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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.
Pros
- 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}
Cons
- 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
Offered Loan Amount
Eligibility Criteria
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
Example of the PenFed loan
How to Apply for PenFed :
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 Note: MakeHelpOf 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}