Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure

PenFed Credit Union personal loans review

With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.’s rating: 3.9 / 5.0


  • Best for veterans and active-duty service members looking for low fixed rates.
  • Pick something else if you're in a rush — it can take up to two weeks to get your funds.


Min. Loan Amount$600
Max. Loan Amount$25,000
APR5.49% to 17.99%
Interest Rate TypeFixed
Min. Credit Score650
Loan Term1 to 5 years
Turnaround TimeAs soon as the next business day

How much will this loan cost me?

PenFed offers personal loans of $600 to $25,000. While this may limit the amount you can spend, it can help you avoid overborrowing and can save you money — especially combined with PenFed’s low maximum APR of 17.99%

Terms last anywhere from one to five years, and there are no origination or application fees.

You can use our monthly payment calculator to estimate the total cost of borrowing a loan from PenFed.

Monthly repayments calculator

Calculate how much you could expect to pay each month

Your loan
Loan amount
Loan terms (in years)
Interest rate

Fill out the form and click on “Calculate” to see your
estimated monthly payment.


Compare personal loans now

You can expect to pay back


per month

Based on your loan terms
Total Cost$

How it works

Because PenFed is a federal credit union, its maximum rates are capped at 17.99%. But to qualify for its low 5.49% APR, you’ll need to have excellent credit and strong finances.

What do I need to qualify?

To apply for a personal loan from PenFed, you need to meet these basic criteria:

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

Am I eligible to be a PenFed member?

Military service isn’t a requirement. However, membership is limited to the following people:

  • Active-duty, honorably discharged and retired military members
  • Employees of qualified organizations or associations
  • Members of qualified organizations or associations
  • Employees of the US government
  • Residents of eligible locations

To see which organizations, associations and locations qualify, visit the membership page on the PenFed website. You can also join by paying $5 if you don't want to join an organization and don't meet other eligibility criteria.

What information do I need to apply?

PenFed requires you to submit some basic information when you apply, including:

  • Social Security number
  • Date of birth
  • Annual income
  • Monthly housing payment


  • Competitive rates as low as 5.49%
  • No origination fee
  • Fully online application
  • Low starting amount of $600


  • Funding only available by check
  • Membership required
  • Slow turnaround of up to two weeks

What other types of financing does PenFed offer?

PenFed offers two fixed-rate lines of credit to its members:

Personal line of credit

Up to $20,000


Relatively low APR for repeat borrowing

Overdraft line of credit

Starts at $500


Avoiding fees on overdrafts

See other personal loan options

1 – 7 of 7

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
7.99% to 35.99%
$2,000 to $50,000
A prime online lending platform with multiple repayment methods.
Credible personal loans
3.99% to 35.99%
Fair to excellent credit
$600 to $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
4.98% – 35.99%
Poor to excellent credit
$1,500 to $100,000
FreedomPlus personal loans
7.99% to 29.99%
$5,000 to $50,000
Consolidate debt and more with these low-interest loans. Cosigners welcome.
Upstart personal loans
5.6% to 35.99%
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
Upgrade personal loans
7.46% to 35.97%
$1,000 to $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
SoFi personal loans
7.99% to 23.43%
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

Is PenFed legit?

Yes, PenFed is a legit credit union and insured by the National Credit Union Administration (NCUA). Its website is encrypted to keep your information safe, and its privacy policy covers what personal information is collected and how it is used.

PenFed reviews and complaints

BBB accreditedNo
BBB ratingA+
BBB customer reviews1.18 out of 5 stars, based on 84 customer reviews
BBB customer complaints287
Trustpilot score4 out of 5 stars, based on 32 customer reviews
App Store score4.1 out of 5 stars, based on 6,185 customer reviews
Google Play score4.6 out of 5 stars, based on 13,611 customer reviews
Customer reviews verified as of05 March 2021

Many of the most recent reviews on PenFed’s BBB page are negative. Customers complain of slow customer support, frequent technical difficulties and an overall less-than-optimal experience.

How do I apply?

To apply online, follow these steps:

  1. Visit PenFed’s website, navigate to the personal loans page and click Apply now.
  2. Sign into your PenFed account or apply for a loan and membership.
  3. Select your loan purpose, preferred term and amount, then enter information about yourself.
  4. Enter information about your coborrower, if applicable.
  5. Review your application and click View my loan options.

What happens after I apply?

PenFed will review your application and let you know if you’ve been approved within a few minutes — although in some cases, it may take up to two business days. From here, you can finalize your application and open an account if you aren’t already a member.

Your loan funds will be mailed to you as a check. However, you can choose to pick it up at a PenFed branch or pay for expedited shipping to receive your loan within one business day.

How do repayments work with PenFed?

While monthly payments will depend on your loan amount, interest and term, the base minimum payment is $50. Consider making larger payments to shave off the principal amount faster — you’ll save more money on interest in the long run.

If your payment is late, you may be charged a fee of 20% of the amount due with a minimum of $20 and a maximum of $25.

Not sure if PenFed fits what you need? Find out how it stacks up to the competition with our guide to personal loans.

Frequently asked questions

Will a late payment on my loan be reported to a credit agency?

Yes, but you have a 30-day grace period before this happens. A good way to keep your credit in good standing and avoid late fees is to work the cost of the loan into your budget.

Where does PenFed have branches?

PenFed Credit Union has branches in Washington, DC and 13 states:

  • California
  • Georgia
  • Florida
  • Hawaii
  • Maryland
  • Nebraska
  • New Jersey
  • New York
  • New Mexico
  • North Carolina
  • Pennsylvania
  • Texas
  • Virginia

Personal loan ratings

★★★★★ Excellent
★★★★★ Good
★★★★★ Average
★★★★★ Subpar
★★★★★ Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.


Review by

Aliyyah Camp was the personal loans publisher for Finder. Aliyyah earned a BA in communication from the University of Pennsylvania.

Expert review

PenFed is ideal for active-duty service members and veterans — but membership isn’t limited to current and former military members. Because it offers loans as low as $600, PenFed is a good choice for anyone looking to borrower a small amount and avoid the high interest rates that come with short-term loans.

But you’ll want to look elsewhere if you’re in a hurry — it can take one to two weeks to receive your funds after approval. You may also want to look elsewhere if you need a loan on the larger size.

Before you apply for membership, compare your personal loan options.

Ask an expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • 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