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

• Fast access to cash. In some cases you can get your money within 1 business day.
• 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 6 months. Most personal loans have a minimum term of 12 to 36 months.

PenFed Credit Union Personal Loans Pros and Cons:

Pros	Cons
Low APRs available to qualified borrowers. $0 prepayment fee. $0 origination fee. Fast funding.	Only considers applicants with good credit. Do not offer pre-approval with soft credit pull. Charges a late fee of up to $25. No co-sign option.

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 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

PenFed Credit Union Personal Loans Eligibility Criteria

Minimum Age	18
Bank Account Required?	No
Application Types Accepted	Co-borrowers Individual Applications
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 7 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.