Yes, you can pay off PenFed personal loans early, which is a smart idea because it will save you money on interest. PenFed does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a PenFed Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of $0.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
Yes, Penfed will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a Penfed personal loan with a co-signer, and Penfed will verify that person’s income instead.
Penfed may verify income by requesting financial information like pay stubs, bank statements or W-2 forms. In other cases, they’ll just use credit report information. Either way, you will also have to meet other Penfed requirements to be considered for loan approval.… read full answer
Penfed Personal Loan Requirements
Be at least 18 years old
Be a US citizen or permanent resident
Must have a Social Security number or ITIN
Have a credit score of 600 or higher
You need to be a member of the Pentagon Federal Cerdit Union
You have a good chance of getting approved for a loan from Penfed if you meet all of these requirements.
If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub’s free pre-qualification tool.
Yes, Penfed is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it’s more secure, and they make the loan process faster by removing middlemen. … read full answer
In the end, your loan comes directly from Penfed, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
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