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PenFed Credit Union

in Personal Loans from PenFed Credit Union

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PenFed Credit Union

Unaffiliated

in Personal Loans from PenFed Credit Union

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Highlights
Highlights
Community Rating Strongly recommended
Loan Amount $500 - $25,000
APR (Variable APR) Starting at 6.49%
Loan Term (Months) 1 - 60

Overview

Where does PenFed Credit Union do business?

PenFed Credit Union is a credit union based in Tysons, VA. Founded in 1935, PenFed Credit Union offers access to personal loans in 50 states (and Washington, DC).

What rates and terms does PenFed Credit Union offer?

What personal loan APRs does PenFed Credit Union offer?

PenFed Credit Union offers a variable APR personal loan product that ranges from 6.49% 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.

How much can you borrow via PenFed Credit Union?

Loan amounts start at $500 and go up to $25,000.

What can a personal loan from PenFed Credit Union be used for?

Personal loans from PenFed Credit Union are typically used for special purchases, debt consolidation, home improvement projects, weddings, unexpected expenses or similar purposes.

What is the maximum loan term you can get with PenFed Credit Union?

PenFed Credit Union offers personal loans with terms ranging from 1 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

PenFed Credit Union Rates & Terms
Loan Amount $500 - $25000
Loan Term 1 - 60 months
APR Starting at 6.49%

What fees does PenFed Credit Union charge?

Does PenFed Credit Union charge an origination fee?

PenFed Credit Union does not charge a loan origination fee.

A loan origination fee is what some lenders charge for processing, underwriting, and funding a loan. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does PenFed Credit Union charge a late fee?

Yes, PenFed Credit Union may charge borrowers a late payment fee of up to $25

Does PenFed Credit Union charge prepayment fees?

No, PenFed Credit Union does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

PenFed Credit Union Fees
Origination Fee 0%
Prepayment Fee? No
Late Payment Fee $25

What do you need to qualify for a loan with PenFed Credit Union?

Applicants with a credit score of at least 700 can apply for a loan via PenFed Credit Union . The minimum age to apply for a loan is 18 or the state minimum, whichever is higher.

PenFed Credit Union only considers borrowers who are employed.

Active duty servicemembers and their covered dependents are eligible to apply for a loan via PenFed Credit Union. 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:

  • Government Issued Photo ID
  • PenFed Credit Union Eligibility Criteria
    Minimum Age 18
    Bank Account Required? No
    Joint Applications Accepted? Yes
    Credit Score 700 - 850

    What is the estimated funding time for a personal loan via PenFed Credit Union?

    PenFed Credit Union will typically approve (or deny) a loan application within 24 hours and fund personal loans within 14 business days of approval.

    Does PenFed Credit Union report loan payments to credit bureaus?

    PenFed Credit Union may report credit data to the following credit reporting agencies:

    • Equifax
    • Experian
    • Transunion
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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  
    Origination Fee ($) $0
    Origination Fee 0%
    Late Fee Amount $25
    Minimum Age 18
    Credit Score Range 700 - 850
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Joint Loan Applications Accepted
    • Individual Applications
    Verification Documents Required
    • Government Issued Photo ID
    Loan Amount $500 - $25K
    Loan Term (Months) 1 - 60
    APR (Variable APR) Starting at 6.49%

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