PenFed Credit Union Personal Loans: 2021 Review

At a glance


Bankrate Score

  • Availability
  • Affordability
  • Customer Experience

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About PenFed Credit Union

  • Loan amount

    $600 – $35,000

  • Min. credit score

    Not specified

  • APR from

    5.99% – 17.99%

  • Funds available in

    1 or 2 business days after approval

PenFed Credit Union features

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


  • No origination fees
  • No prepayment penalty
  • Joint applications accepted
  • Fast funding


  • Borrowers with strong credit may get lower rates elsewhere
  • Low maximum loan amount

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.

PenFed Credit Union snapshot

Loan amount $600 – $35,000
APR 5.99% – 17.99%
Minimum credit score Not specified
Time to receive funds 1 or 2 business days after approval

Pros and cons of PenFed Credit Union personal loans

Before choosing a personal loan from PenFed Credit Union, check out some of the lender’s benefits and drawbacks.


  • No origination fees. PenFed personal loan borrowers are not charged a fee to originate the loan and process it.
  • No prepayment penalty. You won’t be charged a fee for paying your loan off before the term is up.
  • Joint applications accepted. PenFed accepts joint applications, so if one borrower’s credit is not that strong, the co-applicant’s credit may help secure a lower rate. 
  • Fast funding. Once a loan is approved, PenFed borrowers can get their money the same day by visiting a branch or the next day if they pay for expedited shipping.


  • Borrowers with strong credit may get lower rates elsewhere. Some lenders’ best interest rates for personal loans are lower than PenFed’s.
  • Low maximum loan amount. If you need to borrow more than $35,000, PenFed is not the lender for you.

Lending terms

PenFed Credit Union offers personal loans from as little as $600 to a maximum of $35,000. Personal loans are charged a fixed interest rate of 5.99 percent to 17.99 percent. Borrowers can choose terms from 12 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 change 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
Affordability 4.7
Customer experience 5

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.