The PenFed Credit Union Personal Loan is especially good for borrowers with good credit (690 FICO points or better) and who are PenFed members.

This loan is also an excellent option for those seeking to secure a loan or add a co-borrower to their application. This is our guide to the PenFed Credit Union Personal Loan application.

Before we start the PenFed Credit Union Personal Loan application, let’s have a look at what are the lender’s requirements for applicants.

Keep in mind that meeting the requirements does not guarantee you will get approved for the loan, but it does highly increase your chances.

In order to qualify for a PenFed Credit Union Personal Loan you must have a 2-year-long credit history which the lender can look into. Also, your debt-to-income ratio must be below 55%.

On top of that, having good to excellent credit will highly increase your chances of getting approved for this loan.

If you are on your desktop computer, go to PenFed’s website and locate the “Loans” option at the top right third of the page to start your PenFed Credit Union Personal Loan application.

It is between “Mortgage $ Home Equity” and “Learn”. Then, run your mouse cursor over the option to reveal a dropdown menu.

If you are applying from your mobile phone, tap the three-line menu at the top right corner of the page.

Then tap the “Loans” option, which will reveal the types of loans. Tap “Personal Loans” and then tap “Personal Loans” again.

Now, regardless of your device, locate the green “Check Your Rate” button on the page and click on it.

If you are already a member, you can log in on the next screen. If not, you can click on “check your rate” again. 

For this guide, we will click on “Check Your Rate”. Now, select the reason for your loan, the loan term, and how much you would like to borrow at PenFed Credit Union Personal Loan.

Then, scroll down and enter your first and last names, along with your date of birth, Social Security Number, email address, and mobile phone number.

After that, scroll further down and enter your address information. This must include street address, country, Zip Code, city, and state. 

Further down below, you will enter your financial information, including personal annual income and monthly housing payments.

Then, below, read the text before checking the three boxes to certify you agree.

At this point, you may select the option to apply with a co-borrower if you wish.

Then, check the box to confirm you are not a robot and click Continue. You’re just one step far from your PenFed Credit Union Personal Loan.

Now the website will send you a one-time passcode to verify your identity. Once you have confirmed it, PenFed Credit Union will analyze your information and make a personal loan offer.

If you are happy with the offer, you may choose to take the loan. Congratulations!

But maybe you have less-than-perfect credit, and the previously mentioned loan does not suit you. Do not worry, we have another recommendation made for people with poor credit.

LendingPoint Personal Loans only requires a soft credit check for you to pre-qualify. With it, you get fast access to funding, access to a free credit score, and you can even change your payment date.