About Bankrate Score
Lender Details
Loan amount
Up to $50,000
APR from
7.99%-17.99%
Term lengths
Up to 60 months
About Bankrate Score
Up to $50,000
7.99%-17.99%
Up to 60 months
PenFed is best for borrowers who need to borrow less than $50,000 and are in good financial shape. Because many of PenFed's requirements aren't listed, those with good credit and a solid repayment history have the highest approval odds.
Low fees.
Joint applications.
Quick funding.
High minimum credit score.
Low maximum loan amount.
Membership required.
The credit union's eligibility qualifications aren't listed on its website, but personal loan lenders and credit unions generally require the following.
PenFed doesn't specify exactly what you can't use the funds for. However, most lenders prohibit using personal loans for investing, certain business expenses or college tuition.
The use requirements vary by lender, so read the terms and conditions carefully before accepting your offer.
Like every lender, there are both drawbacks and advantages to borrowing a personal loan with PenFed. Here's what to know about the company before signing on the dotted line.
Members can contact a customer service representative by calling 800-247-5626 during the following hours.
You can also get in contact with the credit union through its secure online messaging platform. Borrowers can also receive support through the company's 24/7 help center, either by typing a message for the next available agent or by viewing the frequently asked questions page.
You can apply for a PenFed personal loan before becoming a member, but you must become a member to view your terms. The application process can be completed online or in person at one of its brick-and-mortar locations.
Before applying, have your employment and annual income documentation on hand, as well as an official government ID, to ensure a smooth and easy process.
Should your application time out, you can pick up where you left off later through a one-time verification code that will be sent to you via text message.
PenFed Credit Union doesn’t charge an origination fee for personal loans. In addition, it touts that it has no hidden fees for personal loans. There is also no penalty for paying the loan off early.
There are two fees that borrowers should know about:
Overall Score | 4.7 | Explanation |
---|---|---|
Availability | 5.0 | Same-day funding and a low minimum loan amount earn PenFed a high score. |
Affordability | 4.8 | Two fees — late and returned payment — reduce PenFed's score, but not by much. |
Customer Experience | 4.7 | Assistance seven days a week, a website and a mobile app make for a top-tier score. |
Transparency | 4.2 | PenFed doesn't clearly list its credit requirements on its site, but it does offer prequalification. |
To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.