PenFed Credit Union Personal Loans Review 2022


Although PenFed Credit Union – officially Pentagon Federal Credit Union – serves members of the armed forces, military associations, veterans and retirees, and their families, a military connection is not required to become a member. The credit union offers personal loans to eligible members and eligible co-borrowers in all 50 states, as well as Guam, Puerto Rico and Okinawa, Japan.

  • Terms extend up to 60 months.
  • There are no setup fees.
  • Borrowers get funds within a day or two of approval.

  • Membership in the fund is compulsory.
  • Qualification requirements are not disclosed.

PenFed Credit Union offers personal loans to meet a variety of needs, such as:

  • Home renovations and repairs.
  • Debt consolidation.
  • Travel and vacation expenses.
  • Car repairs.

A current PenFed Credit Union member can apply for a personal loan by logging into an online account.

For non-members, choose to check your rate online and complete an application. No membership is required to apply, but if you decide to go ahead with the loan after approval, you will need to become a member of PenFed, which is open to everyone.

PenFed Credit Union offers personal loans from $600 to $50,000, with terms up to 60 months. The loans carry a fixed interest rate as low as 4.99% annual percentage rate, with individual rates determined by the amount of the loan and the creditworthiness of the borrower. There are no application or origination fees for a PenFed personal loan, and there is no prepayment penalty. All loans are subject to a minimum monthly payment of $50.

The application process starts by checking your rate online with a soft credit application. Although membership in a credit union is not required to apply, the APR will be based on both credit history and length of PenFed membership.

Funds may be available the next business day, but disbursement depends on various factors.

PenFed does not specify the minimum credit score or income required for a loan.

PenFed serves members in all 50 states, plus Guam, Puerto Rico, and Okinawa, Japan.

Select your desired loan amount and purpose, your credit score range, and your state to see estimated APRs and loan terms.

PenFed Credit Union is not accredited by the Better Business Bureau, but does have an A+ rating. The Consumer Financial Protection Bureau received 38 complaints in 2021 about PenFed personal loans, and all received a quick response. Most complaints were about obtaining a line of credit and problems with payments. PenFed closed 26 with an explanation, four with monetary relief, three with non-monetary relief, and five were ongoing as of January 2022.

In US News’ personal lender ratings, PenFed Credit Union received 4.6 out of 5 stars overall, 4.7 for affordability, 4.3 for eligibility, and 5.0 for customer service. The median overall rating of personal lenders by US News is 4.0.

Contact PenFed Credit Union Customer Service by calling 800-247-5626 from:

  • 7:00 a.m. to 11:00 p.m. Eastern Time, Monday through Friday.
  • 8 a.m. to 11 p.m. ET Saturday.
  • 9 a.m. to 5:30 p.m. on Sunday.

Customers can also send a secure online message through the PenFed website.

Borrowers can apply for a personal loan online by logging into their PenFed bank account. Non-members can complete the loan application online, but membership is required before the loan is funded. Members and non-members have access to securely upload supporting documents.

  • Individuals who are members of the PenFed Credit Union or wish to join.
  • People who want to avoid application and setup fees.
  • People who want to borrow up to $50,000.

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