credit FAQ

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 line of credit charge an origination fee?

No, they do 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 the Penfed line of credit charge a cash advance fee?

No, they do not 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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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 the PenFed Personal Line of Credit charge a statement balance fee?

No, this lender does not charge a statement balance fee.

Does PenFed Personal Line of Credit charge a late fee?

Yes, they may charge borrowers a late payment fee.

How much can you borrow via Penfed line of credit?

Upon approval and based on your credit score, your personal line of credit will be assigned a credit limit of at least $100 and as much as $20,000. .

PenFed Personal Line of Credit Fees
Cash Advance Fee N/A
Origination Fee No
Prepayment Fee? No
Late Payment Fee No
Statement Balance Fee No

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 may be 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 personal 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?

Penfed 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?

Yes, 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 may help improve your credit.

Is PenFed Credit Union a legit company?

PenFed Credit Union was founded in 1935, it is a well-established company that has been in business for 87 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

How to apply for Penfed line of credit

  • Visit the website.
  • Fill in the application form. You will typically need to provide general information such as your name, address, email address, Social Security Number, source of income and employment, and checking account information.
  • Check the information is accurate and submit your application.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

No Origination Fee
No Prepayment Fee
Checking Account Required
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Joint Loan Applications Accepted
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Recent Pay Stubs
  • Proof of Income
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range 3 - 5 days
Payment Options
  • Automatic Payments
  • Check by mail
  • Storefront
  • Credit/Debit Card
APR (Fixed APR) 14.65%
Loan Amount $100 - $20,000

PenFed Personal Line of Credit Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly not recommended by SuperMoney users with a score of -25, equating to 2.5 on a 5 point rating scale.

-25

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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