Penfed Credit Union Personal Loan Review 2022 | Get 50K Personal Loan with Bad Credit

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PenFed Overview

Penfed credit union officially Pentagon Federal Credit union offers a personal loan of $600 to $50,000 with a repayment term of 1 to 5 years. Penfed Offers this personal loan with an APR of 4.99% to 17.99%.

Penfed is known for serving armed forces, military associations, and their family. However, no military connection is required to become a member of the Penfed Credit union. Anyone can join by funding a savings account with a minimum of a $5 deposit.

The special feature of this credit union is that they let you pre-qualify for the loan. which you don’t always see with other credit unions.


  • Loan amount starting from $600 – $50,000
  • Soft Pull Credit check available
  • PenFed offers no pre-payment panalty
  • Offers joint and secured loan options.{alertSuccess}

  • PenFed offers No discount for autopay.
  • Penfed does not offer direct payment to creditors with debt consolidation loans.
  • No option to choose or change your payment date   {alertError}


Can Be Used as Debt Consolidation Loan

PenFed offers personal loans for many purposes such as debt consolidation, home improvements, and big purchases. So if you are looking for a big loan amount then PenFed can be the best option for you if you have a bad credit score.

Annual Interest Rate and Fees

Penfed offers an APR of 4.99% to 17.99%, which is very low as compared to other lenders in the market the APR will be decided on your credit score and your creditworthiness.

Minimum Credit Score Required

PenFed does not specify the minimum credit score. You should try to apply for their personal loans so it may be possible that you may get approved with a bad credit score. Also, Penfed offers Pre-qualification for the loan. So you can check your rate without even hurting your credit score. 

Offered Loan Amount

PenFed offers personal loans from $600 – $50,000. 

Eligibility Criteria 

There are some basic requirements you should fulfill before taking a bad credit loan. Here is the list :
  1. You should be at least 18 years old
  2. You must be a United States citizen or have a US Visa
  3. You must have a valid active US bank checking account
  4. You have to provide a valid email address and a phone number

Required Documents

  • Valid Identity Proof, VIsa
  • Have to provide a DOB.
  • Valid current mobile number and Email id.
  • An active American bank account.

Repayments Terms

The payment payback period means repayment terms are extended up to 60 months. which is up to 5 years and you can repay your loan even before that which won’t cost you a pre-payment penalty which is a good thing.

Example of the PenFed loan

A three-year, $20,000 loan with an 11.2% APR would cost $657 in monthly payments. You’d pay $3,640 in total interest on that loan.

How to Apply for PenFed :

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Who is this loan good for

  • People who are already Penfed members 
  • Have a good credit score  
  • want to add a co-oh to their application

Editorial NoteMakeHelpOf does not receive any commission from any website or third-party advertisers. This is just a review article based on consumers’ experiences from the internet. It’s accurate to the best of our knowledge when it’s posted. Please read all the information carefully before you make any decision. {alertInfo}