PenFed Credit Union Personal Loan review
Read this PenFed Credit Union Personal Loan review and learn about how easy it is to get this loan.
PenFed Credit Union Personal Loan: pre-qualify with low rates and minimal fees
If you are a borrower with good credit who has been looking for a low-interest personal loan, we might just have what you are after. This is our PenFed Credit Union Personal Loan review.
With the PenFed Credit Union Personal Loan, you can prequalify online with a soft credit check without taking a hit on your credit score.
With their mobile app, you can easily manage your loan. Plus, you have access to secured and joint loan options. Keep reading and find out more.
- APR: 4.99 – 17.99%
- Loan Purpose: Debt Consolidation, Medical Expenses, Home Improvement, Credit Card Consolidation, Auto and Motorcycle Loans, Major Purchase, Start a Business, Grow a Business, Educational Expenses, IRS Tax Debt, and others.
- Loan Amount: $600 – $50,000
- Credit Needed: Good
- Terms: 12 months to 5 years
- Origination Fee: $0
- Late Fee: $29 after a 5-day delay
- Early Payoff Penalty: $0
How does the PenFed Credit Union Personal Loan work?
The PenFed Credit Union Personal Loan is best for borrowers who are PenFed members and have a credit score of 690 FICO points or better.
If you want to add a co-borrower to your application or would like to secure the loan with a PenFed share account, the PenFed Credit Union Personal Loan is also a good option.
This personal loan stands out for its low rates and minimal fees. Besides not charging prepayment or origination fees, it has lower rates compared with other good-credit lenders.
Although it does not offer a rate discount even if you set up automatic payments, this is still an affordable choice. Plus, you can prequalify with a soft-credit check.
PenFed will generally look at the previous two years of your credit history. So a 2-year credit history is something you want to have if applying for this card.
Also, the lender requires you to have a debt-to-income ratio below 55%. PenFed will use these factors along with your credit score to decide for or against your approval.
Loan amounts start at $600 and can go as high as $50,000. So borrowers can use loans to pay for a variety of expenses and repay in terms of one to five years.
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PenFed Credit Union Personal Loan: should you apply for it?
Now you are familiar with this personal loan’s ins and outs. However, our PenFed Credit Union Personal Loan review would not be complete without a comparison between its pros and cons.
Check out the list we have prepared below
- Pre-qualify with a soft credit check
- Access to joint and secured loans
- Mobile app for easy loan management
- It does not charge prepayment or origination fees
- Does not offer discounts for automatic payments
- Direct payment to creditors unavailable for debt consolidation loans
- Inflexible payment date
What is the required credit score?
To increase your chances of being approved for a PenFed Credit Union Personal Loan, you must have good credit. Good credit generally means 690 FICO points or more.
Learn how to apply for the PenFed Credit Union Personal Loan
If the PenFed Credit Union Personal Loan sounds like a fit to you, you might want to take the next steps and apply for a loan.
If that is you, click the link below, and we will show you how to do it step by step.
About the author / Danilo Pereira
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