PenFed Credit Union Personal Loans
in Personal Loans from PenFed Credit Union
Would you recommend PenFed Credit Union Personal Loans to your friends?
| Community Rating |
Rating not yet determined |
| Loan Amount | $500 - $25,000 |
| APR (Variable APR) | Starting at 6.49% |
| Loan Term | 1 - 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
- Good credit required. You will need a credit score of at least 700 to 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 1 month. Most personal loans have a minimum term of 12 to 36 months.
PenFed Credit Union Personal Loans Pros and Cons:
| Pros | Cons |
|---|---|
|
|
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 starts at 6.49% 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 $25,000.
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 1 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.
| Loan Amount | $500 - $25000 |
| Loan Term | 1 - 60 months |
| APR | Starting at 6.49% |
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.
| Origination Fee | 0% |
| Prepayment Fee? | No |
| Late Payment Fee | $25 |
What do you need to qualify for PenFed Credit Union Personal Loans?
Applicants with a credit score of at least 700 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
| Minimum Age | 18 |
| Bank Account Required? | No |
| Application Types Accepted |
|
| Credit Score | 700 - 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 14 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 score.
Contact
- Headquarters
-
2930 Eisenhower Avenue
Alexandria, VA 22314 USA - (800) 247-5626
- Visit Site
Other Services by PenFed Credit Union
Availability
- 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 | $25 |
