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PenFed offers personal loans with interest rates as low as 4.99% 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 personal 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.
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 personal loan is approved.
You can apply for and manage your PenFed personal 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 personal 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.
PenFed doesn’t pay your creditors directly but rather deposits funds into your bank account. So, you can use your personal 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.
PenFed uses SSL (Secure Socket Layer) encryption and Norton antivirus to protect your personal and financial information when pre-qualifying or applying for a personal 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.
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 personal loans up to $50,000 with interest rates as low as 4.99%. 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 personal 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.
