PenFed Personal Loan Review: Competitive Rates & Fast Funding

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window.allScripts.push({ type: "load", script: "%3Cscript%20src%3D%22https%3A%2F%2Fwww.googletagmanager.com%2Fgtm.js%3Fid%3DGTM-MP6F46L%22%20data-consent%3D%22ANALYTICS%22%20data-track-load%3D%22gtm%22%3E%3C%2Fscript%3E" });</script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"Article","mainEntityOfPage":{"@type":"WebPage","@id":"https://www.businessinsider.com/personal-finance/personal-loans/penfed-credit-union-personal-loans-review"},"editor":{"@type":"Person","name":"Sarah Silbert"},"author":[{"@type":"Person","name":"Ryan Wangman, CEPF","sameAs":"https://www.businessinsider.com/author/ryan-wangman"},{"@type":"Person","name":"Elias Shaya","sameAs":"https://www.businessinsider.com/author/elias-shaya"},{"@type":"Person","name":"Maddy Scheckel","sameAs":"https://www.businessinsider.com/author/maddy-scheckel"}],"publisher":{"@context":"http://schema.org","@type":"Organization","name":"Business Insider","legalName":"Insider Inc.","foundingDate":"2007","url":"www.businessinsider.com","sameAs":["https://www.instagram.com/businessinsider","https://www.twitter.com/businessinsider","https://www.facebook.com/businessinsider","https://www.linkedin.com/company/businessinsider","https://www.youtube.com/@BusinessInsider"],"founder":{"@type":"Person","name":"Henry Blodget"},"logo":{"@type":"ImageObject","url":"https://www.businessinsider.com/public/assets/logos/structured-data.png"}},"headline":"PenFed Personal Loan Review: Competitive Rates & Fast Funding","alternativeHeadline":"PenFed Personal Loan Review","image":{"@type":"ImageObject","url":"https://i.insider.com/63a33c2858babf00188d53dd?width=1200&format=jpeg","width":1200,"height":900},"name":"PenFed Personal Loan Review","datePublished":"2024-09-23T20:51:17Z","dateModified":"2024-12-31T20:31:38Z","description":"Is a PenFed personal loan right for you? Our comprehensive review covers interest rates, fees, membership requirements, and alternatives to help you decide.","keywords":"","articleBody":"Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.Personal finance experts at Business Insider compared PenFed Credit Union Personal Loan to the best personal loans and found it to be an industry leader with low minimum interest rates on its loans.The right loan for you depends on your credit history and credit score, which will determine the lowest rate you can qualify for.PenFed Credit Union Personal Loan amounts range from $600 to $50,000. The minimum and maximum amounts are similar to what other credit unions offer. For example, the Navy Federal Credit Union Personal Loan amount range is $250 to $50,000, and the Connexus Credit Union Personal Loan range is $1,000 to $50,000. Online lenders usually have higher loan minimums.You don't need to be a credit union member to apply for a personal loan, but you'll have to be a member to get your loan. If you've served in the military or work at qualifying associations or organizations, you'll qualify. If that doesn't apply, you can easily join by opening a PenFed savings account with a $5 minimum deposit.You can get a personal loan from PenFed in all 50 states. You can also apply with a co-borrower, which might help you get a lower rate if your co-borrower has a good credit score. You can complete the application online and get your rate within several minutes. You may get your money as early as the next day, though it could take up to seven business days if you're getting the money by check. No early payoff penalty, origination fee, and hidden fees8.99% to 17.99%$600 to $50,000580For borrowers with excellent credit, PenFed Credit Union has great minimum interest rates on its personal loans. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.Compare Personal Loan RatesPenFed offers term repayment lengths from one year to five years. Interest rates at PenFed vary from 8.99% to 17.99%. If you want to pay off your loan early, there are no prepayment penalties. PenFed does charge a late fee of $29 if your payment is five days past due. PenFed is best for borrowers who want to take out an unsecured loan from a credit union with low minimum APRs and a wide range of loan amounts. However, borrowers worried about falling behind on their payments might want to avoid PenFed — the credit union charges a $29 late fee. You can get a loan of as little as $250 with Navy Federal Credit Union or $600 with PenFed Credit Union. Both credit unions allow you to take out up to $50,000.It's harder to qualify for a membership with Navy Federal than PenFed, as you're only eligible if you are an active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the groups mentioned above are also eligible. Read our Navy Federal Credit Union personal loans review. Connexus Credit Union offers personal loan amounts between $1,000 to $50,000. Term lengths from Comnexus range from 24 months to 84 months. You're eligible to be a member of Connexus if you're affiliated with certain designated groups or live in specific parts of Wisconsin, Minnesota, and Ohio. Otherwise, you can join the Connexus Association with a one-time $5 donation. Similarly, you can join PenFed if you've served in the military or worked at qualifying associations or organizations. You can also join by opening a savings account with a $5 minimum deposit. You'll get basically the same maximum interest rate with both credit unions, and neither charges prepayment penalties. Read our Connexus Credit Union personal loans review. Consider checking for prequalified loan offers from multiple lenders in a loan marketplace to make sure you find the best rate available.No early payoff penalty, origination fee, and hidden fees8.99% to 17.99%$600 to $50,000580For borrowers with excellent credit, PenFed Credit Union has great minimum interest rates on its personal loans. