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PenFed Credit Union Personal Loans

in Personal Loans from PenFed Credit Union

Claimed Apply Now Get Personalized Rates

PenFed Credit Union Personal Loans

Claimed

in Personal Loans from PenFed Credit Union

SuperMoney Net Recommendation Score +100%

SUPERMONEY NET RECOMMENDATION SCORE

+100%

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

8 users recommend
0 users are unsure
0 users don't recommend
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Highlights
Community Rating Strongly recommended
APR  (Fixed APR) 6.49% - 17.99%
Loan Amount $600 - $20,000
Loan Term (Months) 12 - 60 months
Number of Reviews 8

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
  • 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.
PenFed Credit Union Personal Loans Pros & Cons
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
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 fixed 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 $600 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, 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.

PenFed Credit Union Personal Loans Rates & Terms
Loan Amount $600 - $20000
Loan Term 12 - 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 $29.

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 $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 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.

    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.
    • 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 $29
    Checking Account Required  
    Cosigner Optional  
    Employment Statuses Considered
    • Employed Full-Time
    • Employed Part-Time
    • Retired
    • Self-Employed
    • Unemployed
    Immigration Status Considered
    • U.S. Citizen
    • U.S. Permanent Resident
    • U.S. Temporary Resident Visa Holders
    • Non-Resident
    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 2 days
    Payment Options
    • Automatic Payments
    • Bank Transfer
    Pre-Approved Soft Credit Inquiry  
    Loan Amount $600 - $20,000
    APR (Fixed APR) 6.49% - 17.99%
    Loan Term 12 - 60 months

    PenFed Credit Union Personal Loans Community Reviews

     

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    SUPERMONEY NET RECOMMENDATION SCORE

    +100%

    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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