PenFed Credit Union offers personal loans to meet a variety of needs, such as:

  • Home renovations and repairs.
  • Debt consolidation.
  • Travel and vacation expenses.
  • Car repairs.

A current PenFed Credit Union member may apply for a personal loan by logging into an online account.

For nonmembers, choose to check your rate online and to complete an application. No membership is required to apply, but should you decide to move forward with the loan following approval, you’ll need to become a PenFed member, which is open to everyone.

PenFed Credit Union offers personal loans from $600 to $50,000, with terms up to 60 months. Loans carry a fixed interest rate as low as 4.99% annual percentage rate, with individual rates determined by the loan amount and the borrower’s creditworthiness. There is no application or origination fee for a personal loan from PenFed, and there is no prepayment penalty. All loans are subject to a minimum monthly payment of $50.

The application process begins by checking your rate online with a soft credit pull. Although credit union membership is not required to apply, the APR will be based both on credit history and length of PenFed membership.

Funds may be available as soon as the next business day, but disbursement depends on various factors.

PenFed does not specify the minimum credit score or income required for a loan.

PenFed serves members in all 50 states, as well as Guam, Puerto Rico and Okinawa, Japan.

Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated APRs and loan terms.

PenFed Credit Union is not accredited by the Better Business Bureau, but has an A+ rating. The Consumer Financial Protection Bureau received 38 complaints in 2021 concerning PenFed’s personal loans, and all received a timely response. Most complaints were about receiving a line of credit and problems when making payments. PenFed closed 26 with an explanation, four with monetary relief, three with nonmonetary relief and five were in progress by January 2022.

In U.S. News’ ratings of personal loan lenders, PenFed Credit Union received 4.6 out of 5 stars overall, 4.7 for affordability, 4.3 for eligibility and 5.0 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.

Reach PenFed Credit Union’s customer service by calling 800-247-5626 from:

  • 7 a.m. to 11 p.m. Eastern Time on Monday through Friday.
  • 8 a.m. to 11 p.m. ET on Saturday.
  • 9 a.m. to 5:30 p.m. on Sunday.

Customers may also send a secure online message through the PenFed website.

Borrowers can apply for a personal loan online by logging into their PenFed banking account. Nonmembers can complete the loan application online, but membership is required before the loan is funded. Both members and nonmembers have access to securely upload supporting documents.

  • People who are PenFed Credit Union members or are interested in joining.
  • People who want to avoid application and origination fees.
  • People who want to borrow up to $50,000.

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By Richard

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