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.PenFed prioritizes convenience with an online rate-checking tool and a web-based loan application. Customers generally say the process goes as smoothly as intended. PenFed gets an average of 4.1 stars from Trustpilot reviewers, putting it in the \"Great\" category. Customers report being especially pleased with the easy application process and the user-friendly online banking system.PenFed Credit Union has an A+ rating from the Better Business Bureau (BBB), a non-profit organization focused on consumer protection and trust. The BBB determines its score by evaluating a company's response to customer complaints, truthfulness in advertising, and transparency about business practices. PenFed hasn't had any recent public controversies. Between its top-notch BBB score and clean history, you might decide you're comfortable taking out a personal loan with PenFed.We rate all personal loan products in our reviews and guides on a scale from 1-5. The rating awarded is a weighted average of seven categories that explains how this personal loan lender compares to competing lenders. The categories include:Each category is given a weighting based on its impact on the borrower's experience. Categories that are weighted the most heavily include fees and interest rates. See more on how we rate personal loans »Yes, PenFed Credit Union is a legitimate credit union that is federally insured by the National Credit Union Administration. It has a high rating in trustworthiness from the Better Business Bureau and offers a variety of financial products outside of loans.Provided your credit is in good shape, it shouldn't be hard to get a personal loan from PenFed. You'll have to join PenFed if you are not already a member. But becoming a member is easy. And like most other credit unions, PenFed has simpler requirements to qualify for a loan than many other types of lenders.PenFed will lend you as much as $50,000 if you qualify. That's among the highest personal loan amounts available among our top picks for the best credit unions for personal loans. PenFed doesn't publish a minimum credit score to qualify for a personal loan. Still, it does state in its Learning Center that, generally, borrowers need a credit score of 580 or higher to get their personal loan applications approved. You can get approved for a PenFed personal loan immediately after applying, but this isn't guaranteed for all applicants. After approval, you can receive your funds through direct deposit or ACH transfer within 1-2 business days. If you request a check, the timeframe extends to 5-7 business days. PenFed has no specific eligibility requirements, so if you're an adult living in the United States, you are likely eligible. You can apply for a PenFed personal loan even if you're not a member, and they'll create your membership as part of the application process.","articleSection":"Personal Finance, Loans, Personal Loans","isAccessibleForFree":true,"hasPart":[{"@type":"WebPageElement","isAccessibleForFree":true,"cssSelector":".content-lock-content"}]} </script> <script type="application/ld+json"> {"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"Is PenFed legit?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Yes, PenFed Credit Union is a legitimate credit union that is federally insured by the National Credit Union Administration. It has a high rating in trustworthiness from the Better Business Bureau and offers a variety of financial products outside of loans.</p>"}},{"@type":"Question","name":"Is it hard to get approved for a PenFed personal loan?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">Provided your credit is in good shape, it shouldn't be hard to get a personal loan from PenFed. You'll have to join PenFed if you are not already a member. But becoming a member is easy. And like most other credit unions, PenFed has simpler requirements to qualify for a loan than many other types of lenders.</p>"}},{"@type":"Question","name":"What is the maximum loan for PenFed?","acceptedAnswer":{"@type":"Answer","text":"<p class=\"faq-answer\">PenFed will lend you as much as $50,000 if you qualify. 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You can apply for a PenFed personal loan even if you're not a member, and they'll create your membership as part of the application process.</p>"}}]} </script> <script type="application/ld+json"> {"@context":"http://schema.org","@type":"ItemList","numberOfItems":1,"itemListElement":[{"@context":"http://schema.org","@type":"ListItem","position":1,"item":{"@context":"http://schema.org","@type":"Product","name":"PenFed Credit Union Personal Loan","image":"https://i.insider.com/603d4ab287d37600190d079b?width=400","brand":"PenFed Credit Union","url":"https://www.businessinsider.com/personal-finance/personal-loans/penfed-credit-union-personal-loans-review#60998cf93a360c0011e3f51c","review":[{"@type":"Review","author":[{"@type":"Person","name":"Ryan Wangman, CEPF","sameAs":"https://www.businessinsider.com/author/ryan-wangman"},{"@type":"Person","name":"Elias Shaya","sameAs":"https://www.businessinsider.com/author/elias-shaya"},{"@type":"Person","name":"Maddy 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page are from partners that compensate us (see our <a href="https://www.businessinsider.com/personal-finance/our-partners" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">advertiser disclosure with our list of partners</a> for more details). However, our opinions are our own. See <a href="https://www.businessinsider.com/personal-finance/personal-loans/how-we-rate-personal-loans" class="not-content-link" target="_blank" data-analytics-product-module="body_link" rel="">how we rate personal loans</a> to write unbiased product reviews.</aside> <div class="col-12"> </div> <div class="sticky-toc-content-wrapper"> <aside class="sticky-toc as-aside" data-component-type="sticky-toc"> <nav class="sticky-toc-aside js-sticky-toc-aside"> <menu class="sticky-toc-menu"> <li> <a href="#pros-and-cons" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Pros and Cons </a> </li> <li> <a href="#how-to-apply" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > How to Apply </a> </li> <li> <a href="#penfed-personal-loan-alternatives" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > PenFed Personal Loan Alternatives </a> </li> <li> <a href="#why-you-should-trust-us" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > Why You Should Trust Us </a> </li> <li> <a href="#faqs" class="sticky-toc-link headline-semibold" data-track-click="{"product_field":"sticky","event":"navigation","element_name":"table_of_contents","click_path":"bi_value_unassigned"}" > FAQs </a> </li> </menu> </nav> </aside> <div> <section class="post-content typography with-sticky-toc-aside pfi-post" data-track-content="" data-post-type="post" > <div id="piano-inline-content-wrapper" data-piano-inline-content-wrapper data-user-status="anonymous" > <div data-component-type="content-lock" data-load-strategy="exclude"> <div class="content-lock-content"> <div class="table-of-contents table-of-contents-sticky" data-analytics-module="jump-to" data-type="custom"></div><p id="first-content-image"></p><p>Personal finance experts at Business Insider compared <a target="_blank" rel="nofollow noopener" data-analytics-product-module="body_link" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" href="https://secure.money.com/pr/j077e6da279d">PenFed Credit Union Personal Loan</a> to the <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/best-personal-loans" data-analytics-product-module="body_link" rel="">best personal loans</a> and found it to be an industry leader with low minimum interest rates on its loans.