Loans (US)

PenFed Credit Union Personal Loans review: hassle-free loans

Are you looking for a loan to deal with personal emergencies? If so, read our PenFed Credit Union Personal Loans review to learn about this lender with flexible rates!

by Victória Lourenço

Published on 10/17/2022

PenFed Credit Union Personal Loans: low APR rates!

Learn everything about the PenFed Credit Union Personal Loans. Source: The Mister Finance.
Learn everything about the PenFed Credit Union Personal Loans. Source: The Mister Finance.

Our PenFed Credit Union Personal Loans review is worth checking out if you need a loan right now! They offer low APR rates and flexible terms, making it easy to get the money you need without breaking the bank!

PenFed Credit Union Personal Loans

How to apply for PenFed Credit Union Personal Loan

If you need a loan for personal purposes like a wedding or to pay off debt, read on to apply for PenFed Credit Union Personal Loans!

APRFrom 7.74% to 17.99%.
Loan PurposeDebt consolidation, transportation, home improvement, medical and dental purposes, weddings, and other personal purposes.
Loan AmountsFrom $600 to $50,000.
Credit Needed650 to 760 (good to excellent).
TermsUp to 60 months. The terms depend on the loan amount and other factors.
Origination FeeThere are no origination fees.
Late FeeThe late fees depend on the amount owed and loan terms.
Early Payoff PenaltyThere are no prepayment penalties.

Plus, their online application process is quick and easy to complete. So if you’re looking for a fast, affordable way to borrow money, PenFed should be at the top of your list.

Therefore, keep reading our PenFed Credit Union Personal Loans review to learn more!

How do the PenFed Credit Union Personal Loans work?

With the PenFed Credit Union Personal Loans, you can get loans of up to $50,000 to use for almost any kind of personal purpose.

For example, you can get loans to pay for home improvements, medical and dental bills, and even your wedding or vacation. Also, you’ll be able to get loans for transportation and debt consolidation.

Moreover, depending on your credit score, you’ll be able to get some of the lowest APR rates in the lending market. Also, you’ll find loan terms of up to 60 months to make your loan repayments.

In addition, you won’t have to pay any early payoff penalties or origination fees! Plus, you won’t find any hidden fees for this loan. So, you’ll be able to get the money you need with no hassle.

PenFed Credit Union Personal Loans benefits

Credit Unions like PenFed can help you fix your credit and finances. Source: Adobe Stock.
Credit Unions like PenFed can help you fix your credit and finances. Source: Adobe Stock.

As you know, PenFed Credit Union Personal Loans offer great benefits to its borrowers. Also, some of the main benefits are that you can get incredibly low APRs depending on your credit score!

So, check out our list below to help you make a better decision!

Pros

  • Low APRs for higher credit scores;
  • Good loan terms;
  • Loan amounts of up to $50,000 for various purposes;
  • No prepayment penalty or origination fee.

Cons

  • There can be high late fees depending on the amount owed;
  • You can only have a chance of qualifying with a good or excellent credit score.

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How good does your credit score need to be?

Unfortunately, if you are interested in getting your next personal loan with PenFed, you’ll need a credit score ranging from 650 to 760 (good to excellent).

You’ll need to check your rate before you apply and provide your estimated credit rating. However, checking your rate won’t affect your credit score as they only perform a soft credit check at first.

How to apply for PenFed Credit Union Personal Loans?

You can easily apply for a loan through PenFed Credit Union Personal loans. And you can check your rate without harm to your score before completing the application!

PenFed Credit Union Personal Loans

How to apply for PenFed Credit Union Personal Loan

If you need a loan for personal purposes like a wedding or to pay off debt, read on to apply for PenFed Credit Union Personal Loans!

About the author

Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by

Aline Barbosa

Senior Editor

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