The time for approval may vary depending on the deposit method you have selected. Direct deposits and ACH transfers may take as long as 1 or 2 business days. Check deposits may take longer, up to 5 or 7 business days. However, actual timing may also vary depending on the time of the day your loan is processed. Your financial institution also influences how long it takes for the loan to arrive in your account. It is worth pointing out that not all options are available for every applicant.

The status of your PenFed Credit Union Personal Loan application is available on PenFed’s website. Log on to PenFed Online by clicking the login button at the top of the page. You will need to input your username and password, and then, from the main menu page, click on “Apply Now”. This tab is located near the top of the page. By doing that you will be able to view existing applications. Then, locate the “Open” tab under the “Recent Application” section. By clicking on the “Open” tab you will be able to view active loan applications. You can also click on “Recently Completed” to view the ones that have been closed recently.

To apply, go to PenFed’s website and select the product you would like to apply for from the options at the top of your screen. Then, fill in the required information in the application form, and you are all set. If you are already a PenFed member you can also use your account to directly submit your application.