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  PenFed Personal Line of Credit

PenFed Personal Line of Credit

in Personal Lines of Credit from PenFed Credit Union

Unaffiliated

PenFed Personal Line of Credit

Unaffiliated

in Personal Lines of Credit from PenFed Credit Union

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Highlights
Highlights
Community Rating Mostly recommended
APR  (Variable APR) 14.65%
Loan Amount $100 - $25,000

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 offered in 50 states (and Washington, DC).

What APRs does PenFed Personal Line of Credit offer?

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

Your APR can vary depending on several factors, such as your credit score. Find out what your credit score is and whether there is any false or inaccurate information in your credit history with these credit monitoring tools.

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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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

Only U.S. citizens and permanent residents can apply for a loan.

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 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 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.
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Availability

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

Feature Breakdown

No Origination Fee  
No Prepayment Fee  
Minimum Age 18
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Bank Account Required  
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
Verification Documents Required
  • Proof of Income
  • Recent Pay Stubs
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Loan Amount $100 - $25K
APR (Variable APR) 14.65%

PenFed Personal Line of Credit Community Reviews

 
 

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