</p><p>The right loan for you depends on your credit history and credit score, which will determine the lowest rate you can qualify for.</p><h2 id="dcdc5e6f-14d3-4efc-a715-a0a33b591695" data-toc-id="dcdc5e6f-14d3-4efc-a715-a0a33b591695"><strong>PenFed Personal Loan Overview</strong></h2><p>PenFed Credit Union Personal Loan amounts range from $600 to $50,000. The minimum and maximum amounts are similar to what other credit unions offer. For example, the Navy Federal Credit Union Personal Loan amount range is $250 to $50,000, and the Connexus Credit Union Personal Loan range is $1,000 to $50,000. Online lenders usually have higher loan minimums.</p><p>You don't need to be a credit union member to apply for a personal loan, but you'll have to be a member to get your loan. If you've served in the military or work at qualifying associations or organizations, you'll qualify. If that doesn't apply, you can easily join by opening a<a target="_blank" href="https://www.businessinsider.com/personal-finance/banking/pentagon-federal-credit-union-review" data-analytics-product-module="body_link" rel=""> PenFed savings account</a> with a $5 minimum deposit.</p><p>You can get a personal loan from PenFed in all 50 states. You can also apply with a co-borrower, which might help you get a lower rate if your co-borrower has a good credit score. You can complete the application online and get your rate within several minutes. </p><p>You may get your money as early as the next day, though it could take up to seven business days if you're getting the money by check. </p> <aside class="quick-tip headline-regular ignore-typography"> <div id="penfed-credit-union-personal-loan" class="financial-product-card ignore-typography" data-component-type="financial-product-card"> <div class="financial-product-card__grid-container"> <div class="financial-product-card__product-title headline-semibold ">PenFed Credit Union Personal Loan</div> <div class="financial-product-card__cta-container"> <a target="_blank" href="https://secure.money.com/pr/j077e6da279d" rel="nofollow noindex" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="button" class="financial-product-card__accent-button not-content-link headline-semibold"> Check rates </a> <div class="financial-product-card__terms-container"> <span class="financial-product-card__issuer headline-regular">Get matched with personal loan offers</span> <div class="financial-product-card__footer headline-regular"> </div> </div> </div> <div> <div class="financial-product-card__card-image"> <a target="_blank" href="https://secure.money.com/pr/j077e6da279d" rel="nofollow noindex" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="image"> <div class="lazy-holder lazy-holder financial-product-card__card-image__bg" style="padding-top: calc(100% * 181 / 289)"> <img class="lazy-image financial-product-card__card-image__bg" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/603d4ab287d37600190d079b?width=400" alt="PenFed Credit Union PenFed Credit Union Personal Loan"> <noscript> <img class="no-script" src="https://i.insider.com/603d4ab287d37600190d079b?width=400" /> </noscript> </div> </a> </div> <div class="financial-product-card__star-container" id="60998cf93a360c0011e3f51c-star-rating"> <strong class="financial-product-card__star-container__label headline-semibold">Insider’s Rating </strong> <div class="star-rating financial-product-card__star-rating"> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.5178588281413563"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.5178588281413563)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.47018250969425446"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.47018250969425446)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.9940310729273887"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.9940310729273887)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.49813794792958777"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.49813794792958777)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.48540413274546457"> <stop stop-color="#faa809" offset="50%"></stop> <stop stop-color="white" offset="50%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.48540413274546457)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg></div> <span class="financial-product-card__rating_value headline-regular">4.5<span>/5</span></span> </div> </div> <div class="financial-product-card__perks-banner"> <div class="financial-product-card__perks-banner__perks-icon"> <svg xmlns="http://www.w3.org/2000/svg" width="24" height="29" fill="none"> <title>Icon of check mark inside a promo stamp</title> <desc>It indicates a confirmed selection.</desc> <path fill-rule="evenodd" clip-rule="evenodd" d="M15.12 6.755 12 3.885l-3.12 2.87-4.296-.578-.75 4.065L0 12.177l1.906 3.708L0 19.593l3.834 1.934.75 4.066 4.297-.578L12 27.885l3.12-2.87 4.296.578.75-4.066L24 19.593l-1.906-3.708L24 12.177l-3.834-1.935-.75-4.065-4.297.578Zm1.408 4.13 1.334 1.366-8.144 7.78-4.027-3.81 1.342-1.366 2.685 2.59 6.81-6.56Z" fill="#002aff"></path> </svg> </div> <div> <strong class="financial-product-card__perks-banner__title headline-semibold"> Perks </strong> <p class="financial-product-card__perks-banner__text headline-regular">No early payoff penalty, origination fee, and hidden fees</p> </div> </div> <div class="financial-product-card__specs"> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Regular APR </strong> </div> <p class="financial-product-card__specs__text headline-regular">8.99% to 17.99%</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Loan Amount Range </strong> </div> <p class="financial-product-card__specs__text headline-regular">$600 to $50,000</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Minimum Credit Score </strong> </div> <p class="financial-product-card__specs__text headline-regular">580</p> </div> </div> </div> <div class="financial-product-card__collapsable-area d-none"> <div class="pros-and-cons pros-and-cons__financial"> <div class="pros-and-cons__subgrid-container" style="grid-row: span 5" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons"> <strong class="headline-semibold">Pros</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Wide range of loan amounts</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Low minimum APR</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>No origination fees or prepayment penalties</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Coborrowers allowed</span></li> </ul> </div> <div class="pros-and-cons__subgrid-container" style="grid-row: span 3"> <strong class="headline-semibold">Cons</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Need to be a member to get a loan</span></li> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Late fee</span></li> </ul> </div> </div> <div class="financial-product-card__editorial-opinion"> <strong class="financial-product-card__editorial-opinion__title headline-semibold"> Insider’s Take </strong> <p class="financial-product-card__editorial-opinion__text headline-regular">For borrowers with excellent credit, PenFed Credit Union has great minimum interest rates on its personal loans. