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).

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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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

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.