With over 80 years of lending experience, PenFed could help you get a personal loan for your next big expense.
It’s understandable if you don’t want to dip into your savings to start a new project. 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. Read more about personal loans available to eligible borrowers.
|Product Name||PenFed Credit Union Personal Loans|
|Min Loan Amount||$500|
|Max. Loan Amount||$25,000|
|Interest Rate Type||Variable|
|Minimum Loan Term||3 years|
|Maximum Loan Term||5 years|
|Requirements||At least 18 years old, US citizen or permanent resident, good credit standing and PenFed member|
- 18 years old or older
- A US citizen or permanent resident
- In good credit standing
- A PenFed Credit Union member
What is PenFed Credit Union?
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.
PenFed offers a streamlined application process for loans from $500 to $25,000. With fixed rates as low as 6.49% and terms from 36 to 60 months, rely on predictable monthly payments. See if you’re eligible to get funding for a lump sum or a line of credit.
What are the benefits and drawbacks of Penfed Credit Union 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. Your loan application may be approved as early as next business day.
- Monthly payment calculator. Determine your monthly payments with PenFed’s personal loan calculator.
- Must be a member. Loans are only available to PenFed members. If you’re not looking to open a new account, look elsewhere.
- 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.
Compare more personal loan options
Personal lines of credit from PenFed
PenFed Credit Union has personal lines of credit in addition to its personal loan offerings. 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. If approved, your funds will be available whenever you need them. PenFed will also give you free checks so you can quickly withdraw money from your line of credit.
Am I eligible?
In order to apply for a personal loan from PenFed, you must become a member. If you or a family member are part of the US military or a government employee, you’ll automatically qualify. If not, you can join groups that support the military like National Military Organization or Voices for American Troops to become eligible a loan from PenFed.
Once you’re a member, to qualify for a personal loan you must be:
- At least 18 years old.
- A US citizen or permanent resident.
- In good credit standing.
How do I apply?
To apply for a PenFed personal loan, you must first become a PenFed member and open a savings account. Visit PenFed online and click Join now to get started.
If you’re already a member, log in to yourPenFed member 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 other income.
Once you’ve submitted your information, a specialist considers your loan request against your creditworthiness. You’re usually notified of the loan decision within one to two business days.
More about PenFed Credit Union loans
I got the PenFed personal loan. Now what?
Once you have your PenFed personal loan, your first payment is due 45 days after it’s been dispersed. Keep up with monthly payments to avoid paying unnecessary fees.
- Make timely payments. Use Access Bill Pay to avoid the 20% fee of your repayment on late or returned payments.
- Pay more than the minimum.To avoid excessive interest over the life of your loan, consider paying more than the amount required each month.
If you’re looking into a personal loan with a low interest rate, PenFed could be the right solution for you. While you’re required to open an account, the maintenance fees are minimal and it has branches all over the US.
Before you decide, you can compare your loan options to be sure you’re getting the best offer.