PenFed Credit Union Personal Loans Reviews
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About PenFed Credit Union Personal Loans
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Pentagon Federal Credit Union (PenFed) offers a variety of financial services and products to its roughly 2.8 million member-owners. As a PenFed member, you’ll have access to financial products and services such as personal banking, credit cards, mortgages and personal loans.
- Competitive rates
- No origination or prepayment fees
- Available nationwide
- Late fees
- Membership required
Our editor’s take
If you’re already a PenFed Credit Union member or are willing to become one, PenFed loans come with low rates and minimal fees, so members can save some money by financing through it instead of going through a traditional bank.
Since PenFed offers membership to anyone in the U.S., it’s likely that you’ll be eligible for a PenFed membership. However, if a PenFed personal loan doesn’t fit your financing needs, you should seek out another personal loan lender.
PenFed Credit Union personal loan products
PenFed Credit Union offers unsecured personal loans of up to $50,000 and terms of up to five years. Its loans can be used for debt consolidation, home improvement or personal use, which means you can use a loan for almost any purpose.
PenFed Credit Union personal loan rates
PenFed’s personal loan annual percentage rates (APRs) range from 6.09% to 17.99% APR as of March 17, 2026. Generally, your APR will vary based on your creditworthiness and loan details.
PenFed Credit Union personal loan fees
PenFed Credit Union doesn’t charge origination fees or prepayment penalties. However, it charges a $29 late fee if you’re more than five days late making a payment and a returned payment fee of $30.
How to apply for a PenFed Credit Union personal loan
Applying for a personal loan through PenFed is simple. To do so, you’ll need to follow these steps:
1. Gather documentation
To make the application process easier, you should prepare your reason for taking out a loan, proof of employment, proof of income and proof of identity.
2. Check your rate or redeem your offer
By selecting the “Check Your Rate” button on PenFed’s personal loan page, you can get prequalified and find out what rate you can expect when you apply.
3. Complete the application
PenFed will walk you through the application process and prompt you to enter any information it needs from you. You should be prepared to provide documentation, including personal and financial information.
Once you complete your application, you can expect to hear from PenFed with a loan decision. Once approved, you can get your loan funds electronically or by mail.
How do PenFed Credit Union personal loans compare?
When compared to Upgrade personal loans, PenFed offers a lower maximum APR. Otherwise, these loans are fairly similar to each other, though Upgrade offers slightly longer repayment terms.
Here is how PenFed and Upgrade compare side by side:
| Company | APR | Loan amounts | Terms | Secured or unsecured loans | |
|---|---|---|---|---|---|
PenFed Credit Union Personal Loans | Learn More | 6.09% to 17.99% | Up to $50,000 | Up to 5 years | Unsecured |
 Upgrade | Compare Offers | 7.74% to 35.99% | $1,000 to $50,000 | 2 to 7 years | Both |
FAQ
Who qualifies for PenFed?
Anyone can qualify for membership with PenFed. Previously PenFed had limited membership, but it expanded its membership criteria in the late 2010s, allowing anyone to join.
Is it hard to get approved by PenFed?
It may be hard to get approved for a PenFed loan, depending on your credit history, financial information and current debts. Generally, you’ll have the best odds of approval if you have good to excellent credit, or a FICO score of 670 to 850. You can typically qualify for the best rates and terms if you have excellent credit.
Does PenFed allow co-borrowers on personal loans?
Yes, PenFed allows you to apply with a co-borrower.
How quickly are PenFed personal loans funded?
PenFed personal loans can be funded as quickly as the next day. Still, funding times can vary based on how you’ve selected to receive your loan. For direct deposits, you can typically expect funds within one to two business days, depending on the time of day your loan is processed. If you choose to have your loan funds mailed to you, you will typically receive a check in five to seven days.
Still have questions?
Is PenFed Credit Union legit?
PenFed Credit Union is a legitimate, trusted financial institution that is federally insured by the National Credit Union Administration (NCUA). It’s one of the largest credit unions in the U.S., and it has roughly $29 billion in assets.
PenFed Credit Union Personal Loans Reviews
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- 4,890,778 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed Jan. 20, 2026
Applied for auto loan was approved. So car was sold behind my back. I called PenFed, and they also called me to let them know what was going on. So I had 2 options, closed the loan or I have 30 days to used the loan if I find another car. So I found another car. Called the bank within 2 weeks. Called the bank they say i have to reapply for loan again. Now I didn't sign any paperwork on previous car. But they want to run my credit again within 2 weeks. All I did was change cars. Same model make and year. Loan dept has declined over the years.
Reviewed Jan. 31, 2024
After 40yrs with PenFed, they chose to charge off the remainder of a very small personal loan. While I was continuing to make payments, without notifying me of their decision, and with funds in my accounts to satisfy the loan. When asked, the collections department consistently failed to review or explain the action. I put up with some less than customer service and abhorrent banking app for the rates, primarily. I'm done, they lost me.
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Reviewed Jan. 8, 2024
I paid off the total balance of my personal loan in November 2022. Today on January 8th 2024 I received an email saying that my next payment is due on January 17th, 2024. I called Penfed and explain that my loan has been paid off 14 months ago and she said: "Well I'm sorry but unfortunately we didn't receive a request of a pay off letter form and we accumulated interest during all this time. If you want to close out you must pay off the balance of 163.00." I asked her why Penfed team did not contact me during all this time and she said: "Because you paid off your loan earlier". I said: "You just said it. I paid it off."
Long story short, she was speaking to me with a lot of attitude. When I said: "Alright, I will pay it off but you're losing me as a client because I have never had this service before." Immediately she respond: "Great". I will never recommend Penfed. Also, watch your accounts. My sister was missing 1,000 and after 1hr over the phone with them, they realized it was a mistake of the bank. If she was not on top of it, they would have keep it!
Reviewed Nov. 17, 2023
One of the worst companies I have dealt with in over 11 years of being a residential real estate agent. They will put your purchase in jeopardy by not meeting deadlines, not properly advising buyers and worse yet, the actual loan officers are absentee through the process - Don't walk, run the other direction from these grossly incompetent people.
Reviewed Nov. 12, 2023
We applied for lease buyout on our 2020 MDX. Both have 800+ FICO. Never late on any accounts. 4th Acura since 2012. The process started mid Oct and we were just approved 11/9 after over 50 email request to prove identity and 2 hard inquiries within 30 days on our credit. This institution is horrendous. Our vehicle is also worth $10k more than we were asking for. Save yourself some time and go to another lending institution.
PenFed Credit Union Personal Loans Company Information
- Company Name:
- Pentagon Federal Credit Union
- Website:
- www.penfed.org