Company Profile
Its headquarters are located in McLean, Virginia. Besides personal loans, it also offers mortgages, auto loans, online banking services, and credit cards. Its services are available to people in all 50 states and the military bases in Japan, Guam, and Puerto Rico. Here is what you should know about the PenFed personal loans.
Services and Fees
|
Services |
Personal loans, mortgages, auto loans, online banking services, credit cards |
|
Loan terms |
12-60 months |
|
Funding time |
1-2 business days |
|
Minimum credit score |
650 |
|
Remote |
Yes |
|
APR |
Between 4.99% and 17.99% |
|
Loan Amount |
$500- $50,000 |
Thanks to PenFed’s prequalification stage, any potential client can check their rates without their credit score being affected. Also, the personal loan calculator that’s available on the website can help you estimate your payments. From there, the application process is very easy. Because you have already entered the necessary details, you will receive offers with pre-approved loans. You might be asked to provide some extra documentation so the application is complete. After picking a personal loan offer, you need to wait for the approval. The waiting period can last from a few hours to a few days.
It’s important to note that all clients need to join the PenFed Credit Union to be able to get a loan. You can apply without being a member but you won’t get your funds. If you do, you will see a savings account that will be preloaded with $5. You can apply for a loan without being a member and in case you are rejected, you won’t have to become one. The funding time is between one to two business days.
Requirements
In order to be accepted for a personal loan from PenFed, you will need to have a credit score of at least 650. However, a score of 720 is preferable for lower interest rates and higher loan amounts. You also need to be a U.S. citizen or permanent resident and be over 18-years old. Other than that, the website does not display any eligibility requirements for its personal loans.
Privacy and Security
The PenFed platform uses industry-standard security measures to protect their clients’ data. On TrustPilot, the company has an excellent score with 4.6 stars out of 5 possible. Most clients praise their customer support system, the easy application process, and the mobile app. Thanks to it, you can make payments and see your loan status at all times. Most complaints have to do with supposedly extended waiting periods and a lack of communication between the lender and its clients.
Services
As already mentioned, besides personal loans, PenFed also offers mortgages, auto loans, online banking services, and credit cards.
Help & Support
Customers can contact PenFed by calling at 00 1 541-225-6700 Monday to Friday from 7 AM to 11 PM ET. On Saturdays, they are available from 8 AM to 11 PM ET and on Sundays from 9 AM to 5 PM ET. The website also has a live chat and an online support center that clients can use at all times. Moreover, customers can create a ticket describing their issue and they will be contacted by a staff member.
Summary
To wrap it all up, PenFed is certainly a very good solution for people who have fair credit scores and don’t need a very hefty personal loan. As previously mentioned, the available amounts are not as high as those of other lenders. Thanks to the prequalification stage, potential clients can see whether or not they are suitable for a personal loan offer. There is also the possibility of a co-borrower and the APR rates are rather competitive. Plus, its mobile app can come in handy for checking your loan status and making your payments. All in all, even if the eligibility requirements are not fully displayed on the website, PenFed is still a very good option for a personal loan. Keep in mind that you need to be a member of the PenFed Credit Union if you want to receive the funds but you can still apply for a loan without becoming one. So, in case you’re just browsing for offers, you can certainly do that.
Physical Address
Box 1432
Alexandria, VA 22313-2032
Box 247009
Omaha, NE 68124-7009
