PenFed Credit Union personal loans review February 2018 | finder.com

PenFed Credit Union personal loans review

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 NamePenFed Credit Union Personal Loans
Min Loan Amount$500
Max. Loan Amount$25,000
Min APR From 6.49%
Minimum Loan Term3 years
Maximum Loan Term5 years
RequirementsMust be: 18+ years old and a US citizen or permanent resident, in good credit standing and a PenFed member.
Application FeeNone
  • 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.

Before you apply, learn more about personal loans from credit unions

What are the benefits and drawbacks of Penfed Credit Union loans?

Pros

  • 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.

Cons

  • 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

Rates last updated February 25th, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
From 4.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
From 5.99% (fixed)
CompareFirst Personal Loans
An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
580
$100,000
From 2.99% (fixed)
Upgrade Personal Loans*
620
$50,000
From 5.96% (fixed)
Laurel Road Personal Loans
Get a personal loan with no application or origination fees and a rate discount for autopay.
680
$45,000
From 5.5% (fixed)
FreedomPlus Personal Loans
Consolidate debt and more with these low-interest loans. Cosigners welcome.
640
$35,000
From 4.99% (fixed)
Best Egg Personal Loans
640
$35,000
From 5.99% (fixed)
Prosper
Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
640
$35,000
From 5.99% (fixed)
LendingPoint Personal Loans
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
600
$25,000
From 15.49% (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
From 34% (fixed)

Compare up to 4 providers

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.

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.

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’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.

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