If you’re in need of cash, you can skip the lengthy application process with PenFed Credit Union. PenFed personal loans offer up to $20,000 to eligible applicants through an easy online application. The lender doesn’t charge any origination or application fees, and APR starts at 7.74%. Once you qualify, you can expect to receive your money in as fast as one business day.
Considering taking out a loan? Find out all you need to know before you apply. This PenFed review will walk you through the process so you know what to expect.
You can use the money for basically any personal reason, excluding buying a home (you’ll want to apply for a mortgage loan in that case, also available at PenFed). Typically, borrowers use their personal loans for things like car expenses, home improvement, medical and dental bills, or big events (like a wedding).
You can also use your loan toward debt consolidation by paying off multiple debts to simplify your repayments. Debt consolidation offers an alternative financing option, best-suited for anyone with high-interest credit card debt. You can pay off credit cards and combine your debt into a single, low-interest personal loan.
Although PenFed is a credit union, they do not require prospective borrowers to be a member in order to apply. However, you will need to join if you decide to proceed with accepting the loan.
PenFed takes the hassle out of the lending process. Before you begin, you can get an estimate of your loan with the free, instant online calculator. Input your intended loan amount and loan length to find out what to expect on monthly repayments.
To move forward with your application, you’ll go through a 3-step process:
Step 1: Check Credit
Before applying, you should find out your credit score to get a better idea of the rates to expect on your loan. Those with better credit history can expect lower rates, starting at 4.99%.
Step 2: Browse Loan Offers
After filling in the online application, you’ll receive a list of offers. Compare the offers available to find the loan that best suits your needs and budget. You can conveniently upload any requested documents through the online portal.
Step 3: Receive Your Money
Upon approval, you can expect to receive your money in just as 1 to 2 business days after verification.
PenFed offers flexible terms, so you can adapt the conditions upon applying. PenFed provides personal loans up to $20,000 with repayments up to 72 months. APR starts at 7.74%, and your rates will depend on your financial situation, such as debt to income ratio and credit score.
Some lenders will charge a fee upfront. Not the case with PenFed, which will never make you pay an origination fee. You can also pay off your loan early, without a prepayment penalty.
In addition to their personal loan products, PenFed also offers a range of banking and financing services, including checking, savings, IRAs, auto loans, home loans, and credit cards.
If you have any questions, you can find out more information on the PenFed website. Between the searchable FAQ and help center, you should have access to enough information to get started. Navigation is pretty straightforward, and their website will walk you through the lending process. You can also follow PenFed on social media, including Facebook, Twitter, Linkedin, YouTube, and Instagram.
If you’d like to speak to a customer support agent directly, PenFed offers phone support during the following hours:
Monday - Friday: 7:00 am to 11:00 pm Eastern Time
Saturday: 8:00 am to 11:00 pm Eastern Time
Sunday: 9:00 am to 5:30 pm Eastern Time