Best Personal Loans from PenFed of May 2024

PenFed offers personal loans. The APR for PenFed personal loans starts from 7.99% while the amount you can get varies from $600 to $50,000. You can apply for a PenFed personal loan of up to 60 months. See all the terms to decide if PenFed is the right lender for you.

PenFed
By Hanna Volkava
Updated May 21, 2024

See all PenFed personal loans in May 2024

Showing 3 loans
APR
7.99 - 17.99 %
Term
1 - 5years
Loan amount
$600 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    No origination fee.
  • Funds available in:
    1-2 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
    • No Origination Fees
  • Cons:
    • No Autopay Discount
    • For PenFed customers only
    • Extra Fees

PenFed Credit Union offers personal loans in all 50 states.

All loans are subject to a minimum monthly payment of $50.

PenFed Credit Union offers personal loans up to $50,000, with terms of 36 - 60 months. The interest rates range from 7.99% to 17.99%.

APR
7.99 - 17.99 %
Term
1 - 5years
Loan amount
$600 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    No origination fee.
  • Funds available in:
    1-2 business days.
  • Loan Purpose:
    Home Improvement Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
    • No Origination Fees
  • Cons:
    • No Autopay Discount
    • For PenFed customers only
    • Extra Fees

PenFed Credit Union offers personal loans in all 50 states.

PenFed’s home improvement loan will help you finance home renovations or repairs. All loans are subject to a minimum monthly payment of $50.

PenFed Credit Union offers personal loans up to $50,000, with terms of 36 - 60 months. The interest rates range from 7.99% to 17.99%.

APR
7.99 - 17.99 %
Term
1 - 5years
Loan amount
$600 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    No origination fee.
  • Funds available in:
    1-2 business days.
  • Loan Purpose:
    Medical (Dental) Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
    • No Origination Fees
  • Cons:
    • No Autopay Discount
    • For PenFed customers only
    • Extra Fees

PenFed Credit Union offers loans in all 50 states.

All loans are subject to a minimum monthly payment of $50.

PenFed Credit Union offers personal loans up to $50,000, with terms of 36 - 60 months. The interest rates range from 7.99% to 17.99%.

For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.

Check PenFed personal loan rates

scorer
APR Range
7.99 - 17.99%
scorer
Loans
up to $50,000
scorer
Terms
up to 60 months
scorer
Score required:
Good (670-739)
scorer
Loan purposes:
Personal Loan, Home Improvement Loan, Medical (Dental) Loan

Information about lender

  • Organisation:
    Pentagon Federal Credit Union
  • Website:
  • Headquarters:
    2930 Eisenhower Ave, Alexandria, VA 22314

PenFed Personal loans Pros&Cons

Pros:
  • Co-borrowers allowed. PenFed allows co-borrowing options, so you can have higher chances of being approved or getting better loan terms.
  • Prequalification available. PenFed will perform a soft credit check to see which loan terms you are eligible for. Then, when you commit to a specific loan term, they will perform a hard inquiry.
  • Available in all states. PenFed is available in all 50 states.
  • No origination or prepayment fees. Although they charge a $29 fee for late payments and a $30 returned payment fee, PenFed does not charge a loan origination fee or prepayment fees.
  • Funds are quickly available. Once approved, you can receive your funds via ACH direct deposit in as little as one business day. Mailed checks take 5-7 business days.
Cons:
  • Membership required. You have to be a credit union member to be eligible for a personal loan. Fortunately, it is relatively easy.
  • No autopay discount. Unlike some other lenders, PenFed does not offer an autopay discount.
  • No direct creditor payments. PenFed does not make direct payments to creditors. That means you will have to make debt payments yourself.
  • Not transparent. PenFed does not list much information about personal loans on its website. You can call a local branch to get more information about loan opportunities and specific rates.

Check loans from other lenders

LightStream
LightStream
Personal Loan
5 out of 5
Recommended credit score
bank name
Fair (580-669)
  • 5.99 - 21.49 %
    APR
  • 2 - 6 years
    Loan Term
  • $5,000 - $100,000
    Loan Amount
Check rates
On partner's site
Marcus by Goldman Sachs
Marcus by Goldman Sachs
Personal Loan
4.13 out of 5
Recommended credit score
bank name
Fair (580-669)
  • 6.99 - 24.99 %
    APR
  • 3 - 6 years
    Loan Term
  • $3,500 - $40,000
    Loan Amount
Check rates
On partner's site
Upstart
Upstart
Personal Loan
3.77 out of 5
Recommended credit score
bank name
Poor (300-579)
  • 5.6 - 35.99 %
    APR
  • 3 - 5 years
    Loan Term
  • $1,000 - $50,000
    Loan Amount
Check rates
On partner's site

PenFed Review

For people who may need to borrow money, personal loans are an option to help get their finances under control. PenFed is a credit union that offers personal loans to its members. We will look at PenFed and talk about its personal loan features, terms, pros, and cons.

