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PenFed Credit Union personal loans review

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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.


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 TimeOne to two weeks after approval
Check my rate

Expert review

Aliyyah Camp

Review by

Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

PenFed Credit Union is ideal for veterans and active-duty service members who are eligible for membership. Its personal loans come with competitive rates and no origination fee, unlike other lenders out there. It also offers a fully online application — rare for many credit unions.

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. And you’ll need good credit to qualify. It also only has branches in Washington, DC and seven states — so make sure you live near one if you’re looking for in-person customer support.

Not sure you can qualify with PenFed? Compare your other options below.

First, 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 credit standing
  • A PenFed Credit Union member
  • 18 years old or older
  • US citizen or permanent resident

Which states does PenFed service?

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

  • Florida
  • Hawaii
  • North Carolina
  • New York
  • Tennessee
  • Texas
  • Virginia
PenFed also has branches in Guam and Puerto Rico.


  • Competitive rates as low as 6.49%
  • No origination fee
  • Fully online application


  • Must be a member
  • Good credit necessary
  • Limited branch locations
  • Slow turnaround of up to two week

Personal lines of credit from PenFed

PenFed Credit Union also offers personal lines of credit (LOCs). These 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 LOC 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 credit line.

Compare other personal loan providers

Updated March 30th, 2020
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
Credible Personal Loans
3.99% to 35.99%
Fair to excellent credit
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Fiona Personal Loans
4.99% to 35.99%
Good to excellent credit
Get loan offers from multiple lenders at once without affecting your credit score.
Monevo Personal Loans
3.49% to 35.99%
Quickly compare multiple online lenders with competitive rates depending on your credit.
Even Financial Personal Loans
4.99% to 35.99%
Get connected to competitive loan offers instantly from top online consumer lenders.
Upgrade Personal Loans
6.98% to 35.89%
Affordable loans with two simple repayment terms and no prepayment penalties.
PenFed Credit Union Personal Loans
6.49% to 17.99%
With over 80 years of lending experience, this credit union offers personal loans for a variety of expenses.
SoFi Personal Loans
5.99% to 18.64%
A highly-rated lender with competitive rates, high loan amounts and no fees.

Compare up to 4 providers

What do customers say about PenFed?

BBB accreditedNo
BBB ratingA+
BBB customer reviews1.5 out of 5 stars, based on 30 customer reviews
Trustpilot score3.8 out of 5 stars, based on 2 customer reviews
Customer reviews verified as of23 December 2019

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

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 your monthly housing payment 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.

What happens after I apply?

If your application is approved, your loan funds will be deposited into your PenFed account within one to two weeks.

How do repayments work with PenFed?

Your first payment is due 45 days after your loan has been disbursed. 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 payment amount.

In need of more than just a personal loan? Explore more loans offered by PenFed Credit Union. Or find out how PenFed stacks up to the competition with our guide to personal loans.

Frequently asked questions

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