Get a $750 Welcome Deposit for eligible new customers who open an 
- Editor Rating
- Rated 3.5 stars
- Very Good
- PenFed Personal Loans
- Reviewed by:
- Published on:
- Last modified:
- Fees
- Funding Time
- Loan Amount
Contents
With over 80 years of lending experience, Pentagon Federal Credit Union AKA PenFed serves more than 1.6 million members in all 50 states and military bases around the world.
PenFed offers loans up to $25,000 with rates as low as 6.49%. This military-focused credit union acknowledges that, sometimes, bad luck happens. When you enroll in its debt protection insurance plan, you’re covered. Find out more about PenFed personal loans: the good, the bad and my breakdown.
About Personal Loans From PenFed
- No collateral required. Don’t own a house? It’s not going to be an issue here.
- Simple application process. Just head over to PenFed’s website and apply online (for members only).
- Joint applications. PenFed welcomes cosigners, so you can have a better chance of getting approved and qualifying for better rates!
- Quick funding. It can take as little as one business day, if approved.
- Flexible fund use. A personal loan through PenFed can be used for debt consolidation, home improvement, auto repair and travel.
- No origination fee. What you borrow is what you get.
- Competitive fixed rate. With excellent credit, your APR could be as low as 6.49%, and that won’t budge for the entire duration of your loan term.
- No prepayment penalty. So you can pay that loan of yours back as quick as possible!
- Live customer service 24/7. PenFed is available to their members worldwide, via web, seven days a week, twenty-four hours a day.
- Flexible loan repayment. You can also adjust the due date on your monthly payments once per year, terms apply.
- Debt protection option. In case of disability or death, PenFed’s Debt Protection insurance plan will pay off or cancel some or all of your loan payments.
- For PenFed customers only. Because PenFed is a credit union, you will be required to join in order to apply for a loan. Anyone is qualified for membership by joining Voices for America’s Troops ($14 in dues) or the National Military Family Association ($15 in dues).
- Loan terms vary by amount. You can borrow as little as $500 for a three-year term, $5,000 for a four-year term and $10,000 for five-year term.
- Hard credit check. This can affect your credit score. It pulls information from major credit bureaus and receives timely payment reports.
- Late payment fee. If your payment is more than 5 days late, you’ll be hit with a 20% fee.
- Returned check fee. If your payment is returned due to insufficient funds, it’ll cost you $30.
Eligibility Requirements
There are no minimum credit score, gross annual income or debt-to-income ratio requirements. Instead, PenFed will consider your entire financial situation during the underwriting process to evaluate your loan application.
PenFed Terms & Fees
| Loan Amounts | $500 – $25,000 |
| Loan Terms | 3 to 5 years |
| Repayment Options | Monthly |
| Origination Fee | None |
| APR | 6.49% – 17.99% |
| Prepayment Fee | None |
| Late Payment Fee | 20% |
| NSF Payment Fee | $30 |
| Check Processing Fee | None |
The Breakdown
PenFed is a great choice for average credit borrowers or those with poor credit who can apply with a cosigner. You don’t need collateral and the application process is quick and easy. There are no origination or prepayment fees, and the rates are competitive with good credit. PenFed caters to their members with live 24/7 customer service, flexible loan repayment and debt protection.
Sample Loan
| Loan Size | $12,000 |
| Loan Term | 48 months |
| APR | 12.0% |
| Total Interest | $3,168.29 |
| Monthly Payment | $316.01 |
If you aren’t already a PenFed member, it’ll take you a few extra steps to apply. Loan terms vary by amount, so make sure to check what terms apply with your loan amount. You’ll be hit with a hard pull on your credit just to see if you qualify for a PenFed personal loan. Lastly, when you receive your funds, keep in mind the late and NSF payment fees.
- LoanDepot Personal Loans Review 2018: $5,000 To $35,000 Loan Amounts
- LendingClub Review 2018: Personal Loans Up To $40,000
- Payoff Review 2018: Personal Loans For High-Interest Credit Card Debt
- Upstart Review 2018: Personal Loans By Ex-Googlers
- OneMain Review 2018: Personal Loans For Bad Credit Borrowers
- Best Egg Review 2018: Personal Loans With Option To Borrow Twice
- PenFed Credit Union Personal Loans Review 2018
- Avant Review 2018: Personal Loans For The Typical Middle-Class American
- LightStream Review 2018: Personal Loans $5,000 To $100,000
- Peerform Review: Personal Loans With Debt Consolidation Perks
- PersonalLoans.com Review 2018: Personal Loans For Less Creditworthy Borrowers
- LendingTree Review 2018: Sit Back and Let Lenders Come to You
- Earnest Review 2018: Personal Loans With Standout Customer Experience
- Prosper Personal Loans Review 2018: Low Rate Loans Up To $40,000
- SoFi Review: Personal Loans $5,000 To $100,000 With Unemployment Protection
MoneysMyLife Top Offer Picks  With 16,000 ATMs and 5,100 branches throughout the United States, Chase Bank is second only to Wells Fargo with regards to the total number of branches. This makes the bonus offers from Chase extremely popular, and they always have several promotions to choose from. Full Review.
 Get a $750 Welcome Deposit for eligible new customers who open an HSBC Premier checking account with qualifying activities.Get a $350 Welcome Deposit for eligible new customers who open an HSBC Advance checking account with qualifying activities. Member FDIC. Apply online for a new TD Bank Checking account to earn either a $300 bonus for the TD Premier Checking account ( $2,500 in direct deposits required), or a $150 bonus for the TD Convenience Checking account ($500 in direct deposits required). This is a limited time offer. Full Review  Barclays has two great card offers that should interest many who are looking for a solid travel rewards credit card.The Barclaycard Arrival® Plus World Elite Mastercard® has a 60,000 miles sign-up bonus worth $630 in travel. You'll be able to earn unlimited 2X miles on every purchase and there are no foreign transaction fees to worry about. See Terms. Full ReviewThe Barclays Arrival® Premier World Elite Mastercard® will earn you 75,000 miles each year (worth $750) if you spend $25,000 on purchases during the year. This credit card is intended for high spenders looking for a card to carry for the long-term. The card will earn unlimited miles at the rate of 2 miles per $1 spent on all purchases. See Terms. Full Review |
CIT Bank is offering a 1.85% APY rate with their Money Market Account for all balances. This account is available online nationwide and consistently offers one of the best rates in the nation. The minimum opening deposit is $100 and there are no fees for opening or maintaining the account. 
Ally Invest is one of the nation's top choices for a low-cost stock broker, and they now have a promotion where you can earn a cash bonus of $50 to $3500, as well as $500 in commission-free trades. Your cash bonus value will depend on your deposit amount made within 60 days of account opening. 
Simple Bank has an offer where you can earn a $20 bonus after opening their free online Checking account that's available nationwide. You'll then be able to earn unlimited $20 referral bonuses. Direct deposit isn't a requirement and all you and your referrals need to do is open a new account and use the Simple Visa debit card to make a first purchase. 
*These responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.