Pentagon Federal Credit Union, otherwise known as PenFed, offers personal loans for up to $25,000 with rates as low as 6.49%. Continue reading the review to find out if PenFed suits you.
Taking out a loan from PenFed requires no collateral. PenFed suggests that the loans are ideal for home remodeling, wedding or traveling abroad expenses.
However, due to PenFed being a credit union, you will be required to join before applying for a personal loan.
A PenFed personal loan may be right for you if you serve in the military, are a U.S. government employee, are related to someone who meets those requirements.
PenFed is also good if you are looking for an interest-bearing checking account with monthly fees that aren’t difficult to avoid, or if you want to invest in short-term certificates with good rates. Apply today!
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PenFed Information
Apply for a PenFed personal loan today!
| Lender | PenFed |
| APR | 6.49% – 17.99% |
| Loan Amount | $500 – $25,000 |
| Term Length | 6 months to 5 years |
| Origination Fee | None |
| Prepayment Fee | None |
| Late Fee | 20% |
| NSF Payment Fee | $30 |
| Repayment Options | Monthly |
PenFed Personal Loan Eligibility
You must be a member of PenFed Credit Union to qualify for any kind of loan.
Pros and Cons of a PenFed Personal Loan
- You don’t need to own a home to apply.
- The application is simple and easy to follow.
- Cosigners are welcomed to apply.
- When approved, funding takes as little as one business day.
- A personal loan from PenFed can be used towards small business, debt consolidation, home improvement, medical bills and other special occasions.
- There are no origination or prepayment fees so you can make payments early.
- PenFed has 24/7 customer service and is available worldwide.
- You can adjust the monthly payment for your loans once per year.
- PenFed also has a Debt Protection insurance plan if there is a disability or death. This will essentially pay off some of your loan payments.
- If you have excellent credit score, your APR can be as low as 6.49%.
- PenFed is only for PenFed customers since it’s from a credit union.
- They conduct a hard pull since your credit score has to be pretty higher than average.
- You can be charged a 20% late fee if you miss your payment for more than 5 days.
- If your payment gets rejected because of insufficient funds, you will be charged $30 for an unsuccessful transaction.
How To Apply For PenFed Personal Loan
The online application process is fast, and once approved, you may have your funds as soon as the next day.
Keep in mind to qualify for a personal loan from PenFed, you must be a member of PenFed Credit Union.
On the bright side, anyone can become qualified for membership by joining the Voices for America’s Troops for $14 in dues or the National Military Family Association for $15 in dues.
PenFed also requires a $5 deposit into a share account to establish membership.
In total, you’ll spend at least $19 to become eligible if you’re not a member or employee of another affiliated organization. Head to PenFed’s website and join today!
Bottom Line
The pros of taking a loan from PenFed are the lack of fees and the competitive interest rates.
Their loans offer several terms and a wide range of loan amounts so you have flexibility to choose what works for you.
You can even adjust the monthly payment for one personal loan per year.
The only thing that sets PenFed aside from the majority of other lenders is that you have to become a member of their credit union.
Are you interested in this personal loan from this lender? Please let us know in the comment section below on your experience! If you want to search for more options on taking out the best personal loan, check out our full list of Best Personal Loans.
(Visit PenFed for more details)
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