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PenFed Credit Union Personal Loans

Andrew Omalley Andrew Omalley Last update:
Est. APR
5.99 - 17.99%
Max loan
$50,000
Term
Up to 60

PenFed Credit Union caters to the likes of the Armed Forces, Department of Homeland Security, Department of Defense, military associations, retirees, veterans, and their families. However, even people without associations with the military can get personal loans from PenFed Credit Union.

PenFed serves its members in all 50 states and the District of Columbia, as well as in Guam, Puerto Rico, and Okinawa. This review will look at all the different aspects involved with getting a personal loan from PenFed Credit Union.

PenFed Credit Union Financial Loan Types and Terms

Loan types Debt consolidation, home improvement, transportation, medical & dental, life & events
Loan amount $500-$50,000
Repayment terms Up to 60 months
APR 5.99%-17.99%
Minimum credit score 700
Lender type Direct lender
Good for People with good credit who are looking to get a low-rate personal loan

 

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PenFed Credit Union is Good For

PenFed Credit Union is a good fit for people who have average to good credit scores and are looking to take out a personal loan at low rates.

PenFed Credit Union Personal Loans Pros & Cons

Pros:

  • Soft credit check
  • Offers loans as small as $500
  • Competitive rates
  • Useful mobile app to manage your loan

Cons:

  • No option to get a secured loan or co-signer
  • No ability to change the payment date

Application Process

Current PenFed Members and Non-Members are all eligible to pre-qualify and apply for a Personal Loan with PenFed Credit Union.

To pre-qualify or apply for a Personal Loan, click on the application via the Check-Your-Rate button on PenFed’s website and complete the form with your personal and financial information. PenFed Credit Union will conduct a soft credit check to confirm your credit history and, if you are prequalified, PenFed will make up to 4 offers with varying monthly payment amounts for your Personal Loan. If you are not a member of PenFed, you’ll have to agree to join PenFed Credit Union to receive your loan.

 

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Terms & Requirements

Just like with getting a personal loan from any reputable lender, there are going to be certain terms and requirements that you need to meet. PenFed Credit Union is generally transparent about what you need to show if you are seeking a personal loan.

Loan Requirements

PenFed Credit Union will provide personal loans to

All 50 states and the District of Columbia, as well as in Guam, Puerto Rico, and Okinawa. While it caters mainly to those with links to the military, this is not going to be a requirement when applying for a personal loan.

The minimum required credit score to get a PenFed Credit Union personal loan is 700 and you need at least three years’ worth of credit history. There is no stated minimum income that you need, and PenFed Credit Union prefers people who have a low debt-to-income ratio.

Loan Terms

PenFed Credit Union will offer personal loans that are worth up to $50,000 in some cases. Loans will start from just $500, but a monthly repayment of $50 is a requirement. The term lengths will generally be 36, 48, or 60 months. The loans will have a fixed interest rate, starting at 5.99% and going as high as 17.99% depending on the borrower.

The exact rate is dictated by the person’s creditworthiness and the size of the loan. PenFed Credit Union offers personal loans dedicated to a range of different purposes, such as Debt consolidation, home improvement, transportation, medical and dental, life and events.

Repayment Terms

You do not have to worry about any sort of loan origination fee or prepayment penalty with PenFed Credit Union. This is ideal, as many competitors have these sorts of rules in place. Once you are locked into your repayment plan, you cannot change the payment date.

Privacy & Security

PenFed Credit Union is federally insured by the National Credit Union Administration. It is the third biggest federal credit union in the United States, having assets worth more than $25 billion, as well as over two million members. Therefore, it is a trusted lender that has all the latest security and privacy measures in place to protect its members.

Customer Support

PenFed Credit Union clearly has a sterling reputation, having served a huge amount of customers across the United States for some time. It has an A+ rating from the Better Business Bureau, highlighting the esteem it is held by consumers.

In terms of customer support, there are plenty of useful resources on the PenFed Credit Union website and the mobile app that allow you to track everything associated with your personal loans. You can also talk directly with the customer support team through the likes of live chat, email, phone, or even in-person.

There are about 45 physical branches found across the United States and the customer support team hours are generally conducive to the needs of borrowers. This includes the support team working during the weekends. The quality of the responses is top notch and highlight the overall quality of this offering.

Final Thoughts

PenFed Credit Union is one of the best personal loan lenders in the space today, particularly if you have a good credit score. It has a great reputation for being fair and offering low-interest rates. There is a flexible range of loan types to choose from, as well as fair qualifying requirements.

The low-cost structure is also attractive to a wide range of people, as is the quick time it takes to process the personal loan funds. Overall, PenFed Credit Union is a good option for people who are looking to get a personal loan.

Address

7940 Jones Branch Drive, McLean, Virginia, United States

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Rates and offers current as of July 2021 and are subject to change. *Your actual APR will be determined at the time of disbursement and will be based on your 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 conditions may apply. †The initial inquiry will be a soft pull that may 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. Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50. 1Loan Payment Example: A $35,000 personal loan financed at 5.99% APR would amount to 60 monthly payments of approximately $676.49 each.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.