PenFed Credit Union Personal Loans Review
PenFed Credit Union Personal Loans Review

Features of PenFed Credit Union

Below is a breakdown of some of the pros and cons of PenFed Credit Union personal loans.


  • PenFed personal loan borrowers are not charged a fee to originate and process the loan.
  • No prepaid penalty
  • Accept joint applications
  • Borrowers on PenFed can get their money ​​1 to 2 business days after signing up for direct deposit.


  • Borrowers with high credit ratings can get lower rates elsewhere
  • Low maximum loan amount

PenFed Credit Union has been in business since 1935, serving 2.5 million members nationwide. The lender also has operations in Guam, Puerto Rico and Okinawa. PenFed Credit Union personal loans can be used to pay off high-interest debt like credit cards, for home improvements like a kitchen remodel, or to pay for medical bills, car repairs, or large events like a wedding or vacation. You must be a member of a credit union to be eligible for a personal loan.

PenFed Credit Union snapshot

Loan amount $600 – $50,000
APR 5.49% to 17.99%
Minimum credit score Not specified
Time to receive funds 1 or 2 business days after approval

Loan conditions

PenFed Credit Union offers personal loans from $600 up to $50,000. Personal loans are charged at fixed rates ranging from 5.49% to 17.99%. Borrowers can choose a term of up to 60 months to repay their personal loan.
The interest rate and term you get depends on your credit score, credit history, income and debt load.

Fees and Penalties

PenFed Credit Union does not charge personal loan processing fees. Also, it advertises that personal loans have no hidden fees, so borrowers shouldn’t have any surprises. There are also no penalties for paying off the loan before the term ends.

Borrowers should be aware of two fees:

$29 late loan repayment fee.

The fee for returning a loan, check or ACH is $30.

How to Apply for a Personal Loan from PenFed Credit Union

PenFed will let you know the interest rate you are eligible for before offering a final loan. This preliminary rate does not require a “hard pull” on your credit report, so it will not affect your credit score.

The loan application requires the following information:

  • Reason for Loan
  • Required loan amount
  • Expected credit term
  • Basic personal information, such as name, address, social security number, phone number, and email address
    personal annual income
  • Monthly Mortgage or Rent Payments.

You can apply online or at one of PenFed’s approximately 45 branches. You can track the status of your loan application online or call PenFed. Phone service hours are: Monday-Friday, 7:00am-11:00pm; Saturday, 8:00am-11:00pm; Sunday, 9:00am-5:30pm PenFed also has a review Very tall mobile app that can be used to track the status of personal loan applications

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Jake Smith

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Jake Smith

He is the editor of Eragoncred. Previously, he was editor-in-chief of Eragoncred and a financial industry reporter. Jake has spent most of his career as a Digital Media journalist and has over 10 years of experience as a writer and editor.