Best Personal Loans from PenFed of November 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.
See all PenFed personal loans in November 2024
- Minimum credit: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%.
- Minimum credit: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%.
- Minimum credit: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%.
Check PenFed personal loan rates
Information about lender
- Organisation:Pentagon Federal Credit Union
- Website:
- Headquarters:2930 Eisenhower Ave, Alexandria, VA 22314
- Customer service:
- TTY (for the hearing impaired):
- First & Second Mortgage Information & Applications:
- Lost/Stolen Card or Report an Unauthorized Transaction:
- First Mortgage Servicing:
- Toll-Free International Phone Number (Spain):
- Toll-Free International Phone Number (Italy):
- Toll-Free International Phone Number (Germany):
- Toll-Free International Phone Number (U.K):
PenFed Personal loans Pros&Cons
- 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.
- 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
- 5.99 - 21.49 %APR
- 2 - 6 yearsLoan Term
- $5,000 - $100,000Loan Amount
- 6.99 - 24.99 %APR
- 3 - 6 yearsLoan Term
- $3,500 - $40,000Loan Amount
- 5.6 - 35.99 %APR
- 3 - 5 yearsLoan Term
- $1,000 - $50,000Loan Amount
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.
| APR | 7.99 - 17.99% |
| Amount | $600 - $50,000 |
| Term | 1 - 5 years |
| Origination fee | No 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.