Last Updated: 10/10/2025
SuperMoney User Recommendation Score +90
Strongly recommended49 total votes
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Highlights
Community Rating
Strongly recommended
APR (Fixed APR)
8.99% - 17.99%(Verified 06/21/2024)
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Amount Range
$600 - $50,000
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Loan Term (Months)
12 - 60
Number of Reviews
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 personal loan are available in 50 states and Washington, DC.
Key Takeaways
- APRs starting at 8.99%. Personal loan interest rates typically range between 9% and 36%. The starting rates for PenFed Credit Union Personal Loans are on the lower end of the spectrum.
- Fast access to funds. If approved, PenFed Credit Union will send the money in as little as 24 hours.
- 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 FICO or VantageScore.
- 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 could improve your chances of approval and may help you qualify for lower interest rates.
Penfed personal loan Pros & Cons
| Pros | Cons |
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Penfed personal loan FAQ
What interest rates and personal loan terms does Penfed personal loan offer?
What interest rates does Penfed personal loan offer?
Penfed personal loan offers a fixed APR personal loan product that ranges from 8.99% APR up to 17.99% APR.
How much can you borrow via Penfed personal loan?
Personal 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.
| Personal Loan Amount | $600 - $50000 |
| Loan Term | 12 - 60 months |
| APR | 8.99% - 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, consider lenders that don’t charge origination fees.
Does Penfed personal loan charge a late fee?
Yes, Penfed personal loan may charge a late payment fee if you miss one of the regularly scheduled payments of up to $29.
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.
| Origination Fee | 0% |
| Prepayment Fee | No |
| Late Payment Fee | up to $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. Note that borrowers can add a co-borrower to either meet eligibility requirements or qualify for lower interest rates.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by PenFed Credit Union Personal Loans. 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 personal loan?
Penfed personal loan will typically fund loans within 1 to 3 business days of approval and clearing necessary verifications.
Does PenFed Credit Union Personal Loans report your account activity to credit bureaus?
Yes, PenFed Credit Union Personal Loans reports to the following credit bureaus:
- 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 build your credit.
Does PenFed Credit Union perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. Penfed personal loan allows you to check your rates with a soft credit pull.
Are PenFed Credit Union Personal Loans legit?
PenFed Credit Union was founded in 1935, it is a well-established company that has been in business for 91 years. Based on their "strongly recommended" SuperMoney community rating, they appear to be a very reputable company.
PenFed Credit Union Personal Loans Disclosure: Rates and offers current as of June 2024 and are subject to change.
The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.
Your actual APR will be determined at the time of disbursement and will be based on your loan term and creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply.
Loan Payment Example: A $50,000 personal loan financed at 8.99% APR would amount to 36 monthly payments of approximately $1,590 each.
Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50.
There is no balance transfer fee, no early payoff fee, and no origination fee. There are no “hidden” fees such as home appraisal, closing, or title search fees that you might incur in other borrowing situations. If you do not make your monthly installment payment on time, you may incur late payment fees.
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. ©2023 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 personal loan
Hours of Operation
Sunday
Closed
Monday
8:00AM - 4:00PM
Tuesday
8:00AM - 4:00PM
Wednesday
8:00AM - 4:00PM
Thursday
8:00AM - 4:00PM
Friday
8:00AM - 4:00PM
Saturday
Closed
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Learn MoreSuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +90, or 4.8 on a 5-point rating scale.
+90
-1000+100
No one recommends
Everyone recommends
PenFed Credit Union Personal Loans Community Reviews
Would you recommend PenFed Credit Union Personal Loans to your friends?
Doris M.
Nov 27, 2023
May or may not recommend
Lower interest rate . Easy to work with. I recommend to everyone.
YA
Yesmin A.
Nov 1, 2023
May or may not recommend
PenFed Credit Union gives good personal loans with fair interest rates and choices for how long you can pay back. They make it easy to apply, and their customer service is really helpful.
DC
Dylan C.
