PenFed Personal Loans: 2023 Review

PenFed Credit Union: in the details

How to contact PenFed

Members can contact a customer service representative by calling 800-247-5626 during the following hours.

• Monday through Friday from 7 a.m. to 11 p.m. ET.
• Saturday from 8 a.m. to 11 p.m. ET.
• Sunday from 9 a.m. to 5:30 p.m. ET.

You can also get in contact with the credit union through its secure online messaging platform. Borrowers can also receive support through the company's 24/7 help center,  either by typing a message for the next available agent or by viewing the frequently asked questions page.  

How to apply for a personal loan with PenFed

You can apply for a PenFed personal loan before becoming a member, but you must become a member to view your terms. The application process can be completed online or in person at one of its brick-and-mortar locations. 

Before applying, have your employment and annual income documentation on hand, as well as an official government ID, to ensure a smooth and easy process. 

1. Go to the "Personal Loans" tab in the "Loans" section.
2. Click on the green "Check your rate" button. If you're already a member you can choose to log in and if you're not yet a member, PenFed will create your membership alongside your loan application. 
3. Follow the application prompts. Be prepared to upload personal documentation and state the reason for your application, as well as basic details like your requested loan amount and term. 
4. Keep an eye out for any information from PenFed regarding your status and download the mobile app to track your application status. 
5. Depending on the disbursal method you choose, you could receive the funds in as little as one to two business days. 

Should your application time out, you can pick up where you left off later through a one-time verification code that will be sent to you via text message.

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. There is also no penalty for paying the loan off early.

There are two fees that borrowers should know about:

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

PenFed frequently asked questions

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

• Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
• Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
• Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
• Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com 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.