PenFed is the third-largest credit union in the country based on asset size. Like most credit unions, you need to be a member to access their financial services. Anyone can become a member by opening a savings account for as low as $5. With a PenFed personal loan, you can take out amounts from $600 - $50,000. Loans are available from 1 - 5 years, and ARP rates range from 7.99 - 17.99%, depending on your credit score and the length of your membership with PenFed.

PenFed Loan Types

At PenFed, you can apply for the following types of personal loans:

Debt consolidation

If you have high-interest debt, you can get a PenFed fixed-rate loan to consolidate your debt into a single payment. With a PenFed loan, you can pay off existing debts at a lower interest rate.

Home improvement

Whether you need to remodel your bathroom or finish your basement, you can get a PenFed personal loan to cover the costs.

Transportation

If you have expensive car repairs, you can turn that single large payment into lower monthly payments with a PenFed transportation loan. PenFed transportation loans do not have a title requirement and feature low rates.

Medical and dental

Medical and dental bills can often spiral out of control. A personal loan can be a way to finance medical costs without insurance and cover costs insurance will not pay for. A PenFed personal loan can cover expenses related to vision/dental services, elective and emergency surgery, and mobility devices.

Life and events

Things like vacations, weddings, and major life purchases may require a significant investment. You can get a fixed-rate PenFed loan for:

  • Family vacations
  • Hobbies
  • College/Professional Education
  • Tax payments
  • Weddings
  • Pets
  • And more

Loan specifications

You can apply for the following types of loans: credit card consolidation, debt consolidation, home improvement, medical loans, wedding loan, moving and relocation, and car financing.

APR7.99 - 17.99%
Amount$600 - $50,000
Term1 - 5 years
Origination feeNo origination fee.

As you can see from the table the maximum loan amount is $50,000, and the APR starts at 7.99% for the best graded borrowers. The loan period varies from 1 to 5 years.

PenFed Personal Loan: Pros and Cons

Pros: Cons:
Co-borrowers allowed. PenFed allows co-borrowing options, so you can have higher chances of being approved or getting better loan terms. Membership required. You have to be a credit union member to be eligible for a personal loan. Fortunately, it is relatively easy.
Prequalification available. PenFed will perform a soft credit check to see which loan terms you are eligible for. Then, when you commit to a specific loan term, they will perform a hard inquiry. No autopay discount. Unlike some other lenders, PenFed does not offer an autopay discount.
Available in all states. PenFed is available in all 50 states. No direct creditor payments. PenFed does not make direct payments to creditors. That means you will have to make debt payments yourself.
No origination or prepayment fees. Although they charge a $29 fee for late payments and a $30 returned payment fee, PenFed does not charge a loan origination fee or prepayment fees. Not transparent. PenFed does not list much information about personal loans on its website. You can call a local branch to get more information about loan opportunities and specific rates.
Funds are quickly available. Once approved, you can receive your funds via ACH direct deposit in as little as one business day. Mailed checks take 5-7 business days.

Applying for a PenFed Personal Loan

As with most lenders, you have to be a U.S. citizen, 18 years (in most states) or older, to apply for a PenFed loan. You also need a PenFed membership to apply. If you don’t have a membership with PenFed, you can create one during the loan application process.

PenFed does not disclose minimum credit score requirements, but PenFed’s calculator starts at a minimum score of 650.

Once you sign in with your member account, PenFed will perform a soft credit check, and you will be presented with a list of loan options, rates, and terms. If you accept the terms, PenFed will perform a hard credit check.

Once approved, it will take about 1-2 business days to receive your funds via ACH transfer.

Conclusion

Overall, PenFed offers good loan terms to borrowers with excellent credit and a low debt-to-income ratio. PenFed has very high lines of credit ($600 - $50,000) compared to many other lenders. They also have a relatively low minimum interest rate under 6%, compared to the industry average of 9.6%. You can also prequalify with a soft credit check before committing to a loan.

PenFed personal loans lack some common features for other lenders, such as autopay discounts or direct payments to creditors. But they have a useful mobile banking app where you can get details on your loan application status and payment schedule as well as make payments.

The PenFed app is smooth and allows you to connect several external accounts for making loan payments. The main downside is that they have relatively high credit requirements, and you have to be a member to be eligible for personal loans.

FAQ

What is the PenFed customer service phone number?

PenFed’s customer service number is 1 (800) 247-5626. You can also reach customer service via chat, mail, or fax.

Is PenFed legit?

Yes, PenFed is 100% legitimate. They are one of the largest credit unions in the country and have a good reputation with their clients.

What credit bureau does PenFed use?

PenFed pulls your FICO score from Equifax for credit inquiries.

How long does it take PenFed to approve a loan?

It depends on the specifics of the loan and your financial situation, but most borrowers are approved and receive their funds within 1-2 business days. You can call customer service to check your application status.