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PenFed Credit Union Personal Loans: 2022 Review

Updated on Jan 1, 2022
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At a glance

Rating: 4.6 stars out of 5
Bankrate Score
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Rating: 4.2 stars out of 5
Rating: 4.7 stars out of 5
Customer Experience
Rating: 5 stars out of 5

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PenFed Credit Union has been in business since 1935 and serves 2.5 million members nationwide. This lender also operates in Guam, Puerto Rico and Okinawa. PenFed Credit Union personal loans can be used to pay off higher-interest debt, such as credit cards, to make home improvements, like remodeling a kitchen, or to pay for medical expenses, car repairs or a big event like a wedding or vacation. You must be a member of the credit union in order to be eligible for a personal loan.

Loan amount $600 – $50,000
APR from 7.74% to 17.99%
Clock Wait
Term lengths Up to 60 months
Credit Good
Min Credit Score 700
This lender is best for small loan amounts.
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PenFed Credit Union features

Here's a breakdown of some of the benefits and drawbacks of PenFed Credit Union personal loans.


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    PenFed personal loan borrowers are not charged a fee to originate the loan and process it.

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    No prepayment penalty

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    Joint applications accepted

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    PenFed borrowers can get their money in 1 to 2 business days if they sign up for direct deposit.


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    Borrowers with strong credit may get lower rates elsewhere

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    Low maximum loan amount

PenFed Credit Union: in the details

Lending terms

PenFed Credit Union offers personal loans from as little as $600 to a maximum of $50,000. Personal loans are charged a fixed interest rate of 7.74 percent to 17.99 percent. Borrowers can choose terms up to 60 months to repay personal loans.
The rate and term you are offered will depend on your credit score, credit history, income and debt load.

Fees and penalties

PenFed Credit Union doesn’t charge an origination fee for personal loans. In addition, it touts that it has no hidden fees for personal loans, so borrowers should face no surprises. There is also no penalty for paying the loan off before the term is up.

There are two costs borrowers should know about:

  • A $29 charge for late loan payments.
  • A $30 charge for a returned loan payment, check or ACH.

How to apply for a personal loan with PenFed Credit Union

PenFed will give you an idea of the rate you qualify for before it makes a final loan offer. This preliminary rate will not require a “hard pull” on your credit report, so it won’t affect your credit score.

The loan application requires the following information:

  • Reason for the loan
  • Requested loan amount
  • Requested loan term
  • Basic personal information such as name, address, Social Security number, phone number and email address
  • Personal annual income
  • Monthly mortgage or rent payment

You can apply online or at one of PenFed’s roughly 45 branches. You can track the status of your loan application online or by calling PenFed. Telephone service hours, in Eastern time, are: Monday through Friday 7 a.m. to 11 p.m.; Saturday 8 a.m. to 11 p.m.; and Sunday 9 a.m. to 5:30 p.m. PenFed also has a highly rated mobile app that can be used to track the status of a personal loan application

How Bankrate rates PenFed Credit Union

Overall Score 4.6
Availability 4.2 Low minimum loan amount and fast funding times
Affordability 4.7 Low minimum APRs and minimal fees
Customer Experience 5.0 Online access, highly rated mobile apps and accessible customer service hours

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.