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.</p> </div> <div class="financial-product-card__product-details"> <strong class="financial-product-card__product-details__title headline-semibold"> Product Details </strong> <ul class="financial-product-card__product-details__list headline-regular"> <li class="financial-product-card__product-details__list-item">Loan amounts range from $600 to $50,000</li> <li class="financial-product-card__product-details__list-item">Term lengths between one to five years</li> <li class="financial-product-card__product-details__list-item">Loans originated by Pentagon Federal Credit Union</li> </ul> </div> </div> <div class="financial-product-card__collapse-button-container"> <a class="financial-product-card__collapse-button not-content-link headline-semibold" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="1" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons_and_more" rel=""> <span class="financial-product-card__expander-label">Show Pros, Cons, and More</span> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="17" fill="none"> <title>chevron down icon</title> <desc>An icon in the shape of an angle pointing down.</desc> <path d="M3.679 6.474a.05.05 0 0 1-.01-.014s-.002-.004-.002-.012V6.44l.001-.001s.002-.005.011-.014l.961-.962c.008-.008.014-.01.014-.01s.004-.002.012-.002h.008l.001.001.004.002a.078.078 0 0 1 .01.01L8 8.771l3.311-3.311c.008-.008.014-.01.014-.01s.004-.002.01-.002h.007l.003.001s.007.003.018.013l.959.96c.009.009.01.013.01.013l.001.002V6.456s-.004.007-.014.018L8.026 10.77a.049.049 0 0 1-.014.01s-.004.002-.012.002h-.008l-.002-.001s-.007-.003-.018-.013L3.68 6.474Z" fill="#002aff"></path> </svg> </a> </div> </div> <p class="headline-semibold">Compare Personal Loan Rates</p> <div id="evenFinancialPersonalLoans"> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-consent="MARKETING" data-onload="addEvenFinLoansIframe()" data-src="https://embed.hifiona.com/script/helper/bundle.js" data-async="true" data-defer="true"></div> <script defer=""> function addEvenFinLoansIframe() { document.getElementById('evenFinancialPersonalLoans').innerHTML += '<iframe class="even-iframe" id="iFrameResizer0" scrolling="no" src="https://embed.hifiona.com/ui/multi-product/index.html?partner=business-insider&access_token=67469272-b8b5-4728-8a00-888ada3b8073_e8cd386c-b739-43de-9f23-fcd8537fe029&company_uuid=84ef3821-4efd-4450-bcc7-178bb19ecbb4&productType=loan&pw_fiona=true&available_products=loan" style="width: 100%; border: none;"></iframe>'; } </script> </div> </aside> <h2 id="79ec5958-22f1-4901-8c0c-cb5e442318ce" data-toc-id="79ec5958-22f1-4901-8c0c-cb5e442318ce"><strong>PenFed Personal Loan Rates and Terms</strong></h2><p>PenFed offers term repayment lengths from one year to five years. Interest rates at PenFed vary from 8.99% to 17.99%.  </p><p>If you want to pay off your loan early, there are no prepayment penalties. PenFed does charge a late fee of $29 if your payment is five days past due. </p><h2 id="pros-and-cons" data-toc-id="889794f2-39e8-490c-9fee-28d2ad0b0934" data-toc-label="Pros and Cons" class="toc-anchor"><strong>PenFed Personal Loan Pros and Cons</strong></h2><h3 id="c089370c-f51f-4fc7-b5d3-c23b66be82aa" data-toc-id="c089370c-f51f-4fc7-b5d3-c23b66be82aa"><strong>Benefits</strong></h3><ul><li><strong>Wide range of loan amounts and terms. </strong>You can take out as little as $600 or as much as $50,000, with term lengths ranging from 12 months to 60 months.</li><li><strong>Low minimum APR. </strong>PenFed's minimum APR is lower than many competing credit unions' rates. </li><li><strong>No </strong><a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/what-is-an-origination-fee" rel=""><strong>origination fees</strong></a><strong> or prepayment penalties. </strong>You might have to pay these fees with other lenders. </li><li><strong>You can apply with a co-borrower.</strong> A co-borrower can help you get a lower rate on your loan if they have a good credit score. </li></ul><h3 id="90e2fab4-10da-4e64-a138-0642509e71a0" data-toc-id="90e2fab4-10da-4e64-a138-0642509e71a0"><strong>Drawbacks</strong></h3><ul><li><strong>You have to be a member to get your loan. </strong>Members of the military and employees of qualifying organizations will be eligible, but if you don't qualify, you can join by opening a savings account with a $5 minimum deposit.</li><li><strong>Late fee. </strong>The credit union charges a $29 late fee. </li></ul><h2 id="a551cdf5-b35a-422b-9f6b-997c8a7e44fc" data-toc-id="a551cdf5-b35a-422b-9f6b-997c8a7e44fc"><strong>Who is a PenFed Personal Loan Best For?</strong></h2><p>PenFed is best for borrowers who want to take out an <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/best-unsecured-loans" data-analytics-product-module="body_link" rel="">unsecured loan</a> from a credit union with low minimum APRs and a wide range of loan amounts. However, borrowers worried about falling behind on their payments might want to avoid PenFed — the credit union charges a $29 late fee. </p><h2 id="how-to-apply" data-toc-id="20ad8ae4-3f26-42f1-82f2-c8e377fcdc5c" data-toc-label="How to Apply" class="toc-anchor"><strong>How to Apply for a PenFed Personal Loan</strong></h2><ol><li>Fill out personal information on PenFed's website. You'll enter your name, Social Security number, and income history. You'll get an estimated monthly payment and APR range without impacting your credit score.</li><li>Formally send in an application and await approval. When submitting a formal application, you may also have to send proof of income, like a W-2, tax returns, or other financial documents.</li><li>Sign a loan agreement and get your money. After you sign your loan agreement, you may get your money quickly with PenFed — though it doesn't guarantee the cash the same day. </li><li>Make a plan to repay your loan. Work your monthly payments into your budget, and make sure you have enough money to cover all of your financial responsibilities. </li></ol><h2 id="penfed-personal-loan-alternatives" data-toc-id="412051b5-13ae-4af5-8e81-0b6250a82e7d" data-toc-label="PenFed Personal Loan Alternatives" class="toc-anchor"><strong>PenFed Personal Loan Alternatives</strong></h2><h3 id="e67c9205-94c5-4884-aea1-f9e19647462c" data-toc-id="e67c9205-94c5-4884-aea1-f9e19647462c"><strong>PenFed Personal Loans vs. Navy Federal Credit Union Personal Loans</strong></h3><p>You can get a loan of as little as $250 with Navy Federal Credit Union or $600 with PenFed Credit Union. Both credit unions allow you to take out up to $50,000.