PenFed Credit Union Personal Loans Review
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|
|Repayment terms||Up to 60 months|
|Minimum credit score||700|
|Lender type||Direct lender|
|Good for||People with good credit who are looking to get a low-rate personal loan|
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
- Soft credit check
- Offers loans as small as $500
- Competitive rates
- Useful mobile app to manage your loan
- No option to get a secured loan or co-signer
- No ability to change the payment date
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.
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.
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.
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 4.99% 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.
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.
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.
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.
7940 Jones Branch Drive, McLean, Virginia, United States
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 4.99% APR would amount to 60 monthly payments of approximately $676.49 each.