PenFed personal loans: 2024 review

PenFed customer experience 

Customer Support

PenFed stands out from the rest for its support options. Members can contact a customer service representative by calling 800-247-5626 Monday through Saturday from 8 a.m. to 8 p.m. ET.

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.  

It offers a toll-free teletypewriter (TTY) option for the hearing impaired at 1-800-225-6378. Customers in Eugene, Oregon can use the TTY feature at 541-225-6801.

Digital Experience 

Along with a fully online prequalification and application experience, PenFed’s website features a learning hub that hosts a number of resources and tools. The hub offers financial advice, customer support and information about hardship options.

PenFed also offers a free mobile app — PenFed Mobile. Both Android and Apple users can download the app. However, its ratings are lower than other companies' mobile apps. It's rated 3.1 stars out of 5 on the App Store and 3.5 stars out of 5 on the Google Play store, with most of the negative reviews reporting frequent app outages and crashes. 

What people are saying about PenFed

PenFed reviews are largely positive. It has 1,477 reviews on Trustpilot, of which 82 percent are 5-star ratings and 10 percent are 1-star. Unlike some competitors, PenFed hasn't responded to its negative remarks on the site.

Here is what one 5-star reviewer said about their experience with a PenFed personal loan they took out in December of 2023:

"The process of applying for a loan is quick and easy! They don't ask a bunch of unnecessary questions. They offer a variety of options and have very competitive rates. A decision is received in minutes and funds are available within 2-3 days after approval."

— Trustpilot User

Another reviewer appreciated the preapproval process, which can help borrowers understand expected rates ahead of time:

"Preapproval process was great. No credit score ding. Interest rate was very honest. Fast and efficient process. Helped me get another loan when other lenders wouldn't. Great job Penfed CU."

— Trustpilot User

Most poor reviews for PenFed reference a challenging online interface and poor customer communication. 

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How to apply for a personal loan with PenFed

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. 

1. Go to the "Personal Loans" tab in the "Loans" section.
2. Click on the green "Check your rate" button. If you're already a member you can choose to log in and if you're not yet a member, PenFed will create your membership alongside your loan application. 
3. Follow the application prompts. Be prepared to upload personal documentation and state the reason for your application, as well as basic details like your requested loan amount and term. 
4. Keep an eye out for any information from PenFed regarding your status and download the mobile app to track your application status. 
5. Depending on the disbursal method you choose, you could receive the funds in as little as one to two business days. 

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.

Methodology

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

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.

What customers think