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PenFed Credit Union Personal Loans
in Personal Loans from PenFed Credit Union
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PenFed Credit Union Personal Loans

Claimed
in Personal Loans from PenFed Credit Union
SuperMoney Net Recommendation Score +94  

SUPERMONEY NET RECOMMENDATION SCORE

This product is strongly recommended by SuperMoney users with a score of +94, equating to 4.9 on a 5 point rating scale.

+94

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.

Strongly recommended

33 users recommend
2 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 7.74% - 17.99%
(Verified 08/25/2022)
Loan Amount $600 - $50,000
Loan Term (Months) 12 - 60 months
Number of Reviews 35

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).

Key Takeaways

  • APRs starting at 7.74%. These are average starting rates for a personal loan. If you have good credit you may qualify for a loan with better rates.
  • 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.

Penfed personal loan Pros & Cons

Pros Cons
  • $0 prepayment fee.
  • Loan options with $0 origination fee.
  • Considers applicants with fair credit.
  • Funding available within 3 business days.
  • Accepts coborrowers.
  • Charges a late fee of $29

Penfed personal loan FAQ

What interest rates and personal loan terms does Penfed personal loan offer?

Penfed personal loan has lower than average interest rates for lenders reviewed on SuperMoney.

What interest rates does Penfed personal loan offer?

Penfed personal loan offers a fixed APR personal loan product that ranges from 7.74% APR up to 17.99% APR.

How much can you borrow via Penfed personal loan?

Business loan amounts start at $600 and go up to $50,000.

What is the maximum loan term you can get with Penfed personal loan?

Penfed personal loan offers loans with terms of up to 60 months.

Penfed personal loan Interest Rates & Loan Terms
Personal Loan Amount $600 - $50000
Loan Term 12 - 60 months
APR 7.74% - 17.99%

What fees does Penfed personal loan charge?

Does Penfed personal loan charge an origination fee?

Penfed personal loan does not charge a personal loan origination fee.

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

Does Penfed personal loan charge a late fee?

Yes, Penfed personal loan may charge borrowers a late payment fee if you miss one of the monthly payments of up to $29, which is triggered if you're 5 days late.

Does Penfed personal loan charge prepayment fees?

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

Penfed personal loan Fees
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
Penfed personal loan Eligibility Criteria
Minimum Age 18
Bank Account Required? Yes
Application Types Accepted
  • Co-borrowers
  • Individual Applications
  • Credit Score 650 - 850

    What is the estimated funding time for a personal loan via Penfed personal loan?

    Penfed personal loan will typically approve (or deny) a loan application within 24 hours and fund 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.

    Is PenFed Credit Union a legit company?

    PenFed Credit Union was founded in 1935, it is a well-established company that has been in business for 87 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.

    PenFed Credit Union Personal Loans Disclosure: Your loan terms are subject to change following income and identity verification and review processes. Federally Insured by NCUA. To receive this loan, you must become a member of PenFed Credit Union. ©2021 PenFed Credit Union
    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.

    Message From PenFed Credit Union

    You don’t need to become a PenFed credit union member to apply. However, should you choose to move forward and fund your loan, you’ll need to become a member. It’s an easy process – no military affiliation required.

    Availability

      Available in 50 states and Washington, D.C.
    • 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

    Late Fee Amount $29
    Late Fee Grace Period 5 days
    No Origination Fee
    No Prepayment Fee
    Origination Fee ($) $0
    Origination Fee (%) 0%
    Checking Account Required
    Cosigner Optional
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Self-Employed
    • Retired
    • Unemployed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • Non-Resident
    • U.S. Temporary Resident Visa Holders
    Joint Loan Applications Accepted
    • Co-borrower
    • Individual Applications
    Military Status
    • Active Duty Military
    • Non-Military
    • Veterans
    • Military Dependent
    Minimum Age 18
    Supported Income Types
    • Direct Deposit (W2, SSA, SSDI)
    • Cash
    • Payroll Check or Prepaid Card
    • 1099 Misc. Income
    • Tax Returns
    Verification Documents Required
    • Proof of Income
    • Proof of Identity
    • Government Issued Photo ID
    Credit Score Range 650 - 850
    Approval Speed 24 hours
    Credit Bureau Reporting
    • Experian
    • Equifax
    • TransUnion
    Funding Time Range 1 - 3 days
    Payment Options
    • Automatic Payments
    • Bank Transfer
    Pre-Approved Soft Credit Inquiry
    Loan Amount $600 - $50,000
    APR (Fixed APR) 7.74% - 17.99%
    (Verified 08/25/2022)
    Loan Term 12 - 60 months

    PenFed Credit Union Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    This product is strongly recommended by SuperMoney users with a score of +94, equating to 4.9 on a 5 point rating scale.

    +94

    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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