PenFed Credit Union Personal Loans

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 fees does Penfed personal loan 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 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.