</p><p>It's harder to qualify for a membership with Navy Federal than PenFed, as you're only eligible if you are an active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the groups mentioned above are also eligible. </p><p>Read our <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/navy-federal-credit-union-personal-loans-review" data-analytics-product-module="body_link" rel="">Navy Federal Credit Union personal loans review</a>. </p><h3 id="3c27a457-a71a-497a-95d6-5e8535306125" data-toc-id="3c27a457-a71a-497a-95d6-5e8535306125"><strong>PenFed Personal Loans vs. Connexus Credit Union Personal Loans</strong></h3><p>Connexus Credit Union offers personal loan amounts between $1,000 to $50,000. Term lengths from Comnexus range from 24 months to 84 months. </p><p>You're eligible to be a member of Connexus if you're affiliated with certain designated groups or live in specific parts of Wisconsin, Minnesota, and Ohio. Otherwise, you can join the Connexus Association with a one-time $5 donation. Similarly, you can join PenFed if you've served in the military or worked at qualifying associations or organizations. You can also join by opening a savings account with a $5 minimum deposit. </p><p>You'll get basically the same maximum interest rate with both credit unions, and neither charges prepayment penalties. </p><p>Read our <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/connexus-credit-union-personal-loans-review" data-analytics-product-module="body_link" rel="">Connexus Credit Union personal loans review</a>. </p><p>Consider checking for <a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-to-pre-qualify-for-personal-loan" data-analytics-product-module="body_link" rel="">prequalified loan offers</a> from multiple lenders in a loan marketplace to make sure you find the best rate available.</p> <div id="penfed-credit-union-personal-loan" class="financial-product-card ignore-typography" data-component-type="financial-product-card"> <div class="financial-product-card__grid-container"> <div class="financial-product-card__product-title headline-semibold ">PenFed Credit Union Personal Loan</div> <div class="financial-product-card__cta-container"> <a target="_blank" href="https://secure.money.com/pr/j077e6da279d" rel="nofollow noindex" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="2" data-analytics-product-module="financial_product_card" data-analytics-product-area="button" class="financial-product-card__accent-button not-content-link headline-semibold"> Check rates </a> <div class="financial-product-card__terms-container"> <span class="financial-product-card__issuer headline-regular">Get matched with personal loan offers</span> <div class="financial-product-card__footer headline-regular"> </div> </div> </div> <div> <div class="financial-product-card__card-image"> <a target="_blank" href="https://secure.money.com/pr/j077e6da279d" rel="nofollow noindex" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="2" data-analytics-product-module="financial_product_card" data-analytics-product-area="image"> <div class="lazy-holder lazy-holder financial-product-card__card-image__bg" style="padding-top: calc(100% * 181 / 289)"> <img class="lazy-image financial-product-card__card-image__bg" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/603d4ab287d37600190d079b?width=400" alt="PenFed Credit Union PenFed Credit Union Personal Loan"> <noscript> <img class="no-script" src="https://i.insider.com/603d4ab287d37600190d079b?width=400" /> </noscript> </div> </a> </div> <div class="financial-product-card__star-container" id="60998cf93a360c0011e3f51c-star-rating"> <strong class="financial-product-card__star-container__label headline-semibold">Insider’s Rating </strong> <div class="star-rating financial-product-card__star-rating"> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.6998028386747177"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.6998028386747177)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.610714712737928"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.610714712737928)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.36450093344037326"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.36450093344037326)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.8822959814104123"> <stop stop-color="#faa809" offset="100%"></stop> <stop stop-color="white" offset="100%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.8822959814104123)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg> <svg class="svg-icon star-outline-icon " role="img" width="60" height="57.1" viewBox="0 0 60 57.1" xmlns="http://www.w3.org/2000/svg"> <desc>A five pointed star</desc> <defs> <linearGradient id="Gradient_0.03816136221104016"> <stop stop-color="#faa809" offset="50%"></stop> <stop stop-color="white" offset="50%"></stop> </linearGradient> </defs> <path fill="url(#Gradient_0.03816136221104016)" stroke="#faa809" d="M30 44.2L11.5 57.1 18 35.4 0 21.8l22.6-.5L30 0l7.4 21.3 22.6.5-18 13.6 6.5 21.7z"></path> </svg></div> <span class="financial-product-card__rating_value headline-regular">4.5<span>/5</span></span> </div> </div> <div class="financial-product-card__perks-banner"> <div class="financial-product-card__perks-banner__perks-icon"> <svg xmlns="http://www.w3.org/2000/svg" width="24" height="29" fill="none"> <title>Icon of check mark inside a promo stamp</title> <desc>It indicates a confirmed selection.