
in Personal Loans from PenFed Credit Union
Claimed Apply Now Get Personalized RatesPenFed Credit Union Personal Loans
in Personal Loans from PenFed Credit Union
Would you recommend PenFed Credit Union Personal Loans to your friends?
Community Rating | Strongly recommended |
APR (Fixed APR) | 5.49% - 17.99% |
Loan Amount | $600 - $50,000 |
Loan Term (Months) | 12 - 60 months |
Number of Reviews | 28 |
PenFed Credit Union Personal Loans Review
PenFed Credit Union Personal Loans is offered by PenFed Credit Union, a credit union founded in 1935 and based in Tysons, VA. PenFed Credit Union Personal Loans is available in 50 states (and Washington, DC).
- APRs starting at 5.49%. Personal loan interest rates typically range between 5% and 36%. The starting rates for PenFed Credit Union Personal Loans are on the lower end of the spectrum.
- Fast access to funds. In some cases you can get your money within 1 business day.
- Large loan amounts. You can apply for loan amounts of up to $50,000 with PenFed Credit Union Personal Loans.
- Prequalified rate. You can check your prequalified rate at PenFed Credit Union with a soft pull that will not affect your credit score.
- No origination fee. PenFed Credit Union Personal Loans does not charge a loan origination fee.
- Coborrower applications accepted. Applying for PenFed Credit Union Personal Loans with a coborrower who has better credit than you can improve your chances of approval and help you qualify for lower interest rates.
Pros | Cons |
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What rates and terms does PenFed Credit Union Personal Loans offer?
PenFed Credit Union Personal Loans has lower interest rates than the average for lenders reviewed on SuperMoney.
What APR rate does PenFed Credit Union Personal Loans offer?
PenFed Credit Union Personal Loans offers a fixed APR personal loan product that ranges from 5.49% APR up to 17.99% 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 Personal Loans?
Loan amounts start at $600 and go up to $50,000
What can a personal loan from PenFed Credit Union Personal Loans be used for?
Personal loans from PenFed Credit Union Personal Loans are typically used for special purchases, debt consolidation, home improvement projects, weddings, medical expenses & procedures, unexpected expenses or similar purposes.
What is the maximum loan term you can get with PenFed Credit Union Personal Loans?
PenFed Credit Union Personal Loans offers personal loans with terms ranging from 12 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.
Loan Amount | $600 - $50000 |
Loan Term | 12 - 60 months |
APR | 5.49% - 17.99% |
What fees does PenFed Credit Union Personal Loans charge?
Does PenFed Credit Union Personal Loans charge an origination fee?
PenFed Credit Union Personal Loans 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 Personal Loans charge a late fee?
Yes, PenFed Credit Union Personal Loans may charge borrowers a late payment fee of $29, which is triggered if you're 5 days late.
Does PenFed Credit Union Personal Loans charge prepayment fees?
No, PenFed Credit Union Personal Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
Origination Fee | 0% |
Prepayment Fee? | No |
Late Payment Fee | $29 |
What do you need to qualify for PenFed Credit Union Personal Loans?
Applicants with a credit score of at least 650 and up to 850 may be eligible for PenFed Credit Union Personal Loans. The minimum age to be eligible is 18 or the state minimum, whichever is higher.PenFed Credit Union Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. PenFed Credit Union Personal Loans will consider borrowers regardless of their employment status if they can prove their ability to repay their obligations. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.
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 Credit Union Personal Loans. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by PenFed Credit Union Personal Loans. Permanent resident / green card holders are also eligible to apply. Not all companies will work with visa holders. PenFed Credit Union does offer its services to temporary resident visa holders such as F1 or H1B holders. An uncommon feature is for lenders to offer their services to non-residents. PenFed Credit Union is one of the few that does.
To qualify, applicants may need to provide the following documentation:
- Applicants must have an active and valid personal checking account
- Proof of income
- Government issued photo ID
- Proof of identity
Minimum Age | 18 |
Bank Account Required? | Yes |
Application Types Accepted |
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Credit Score | 650 - 850 |
What is the estimated funding time for a personal loan via PenFed Credit Union Personal Loans?
PenFed Credit Union Personal Loans will typically approve (or deny) a loan application within 24 hours and fund personal loans within 3 business days of approval.
Does PenFed Credit Union Personal Loans report your account activity to credit bureaus?
Yes, PenFed Credit Union Personal Loans 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.
Message From PenFed Credit Union Personal Loans
Contact
- Headquarters
-
7940 Jones Branch Dr
Tysons, VA 22102 - Visit Site
- Email Support
Other Services by PenFed Credit Union
Availability
- 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 | |
Origination Fee ($) | $0 |
Origination Fee (%) | 0% |
Late Fee Amount | $29 |
Late Fee Grace Period | 5 days |
PenFed Credit Union Personal Loans Community Reviews
Would you recommend PenFed Credit Union Personal Loans to your friends?
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