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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

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in Personal Lines of Credit from PenFed Credit Union

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

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 Typically, fees range from 0.5% to 10% of the amount withdrawn.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

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

  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  
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
  • Recent Pay Stubs
  • Proof of Income
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
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

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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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