</desc> <path fill-rule="evenodd" clip-rule="evenodd" d="M15.12 6.755 12 3.885l-3.12 2.87-4.296-.578-.75 4.065L0 12.177l1.906 3.708L0 19.593l3.834 1.934.75 4.066 4.297-.578L12 27.885l3.12-2.87 4.296.578.75-4.066L24 19.593l-1.906-3.708L24 12.177l-3.834-1.935-.75-4.065-4.297.578Zm1.408 4.13 1.334 1.366-8.144 7.78-4.027-3.81 1.342-1.366 2.685 2.59 6.81-6.56Z" fill="#002aff"></path> </svg> </div> <div> <strong class="financial-product-card__perks-banner__title headline-semibold"> Perks </strong> <p class="financial-product-card__perks-banner__text headline-regular">No early payoff penalty, origination fee, and hidden fees</p> </div> </div> <div class="financial-product-card__specs"> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Regular APR </strong> </div> <p class="financial-product-card__specs__text headline-regular">8.99% to 17.99%</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Loan Amount Range </strong> </div> <p class="financial-product-card__specs__text headline-regular">$600 to $50,000</p> </div> <div> <div> <strong class="financial-product-card__specs__title headline-semibold"> Minimum Credit Score </strong> </div> <p class="financial-product-card__specs__text headline-regular">580</p> </div> </div> </div> <div class="financial-product-card__collapsable-area d-none"> <div class="pros-and-cons pros-and-cons__financial"> <div class="pros-and-cons__subgrid-container" style="grid-row: span 5" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="2" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons"> <strong class="headline-semibold">Pros</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Wide range of loan amounts</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Low minimum APR</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>No origination fees or prepayment penalties</span></li> <li class="pros-and-cons__list-item headline-regular"><svg xmlns="http://www.w3.org/2000/svg" width="12" height="13" fill="none"> <title>Check mark icon</title> <desc>A check mark. It indicates a confirmation of your intended interaction.</desc> <path d="m11.7867 3.1745-1.2679-1.366-6.4774 6.5606L1.4879 5.779.2119 7.1456l3.8302 3.8098 7.7446-7.7808Z" fill="#098941"></path> </svg> <span>Coborrowers allowed</span></li> </ul> </div> <div class="pros-and-cons__subgrid-container" style="grid-row: span 3"> <strong class="headline-semibold">Cons</strong> <ul class="pros-and-cons__list"> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Need to be a member to get a loan</span></li> <li class="pros-and-cons__list-item headline-regular"> <svg xmlns="http://www.w3.org/2000/svg" width="13" height="13" fill="none"> <title>con icon</title> <desc>Two crossed lines that form an 'X'.</desc> <path d="m11.3536 2.5486-1.0173-1.0173L6.5 5.3674 2.6638 1.5313 1.6465 2.5484l3.8362 3.8363-3.8362 3.8363 1.0173 1.0173L6.5 7.4021l3.8363 3.8363 1.0173-1.0173-3.8363-3.8363 3.8363-3.8363Z" fill="#EA0201"></path> </svg> <span>Late fee</span></li> </ul> </div> </div> <div class="financial-product-card__editorial-opinion"> <strong class="financial-product-card__editorial-opinion__title headline-semibold"> Insider’s Take </strong> <p class="financial-product-card__editorial-opinion__text headline-regular">For borrowers with excellent credit, PenFed Credit Union has great minimum interest rates on its personal loans. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.</p> </div> <div class="financial-product-card__product-details"> <strong class="financial-product-card__product-details__title headline-semibold"> Product Details </strong> <ul class="financial-product-card__product-details__list headline-regular"> <li class="financial-product-card__product-details__list-item">Loan amounts range from $600 to $50,000</li> <li class="financial-product-card__product-details__list-item">Term lengths between one to five years</li> <li class="financial-product-card__product-details__list-item">Loans originated by Pentagon Federal Credit Union</li> </ul> </div> </div> <div class="financial-product-card__collapse-button-container"> <a class="financial-product-card__collapse-button not-content-link headline-semibold" data-analytics-product-id="60998cf93a360c0011e3f51c" data-analytics-product-brand="PenFed Credit Union" data-analytics-product-name="PenFed Credit Union Personal Loan" data-analytics-product-index="2" data-analytics-product-module="financial_product_card" data-analytics-product-area="pros_cons_and_more" rel=""> <span class="financial-product-card__expander-label">Show Pros, Cons, and More</span> <svg xmlns="http://www.w3.org/2000/svg" width="16" height="17" fill="none"> <title>chevron down icon</title> <desc>An icon in the shape of an angle pointing down.</desc> <path d="M3.679 6.474a.05.05 0 0 1-.01-.014s-.002-.004-.002-.012V6.44l.001-.001s.002-.005.011-.014l.961-.962c.008-.008.014-.01.014-.01s.004-.002.012-.002h.008l.001.001.004.002a.078.078 0 0 1 .01.01L8 8.771l3.311-3.311c.008-.008.014-.01.014-.01s.004-.002.01-.002h.007l.003.001s.007.003.018.013l.959.96c.009.009.01.013.01.013l.001.002V6.456s-.004.007-.014.018L8.026 10.77a.049.049 0 0 1-.014.01s-.004.002-.012.002h-.008l-.002-.001s-.007-.003-.018-.013L3.68 6.474Z" fill="#002aff"></path> </svg> </a> </div> </div><h2 id="abbe0c5f-4e78-431e-a71b-04cbd192f9d6" data-toc-id="abbe0c5f-4e78-431e-a71b-04cbd192f9d6"><strong>PenFed Credit Union Customer Experience</strong></h2><p>PenFed prioritizes convenience with an online rate-checking tool and a web-based loan application. Customers generally say the process goes as smoothly as intended. </p><p>PenFed gets an average of 4.1 stars from Trustpilot reviewers, putting it in the "Great" category. Customers report being especially pleased with the easy application process and the user-friendly online banking system.</p><h3 id="4d3ffa9c-56b2-4030-b4a7-2315c84ed426" data-toc-id="4d3ffa9c-56b2-4030-b4a7-2315c84ed426"><strong>Is PenFed Credit Union trustworthy?</strong></h3><p><a target="_blank" rel="noopener nofollow" href="https://secure.money.com/pr/j077e6da279d?s3=personal-finance%2Fpersonal-loans%2Fpenfed-credit-union-personal-loans-review_amcid-b6VblbmYYOJpFr6NOFqB" data-analytics-product-module="body_link">PenFed Credit Union</a> has an A+  rating from the Better Business Bureau (BBB), a non-profit organization focused on consumer protection and trust. The BBB determines its score by evaluating a company's response to customer complaints, truthfulness in advertising, and transparency about business practices. </p><p>PenFed hasn't had any recent public controversies. </p><p>Between its top-notch BBB score and clean history, you might decide you're comfortable taking out a personal loan with PenFed.</p><h2 id="why-you-should-trust-us" data-toc-id="735572d3-ef0e-475d-81c1-e71877086045" data-toc-label="Why You Should Trust Us" class="toc-anchor"><strong>Why You Should Trust Us: How We Rated PenFed Personal Loans</strong></h2><p>We rate all personal loan products in our reviews and guides on a scale from 1-5. The rating awarded is a weighted average of seven categories that explains how this personal loan lender compares to competing lenders. The categories include:</p><ul><li>Interest rate (20% of rating)</li><li>Fees (20% of rating)</li><li>Term lengths and loan amounts (15% of rating)</li><li>Funding speed (15% of rating)</li><li>Borrower accessibility (15% of rating)</li><li>Customer support (7.5% of rating)</li><li>Ethics (7.5% of rating)</li></ul><p>Each category is given a weighting based on its impact on the borrower's experience. Categories that are weighted the most heavily include fees and interest rates. </p><p><a target="_blank" href="https://www.businessinsider.com/personal-finance/personal-loans/how-we-rate-personal-loans" data-analytics-product-module="body_link" rel="">See more on how we rate personal loans »</a></p><h2 id="faqs" data-toc-id="0ed0f7bf-971c-4f6f-96ba-6ea081dac86f" data-toc-label="FAQs" class="toc-anchor"><strong>PenFed Personal Loan Frequently Asked Questions</strong></h2> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Is PenFed legit? