PenFed Review

ByMichael GrawApr. 20, 2021

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In a Nutshell

PenFed is the third-largest federal credit union in the US. The company offers debt consolidation loans up to $35,000. PenFed doesn’t charge origination or prepayment fees and you can pre-qualify with a soft credit check. This lender doesn’t specify a minimum credit score, but a score of 690 or above is preferred.


  • Interest rates as low as 5.99% APR
  • No origination or prepayment fees
  • Pre-qualify with a soft credit check


  • Doesn’t pay your creditors directly
  • No discount for automatic payments

PenFed PenFed View Rates

Why Go with PenFed

PenFed offers debt consolidation loans with interest rates as low as 5.99% APR. This lender doesn’t charge an origination fee or a prepayment penalty, so you can pay off your loan early to reduce your interest payments.

Another advantage to PenFed is that you can pre-qualify for a debt consolidation loan with a soft credit check. So, you can see multiple pre-approved offers and compare them against other options without harming your credit score.

PenFed typically approves loans and delivers funds within 1-2 business days. You can complete the entire application process online, or PenFed has 45 physical branches across the country.

What’s Offered

  • Get pre-approved offers with a soft credit check
  • Debt consolidation loans up to $35,000
  • No origination fee or prepayment penalty


PenFed is a members-only credit union that typically serves members of the US military. However, anyone can join PenFed. If you’re not already a member, the company will automatically open a savings account in your name with a $5 deposit when your debt consolidation loan is approved.

You can apply for and manage your PenFed debt consolidation loan entirely online. The application process starts with a soft credit check, based on which PenFed will give you one or more loan offers. PenFed does not specify a minimum credit score required to qualify for a debt consolidation loan, although the company’s most competitive rates are reserved for borrowers with a credit score of 690 or above. Loan terms are available up to 60 months.

Once you’re approved for a PenFed loan, the company typically deposits money into your account within 1-2 days. You can manage your loan and make payments through a secure online portal, and PenFed makes it easy to set up automatic payments.

  • Borrow up to $35,000
  • Get multiple pre-approved offers with a soft credit check
  • Interest rates as low as 5.99% APR
  • Loan repayment terms up to 60 months
  • No origination or prepayment fees
  • Manage your loan through an online account portal
  • Visit any of 45 nationwide branches

Types of Debt Covered

PenFed doesn’t pay your creditors directly, but rather deposits funds into your bank account. So, you can use your debt consolidation loan to pay off any types of debt you have. For example, a PenFed loan can be used to cover student loan debt, credit card debt, and medical debt.

Site Security 

PenFed uses SSL (Secure Socket Layer) encryption and Norton antivirus to protect your personal and financial information when pre-qualifying or applying for a debt consolidation loan. Your online account portal can be secured with two-factor authentication. PenFed also has an extremely clear privacy policy that explains what information the company shares and what options you have for limiting your information from being shared.

Help & Support

PenFed offers customer support by phone or through a secure messaging system that can be accessed from your online account portal. Customer service is available from 7am to 11pm (EST) Monday to Friday, 8am to 11pm Saturday, and 9am to 5:30pm Sunday. You can also visit one of PenFed’s 45 branches for help during weekday business hours.

Phone: (724) 473-6333


PenFed, 2930 Eisenhower Avenue, Alexandria, VA 22314


PenFed offers debt consolidation loans up to $35,000 with interest rates as low as 5.99%. This lender doesn’t charge origination fees or prepayment penalties, which can help you save money on your loan. You can apply for a PenFed debt consolidation loan online and pre-qualify for multiple offers with a soft credit check. If you need help, PenFed offers phone support 7 days a week and has 45 branches across the US.


This review was created using information from the PenFed website and online loan application.

PenFed customer testimonials

ExcellentReviews 97
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  • author
    Andy Francis
    3 hours ago
    The online application process was…

    The online application process was simply and easy to complete. I was approved for my loan in a matter of minutes.


  • author
    Amy Tiong
    20 hours ago
    Grateful Member

    As long time member, the easy & convenient on-line access & services was especially important to me when my family and I relocated during a difficult 2020.


  • author
    Robert W.
    a day ago
    Great experience and very nice to deal…

    Great experience and very nice to deal with PenFed!! Thanks!!


  • author
    Natasha Quailey
    3 days ago
    A Bank that willing to help poor…

    A Bank that willing to help poor Ambitious people achieve something in life🙏🙏


  • author
    Daniel N
    Apr 17, 2021
    PenFed Application

    PenFed was recommended to me by a friend online application process took minutes, rates are great compared to other CC companies!