We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

PenFed Credit Union personal loans review

Last updated:  

With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.

As one of the largest credit unions in the US, Pentagon Federal Credit Union (PenFed) aims to help finance your dreams with personal loans for home improvements, weddings or any other big expense. But loans are only available to members, and you’ll need good credit to get competitive rates.


Max. Loan Amount

6.49% to 17.99%



Min. Credit Score


Product NamePenFed Credit Union Personal Loans
Min. Loan Amount$500
Max. Loan Amount$25,000
APR6.49% to 17.99%
Interest Rate TypeFixed
Min. Credit Score650
Minimum Loan Term1 year
Maximum Loan Term5 years
Turnaround Time1 to 2 business days
Go to PenFed Credit Union's website

What makes PenFed Credit Union personal loans unique?

Founded in 1935, Pentagon Federal Credit Union provides loans to all 50 states, DC. Guam, Puerto Rico and even as far away as Okinawa. Though it offers membership discounts to members of the military, veterans and their family, it extends its membership to other members of the community.

How do PenFed Credit Union personal loans work?

PenFed offers a streamlined application process for loans from $500 to $25,000. With APRs as low as 6.49% and terms from , you can rely on predictable monthly payments that don’t break your budget.

There are no origination fees, and you can use your loan funds for just about anything, including debt consolidation. However, you’ll still need to meet credit and income requirements, but a personal loan from PenFed can be a good middle ground for those stuck between borrowing from a bank or a private lender.

Loan funds at PenFed are insured by the National Credit Union Administration (NCUA).

Personal lines of credit from PenFed

PenFed Credit Union also offers personal lines of credit. Lines have a fixed APR of 14.65% and can extend up to $25,000. This gives you the freedom to spend as you need without fear that you’ll be charged extra for the money you don’t use.

Like personal loans, you’ll still need to apply for a line of credit. Decisions are quick, and some applications receive an approval decision as soon as the next business day. PenFed’s line of credit is subject to a three business day hold for credit line advances. PenFed will also give you free checks so you can quickly withdraw money from your line of credit.

What are the benefits of Penfed Credit Union personal loans?

  • Low APR. With APRs as low as 6.49%, borrowers with good credit can enjoy loans for large projects and home improvements.
  • Online application and quick approval. You won’t have to visit a branch to apply. PenFed’s personal loan application is completely online, and if you apply during business hours, you may be approved for a loan within a business day.
  • Monthly payment calculator. PenFed offers a personal loan calculator to help you determine your monthly payments.

What to watch out for

  • Must be a member. Loans are only available to PenFed members. Fortunately, PenFed doesn’t charge a fee to join and everyone is eligible.
  • Good credit necessary. To get the best rates, you should have good to excellent credit before applying. If you have poor credit, consider a personal loan without high credit requirements.
  • Limited branch locations. PenFed Credit Union only has branches in Florida, Hawaii, North Carolina, New York, Tennessee, Texas, Virginia, Guam, Puerto Rico and Washington, DC. If you don’t live in one of these states or territories and want face-to-face service, you may want to consider another option.

Compare more personal loan options

Updated November 19th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.95% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
3.84% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
3.84% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
34% to 155% (Varies by state)
No minimum
Check eligibility in minutes and get a personalized quote without affecting your credit score.
3.99% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
6.95% to 35.89%
A peer-to-peer lender offering fair rates based on your credit score.
5.99% to 17.88%
No fees. Multiple member perks such as community events and career coaching.

Compare up to 4 providers

Am I eligible?

To apply for a personal loan from PenFed, you’ll need to apply for membership and open an account. Then, you’ll need to meet these basic criteria:

  • Good to excellent credit
  • At least 18 years old
  • US citizen or permanent resident

How do I apply?

To begin your application, visit PenFed online and click Join now. If you’re already a member, log in to your PenFed account. Once you choose your loan, amount and your repayment terms, you’ll need to supply:

  • Your personal information, including your date of birth and Social Security number
  • Your financial information including mortgage or rent payments, employment and income

Once you’ve submitted your information, a specialist considers your loan request against your creditworthiness. Most approvals are immediate. If you’re not immediately approved, further consideration may take one to two business days.

I got the PenFed personal loan. Now what?

Your first payment is due 45 days after your loan has been dispersed. It’s important to plan ahead and keep up with your monthly payments to avoid paying unnecessary fees.

  • Make timely payments. Use Access Bill Pay to avoid the 20% fee if your repayment is late or is returned for insufficient funds.
  • Pay more than the minimum.To avoid excessive interest over the life of your loan, consider paying more than the amount required each month.

Bottom line

If you’re looking into a personal loan with a low interest rate, PenFed could be the right solution for you. While you are required to open an account, the maintenance fees are minimal and it has branches all over the US.

Before you decide, you can compare more credit union loan options or explore other personal loan options to be sure you’re getting the best offer. And if you’re in need of more than just a personal loan, you can explore more loans offered by PenFed Credit Union.

Frequently asked questions

Ask an expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use and Privacy and Cookies Policy.
Go to site