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Yes, PenFed Credit Union is a legitimate credit union that is federally insured by the National Credit Union Administration. It has a high rating in trustworthiness from the Better Business Bureau and offers a variety of financial products outside of loans.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Is it hard to get approved for a PenFed personal loan? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">Provided your credit is in good shape, it shouldn't be hard to get a personal loan from PenFed. You'll have to join PenFed if you are not already a member. But becoming a member is easy. And like most other credit unions, PenFed has simpler requirements to qualify for a loan than many other types of lenders.</p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What is the maximum loan for PenFed? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">PenFed will lend you as much as $50,000 if you qualify. That's among the highest personal loan amounts available among our top picks for the best credit unions for personal loans. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> What credit score do I need for a PenFed personal loan?  </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">PenFed doesn't publish a minimum credit score to qualify for a personal loan. Still, it does state in its Learning Center that, generally, borrowers need a credit score of 580 or higher to get their personal loan applications approved. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> How long does it take to get approved and receive funds from PenFed? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">You can get approved for a PenFed personal loan immediately after applying, but this isn't guaranteed for all applicants. After approval, you can receive your funds through direct deposit or ACH transfer within 1-2 business days. If you request a check, the timeframe extends to 5-7 business days. </p> </div> </div> </div> <div class="collapsable-faq collapsable-faq-dropdown collapsable-faq-dropdown-last" data-parent-index="" data-component-type="collapsable-faq" data-root-margin="0px 0px 100% 0px"> <div class="collapsable-faq-dropdown_header"> <span class="collapsable-faq-dropdown_text headline-semibold faq-question"> Can I get a PenFed personal loan if I'm not eligible for membership? </span> <span class="collapsable-faq-dropdown_chevron"> <svg class="svg-icon chevron-icon " data-chevron-icon="" role="img" xmlns="http://www.w3.org/2000/svg" width="1em" height="1em" viewBox="0 0 14.4 8.4" id="chevron-icon"> <title>Chevron icon</title> <desc>It indicates an expandable section or menu, or sometimes previous / next navigation options.</desc> <path class="chevron" fill="none" stroke="#76767a" stroke-linecap="square" d="M.7.7l6.5 7 6.5-7"></path> </svg> </span> </div> <div class="collapsable-faq-dropdown_wrap"> <div class="collapsable-faq-dropdown_content"> <p class="faq-answer">PenFed has no specific eligibility requirements, so if you're an adult living in the United States, you are likely eligible. You can apply for a PenFed personal loan even if you're not a member, and they'll create your membership as part of the application process.</p> </div> </div> </div><div> <div class="script" data-lazy-load="script" data-load-strategy="lazy" data-src="https://embed.hifiona.com/script/helper/bundle.js" data-async="true" data-defer="true"></div> <iframe class="even-iframe" id="iFrameResizer0" scrolling="no" data-src="https://embed.hifiona.com/ui/multi-product/index.html?partner=business-insider&access_token=67469272-b8b5-4728-8a00-888ada3b8073_e8cd386c-b739-43de-9f23-fcd8537fe029&company_uuid=84ef3821-4efd-4450-bcc7-178bb19ecbb4&productType=loan&pw_fiona=true&available_products=loan" style="width: 100%; border: none;"></iframe> </div><section class="post-authors" data-component-type="post-author"> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/ryan-wangman" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="ryan-wangman"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/612f9f319ef1e50018f929fd?crop=1:1&width=256&format=jpeg&auto=webp" alt="Ryan Wangman, a white man with brown hair, sits in front of a stone wall. He smiles into the distance, wearing blue jeans and a dark blue, long-sleeved sweater."> <noscript> <img class="no-script" src="https://i.insider.com/612f9f319ef1e50018f929fd?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/ryan-wangman" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Ryan Wangman, CEPF</div> </a> <div class="post-author_title headline-regular">Loans Reporter</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded0"> <div class="post-author_bio_content"> <span>Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).</span><span>In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. </span> </div> <label for="expanded0" role="button" class="post-author_bio_more">Read more</label> <label for="expanded0" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/elias-shaya" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="elias-shaya"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/63f938c4ae0bf0001824b2c1?crop=1:1&width=256&format=jpeg&auto=webp" alt="Elias Shaya looks at the camera. He stands outdoors, wearing a black jacket, with a city in the distant background."> <noscript> <img class="no-script" src="https://i.insider.com/63f938c4ae0bf0001824b2c1?