Reviews

PenFed Credit Union Personal Loans review: how does it work and is it good?

Here's a PenFed Credit Union Personal Loan review to determine if it is right for you. Learn the requirements, who can apply, and why this may be your best option to get a personal loan. Read on!

PenFed Credit Union Personal Loans: Quick Cash with no hassles!

Understand how Penfed Credit Union Personal Loans work. Read on! Source: PenFed

Do you need fast cash to cover a home improvement expense or consolidate debt? We can help you! You’ll find everything you need to know in this PenFed Credit Union Personal Loans review.

Loan

PenFed Credit Union

No hidden fees Low rates

Pre-qualification. Up to $50,000 in loan amounts.

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You’ll understand how this personal loan works, how much you can borrow, and decide if it fits your needs. Do you want to know more? Keep reading!

APR: Variable APR of 7.74% to 17.99%;
Loan Purpose: Debt consolidation, home improvement, transportation, medical & dental, life and events;
Loan Amounts: From $600 to $50,000;
Credit Needed: 690 or higher;
Origination Fee: It doesn’t charge an origination fee;
Late Fee: You’ll be charged a fee after some days from your repayment due date if you don’t make your payments;
Early Payoff Penalty: It doesn’t charge an early payoff penalty.

What is the PenFed Credit Union Personal Loan?

Bridesmaid helping bride fasten corset close-up and getting her dress, preparation concept in morning for wedding ceremony. — You can make your dreams come true with a personal loan from PenFed. Learn how! Source: Adobe Stock

The PenFed Credit Union is a popular unsecured personal loan that offers membership to active military members, veterans, and their families.

However, anyone out of the military can join their membership for free if they fit the requirements. It’s not exclusive to the military.

You can borrow from $600 to $50,000 with flexible terms of up to 60 months. Still, there is no early payoff penalty.

Borrowers can find this loan useful for many purposes, from covering transportation costs to home improvements, health costs, and much more.

PenFed personal loan has clear offers, with competitive rates without origination fees and no hidden fees.

Borrowers can pre-qualify, so they might have a clearer idea of how much they will be paying. Finally, they offer an app to track your loan process and find 24/7 customer service.

Is the PenFed Credit Union Personal Loan Good?

PenFed Credit Union Personal Loan can be handy in times of need. Consider the pros and cons below.

Pros

There are no hidden fees;
The online application allows a pre-qualification if you want;
You don’t need to worry about prepayment or origination fees;

Cons

There aren’t many options to choose from or change payment dates;
You must be a credit Union member to apply.

Does the PenFed Credit Union Personal Loan check credit scores?

Yes, Penfed Credit Union Personal Loan checks credit scores as a requirement. As a requirement to borrow from them, they request applicants to have a 600 score or higher.

Want to get the PenFed Credit Union Personal Loans? We will help you!

Did you enjoy our PenFed Credit Union Personal Loans review? It can be your way out to cover those unexpected expenses that come out sometimes.

Learn how to apply for a loan with them and get the cash you need in your hands! Keep reading and check out.

Online application

Asian woman use laptop and calculator calculate working project budget in kitchen at home — Follow this guideline to apply for a personal loan without hassles. Keep reading! Source: Adobe Stock

Applying for a PenFed personal loan doesn’t require a membership at first. You can start the process by filling out a form with some information that will help PenFed get to know you better.

That includes the reason for your application, proof of your annual income, and your Social Security number.

Then you can find the personal loan you want on the PenFed website and check your rate. If you are a member, you jump straight to the log-in section and begin the application.

Conversely, you can start your membership and account application if you aren’t a member yet.

Once you submit your application, PenFed will analyze your profile and respond with an approval or denial answer.

Requirements

As requirements for the PenFed Credit Union Personal Loan, you must:

Be more than 18 years old;
Have a valid Social Security number;
Have at least a 600 FICO score ( which most lenders require);
Have proof of income.

Apply using the app

The PenFed Mobile banking app is designed to help you manage all your accounts. Also, you can track loan application status.

So, you can’t make an application for a loan in the app, but it’s possible to manage your loan.

PenFed Credit Union Personal Loans vs. Honest Loans: which one is the best?

On the one hand, PenFed Credit Union Personal Loans are good for military members or anyone willing to join them and apply for a loan.

On the other hand, you can find many kinds of loans with Honest Loans, from different lenders to different people.

Compare the loans, and see which one could be an option.