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).

• APRs starting at 6.49%. 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.
• Prequalifed 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
Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Considers applicants with fair credit. Funding available within 2 business days. Accepts coborrowers.	Charges a late fee of $29

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 fees does PenFed Credit Union Personal Loans charge?

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 Credit Union Personal Loans 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 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 2 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.