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/elias-shaya" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Elias Shaya</div> </a> <div class="post-author_title headline-regular">Compliance and Operations Associate</div> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded1"> <div class="post-author_bio_content"> <span>Elias Shaya is a Compliance and Operations Associate on Business Insider's personal finance team in New York. He collaborates with the editorial team to provide timely, accurate, and impartial financial advice to readers </span><span class="headline-semibold">Experience</span><span>Elias is a point person on multiple personal finance topics, from credit cards to investment products. He ensures editorial content is transparent and accessible through clear and precise language while also complying with regulatory and partner marketing guidelines. </span><span>Since joining as a compliance fellow in 2022, Elias has played a crucial role in the team’s compliance efforts, ensuring no stone is left unturned. His close attention to detail and broad knowledge of various complex financial subjects help minimize risk for partners while protecting editorial independence so readers get the best possible advice. </span><span><span class="headline-semibold">Expertise: </span></span><span>Elias’ expertise includes:</span><ul><li><span>Credit cards</span></li><li><span>Investing</span></li><li><span>Loans</span></li><li><span>Mortgages</span></li></ul><span class="headline-semibold">Education: </span><span>Elias graduated from the College of Staten Island with a degree in International Business.</span><span>When he’s not reviewing or updating personal finance topics, Elias enjoys traveling, comedy shows, and binge-worthy TV shows.</span> </div> <label for="expanded1" role="button" class="post-author_bio_more">Read more</label> <label for="expanded1" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> <div class="post-author"> <a id="post-author_profile-link" href="https://www.businessinsider.com/author/maddy-scheckel" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="author-profile-image-wrapper" data-slug="maddy-scheckel"> <div class="lazy-holder author-profile-image"> <img class="lazy-image author-profile-image" src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-src="https://i.insider.com/6650b098239fda2da6cb6f3c?crop=1:1&width=256&format=jpeg&auto=webp" alt="Headshot of writer Maddy Scheckel"> <noscript> <img class="no-script" src="https://i.insider.com/6650b098239fda2da6cb6f3c?crop=1:1&width=256&format=jpeg&auto=webp" /> </noscript> </div> </div> </a> <div class="post-author_info"> <div class="post-author_top"> <a id="post-author_name-link" class="post-author_link not-content-link" href="https://www.businessinsider.com/author/maddy-scheckel" target="_blank" data-analytics-product-module="author-bio" rel=""> <div class="post-author_name headline-semibold">Maddy Scheckel</div> </a> </div> <div class="post-author_bio headline-regular"> <input type="checkbox" id="expanded2"> <div class="post-author_bio_content"> <span>Maddy Scheckel is a registered nurse turned freelance writer specializing in personal finance and business topics.</span><span>Maddy enjoys traveling the world using credit card reward points to fly in Business Class and stay in luxury hotels. Her favorite international experiences so far have been the beauty of La Fortuna in Costa Rica, the magic of Paris, the breathtaking views of Cinque Terre in Italy, and the delightful Christmas markets of France and Germany.</span><span>Maddy has made the journey from being in debt to now having excellent credit, along with money invested for retirement. She has expertise in a variety of personal finance topics including credit building, personal and student loans, insurance, investment products.</span><span>In her spare time, Maddy enjoys going to country music concerts, watching Grey's Anatomy, and savoring churros dipped in warm Nutella.</span><span>You can reach her at <a href="mailto:contentbymaddy@gmail.com" rel=" nofollow">contentbymaddy@gmail.com</a>. </span> </div> <label for="expanded2" role="button" class="post-author_bio_more">Read more</label> <label for="expanded2" role="button" class="post-author_bio_less">Read less</label> </div> </div> </div> </section> <div class="featured-products sticky-featured-product"> <span class="headline-semibold featured-products-heading">Top Offers From Our Partners</span> <div class="featured-product"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" data-analytics-product-area="image" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" class="featured-product-image not-content-link" rel="nofollow noindex"> <div class="lazy-holder lazy-holder " style="padding-top: calc(100% * 95 / 149)"> <img class="lazy-image " src="data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 1 1'%3E%3C/svg%3E" data-content-type="image/png" data-srcs="{"https://i.insider.com/654be4c936d588dc55cd46e3":{"contentType":"image/png","aspectRatioW":1150,"aspectRatioH":304}}" alt="Sofi logo"> <noscript> <img class="no-script" src="https://i.insider.com/654be4c936d588dc55cd46e3?width=600&format=jpeg&auto=webp" /> </noscript> </div> </a> <div class="featured-product-hgroup"> <a href="https://secure.money.com/pr/u8327de6ed05" target="_blank" class="featured-product-heading not-content-link" data-analytics-product-area="title" data-analytics-product-module="featured_product" data-analytics-product-index="1" data-analytics-product-brand="Right Rail - Do Not Use in Content" data-analytics-product-name="SoFi® Checking and Savings (Member FDIC)" data-analytics-product-id="63cff3349bca6000112c3c92" rel="nofollow noindex"> SoFi® Checking and Savings (Member FDIC) </a> <span class="headline-semibold featured-product-sub-heading"> Earn up to a $300 bonus with qualifying direct deposits for eligible customers through 1/31/2026. Earn up to 3.80% APY on savings balances (including Vaults) with direct deposit or qualifying deposit. <div class="component rich-tooltip featured-product-rich-tooltip" role="tooltip" data-tooltip-position="right"> <svg class="svg-icon tooltip-icon " role="img" xmlns="http://www.w3.org/2000/svg" viewBox="0 0 60 60"> <title></title> <desc>A tooltip</desc> <path d="M30.6 36.6l.1-1.2c.2-2.3 1.3-3.3 3.4-5.2 2.5-2.3 5.7-4.5 5.7-8.6 0-5-4.3-7.7-9.2-7.7-3.8 0-6.8 1.5-10 4.4l2.2 2.5c3.1-2.5 5-3.5 7.7-3.5 3.2 0 5.4 1.7 5.4 4.4s-2.2 4.2-4.4 6.1c-3.4 2.9-4 4.1-4 7.3v1.5h3.1zm.7 8.4v-4.6h-4.4V45h4.4z"></path> <path d="M30 0c16.6 0 30 13.4 30 30S46.6 60 30 60 0 46.6 0 30 13.4 0 30 0zm0 3C15.1 3 3 15.1 3 30s12.1 27 27 27 27-12.1 27-27S44.9 3 30 3z"></path> </svg> <div class="rich-tooltip-wrapper headline-regular"> <div class="rich-tooltip-message headline-regular">SoFi members who enroll in SoFi Plus with Direct Deposit or by paying the SoFi Plus Subscription Fee every 30 days or with $5,000 or more in Qualifying Deposits during the 30-Day Evaluation Period can earn 3.80% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the stated interest rate. Members without either SoFi Plus or Qualifying Deposits, during the 30-Day Evaluation Period will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Only SoFi Plus members are eligible for other SoFi Plus benefits. Interest rates are variable and subject to change at any time. These rates are current as of 1/24/25. There is no minimum balance requirement. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet. 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