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  PenFed Credit Union Personal Loans

PenFed Credit Union Personal Loans

in Personal Loans from PenFed Credit Union

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PenFed Credit Union Personal Loans

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in Personal Loans from PenFed Credit Union

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APR  (Variable APR) 6.49% - 17.99%
Loan Amount $500 - $20,000
Loan Term (Months) 6 - 60 months

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

Key Takeaways
  • Uses a variable APR. This is uncommon for personal loans. If interest rates rise in the future it could make the monthly payments more challenging. 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 cash. In some cases you can get your money within 1 business day.
  • Fair credit accepted. The credit score needed for PenFed Credit Union Personal Loans is relatively low. Borrowers with a credit score as low as 600 may qualify for PenFed Credit Union Personal Loans.
  • Hard credit pull required. You can't check your rates or see if you prequalify for PenFed Credit Union Personal Loans without a hard pull on your credit report. Most lenders give you the option of a soft pull on you credit report.
  • No origination fee. PenFed Credit Union Personal Loans does not charge a loan origination fee.
  • Short loan terms. PenFed Credit Union Personal Loans offers loan terms as short as 6 months. Most personal loans have a minimum term of 12 to 36 months.
PenFed Credit Union Personal Loans Pros & Cons
Pros Cons
  • Low APRs available to qualified borrowers.
  • $0 prepayment fee.
  • $0 origination fee.
  • Considers applicants with poor credit.
  • Fast funding.
  • Do not offer pre-approval with soft credit pull.
  • Charges a late fee of up to $25.
  • No co-sign option.
PenFed Credit Union Personal Loans FAQ

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 variable APR personal loan product that ranges from 6.49% 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 $500 and go up to $20,000

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, 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 6 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 Personal Loans Rates & Terms
Loan Amount $500 - $20000
Loan Term 6 - 60 months
APR 6.49% - 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 up to $25.

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.

PenFed Credit Union Personal Loans Fees
Origination Fee 0%
Prepayment Fee? No
Late Payment Fee $20 - $25

What do you need to qualify for PenFed Credit Union Personal Loans?

Applicants with a credit score of at least 600 and up to 850 are 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 only considers borrowers who are employed.

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.

To qualify, applicants may need to provide the following documentation:

  • Government issued photo ID
PenFed Credit Union Personal Loans Eligibility Criteria
Minimum Age 18
Bank Account Required? No
Application Types Accepted
  • Co-borrowers
  • Individual Applications
  • Credit Score 600 - 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 7 business days of approval.

    Does PenFed Credit Union Personal Loans report your account activity to credit bureaus?

    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 can help improve your credit.

    SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
    Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

    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  
    Origination Fee ($) $0
    Origination Fee (%) 0%
    Late Fee Amount $20 - $25
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    Joint Loan Applications Accepted
    • Co-borrower
    • Individual Applications
    Military Status
    • Active Duty Military
    • Military Dependent
    • Non-Military
    • Veterans
    Minimum Age 18
    Verification Documents Required Government Issued Photo ID
    Credit Score Range 600 - 850
    Approval Speed 24 hours
    Credit Bureau Reporting
    • Equifax
    • Experian
    • TransUnion
    Funding Time Range 1 - 7 days
    Payment Options
    • Automatic Payments
    • Bank Transfer
    Loan Amount $500 - $20,000
    APR (Variable APR) 6.49% - 17.99%
    Loan Term 6 - 60 months

    PenFed Credit Union Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +100%

    -100% 0% +100%
    No one recommends Everyone recommends

    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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