Oct 31, 2023
May or may not recommend
I feel like I am dealing with a best friend when I talk about my PenFed loan! I feel like I have a reliable partner in life supporting me through big purchases that help advance the future of my family. With this loan, I have never been more than satisfied, but now, I am!
TP
Tracy P.
Mar 29, 2023
May or may not recommend
I was turned down for a loan for dental work because of my low credit score, I have guaranteed income (SSDI) and I own my home outright. But they did extend me an invitation to join the credit union, I think I will do business with who wants to help me.
SD
Sarah D.
Feb 3, 2023
May or may not recommend
PenFed is best for borrowers who need to borrow less than $50,000 and are in good financial shape. Because many of PenFed's requirements aren't listed, those with good credit and a solid repayment history have the highest approval odds.
RA
Rahab A.
Feb 3, 2023
May or may not recommend
PenFed is best for borrowers who need to borrow a relatively small amount of money. Through PenFed, you can get $600 to $50,000 for debt consolidation or home improvement projects, and there are no origination fees. However, PenFed has limited loan terms, and borrowers with excellent credit and low debt-to-income ratios may be able to find better rates elsewhere.
EI
Enamul I.
Feb 2, 2023
May or may not recommend
I recently took out a personal loan with PenFed Credit Union and I'm very happy with my experience. The loan process was smooth and the interest rate was very affordable. I appreciate the flexibility of being able to choose my own payment terms and the lack of hidden fees. The customer service has been friendly and helpful throughout the process. I would highly recommend PenFed Credit Union for anyone in ...Show More
AS
Anny S.
Jan 30, 2023
May or may not recommend
I was looking for several options to solicitate a personal loan, and Penfed was my better choice, the qualification process was so fast, don't request any cosign. and the monthly rates are the lowest I can find, if you are looking for quick loan and low rates this is definitely your choise.
Michael R.
Jan 23, 2023
May or may not recommend
I loved getting a personal loan through this company, I received fast cash immediately in hand.
D M.
Jan 21, 2023
May or may not recommend
I would highly recommend this company. They are very friendly and getting a personal loan was easy
Nor M.
Jan 21, 2023
May or may not recommend
PenFed is the Best! I used this for over a month and it was so helpful, the products are always great and never fail to meet my standards. I recommend this company to everyone.
Lisa C.
Dec 1, 2022
May or may not recommend
PenFed may be a good fit for borrowers with fair credit who need access to small personal loans. While this lender offers the option to pre-qualify for a loan, it's not transparent about its eligibility requirements for borrowers.
MC
Mazhar C.
Nov 29, 2022
May or may not recommend
They offered me a rate of interest that was much lower than the one I was previously paying! i highly recommend it.
MC
Mazhar C.
Nov 25, 2022
May or may not recommend
PenFed Credit Union helped me get a personal loan I really needed and I would be more than happy to recommend it to anyone.
Thanks.
EN
Edwin N.
Nov 20, 2022
May or may not recommend
PenFed Credit Union helped me get a personal loan I really needed and I would be more than happy to recommend it to anyone.
Thanks.
AY
Aleena Y.
Oct 17, 2022
May or may not recommend
PenFed as the only organization that would give me a small loan when I needed to pay some of my debt and ever since that we have had a very good relationship. He was very vocal about how military-friendly they tend to be. He was correct; I just mentioned I was prior service, and instantly.
AW
Alicia W.
Oct 6, 2022
May or may not recommend
Great for refinancing your auto loans. They offer super low APR rates.
CD
Cassey D.
Sep 7, 2022
May or may not recommend
I really hope I have good odds of getting the loan approved
Line G.
Sep 2, 2022
May or may not recommend
They offered me a rate of interest that was much lower than the one I was previously paying! It was also easy to shift from my previous auto loan company.
C.
Charles .
Jul 28, 2022
May or may not recommend
PenFed loan Extremely easy and hassle-free process. Applied, got approved and had my funds within 7 business days and I recommend to anyone looking for personal loan provider!
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