Does Penfed offer small personal loans? This question is about PenFed Credit Union

Yes, Penfed does offer small personal loans. Penfed personal loans can be as small as $500, and you can use these loans for nearly anything as long as you have a good enough credit score to get approved (600+). Key Things to Know About Penfed’s Small Personal Loans Loan amounts: $500 - $50,000 APR range: 7.74% - 17.99% Repayment period: 12 - 60 months Origination fee: $0 Funding timeline: 1 - 3 business days To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.

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Does Penfed offer small personal loans?

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This question is about PenFed Credit Union

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Grace Enfield, Content Writer

@grace_enfield • 02/18/22 This answer was first published on 02/18/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, Penfed does offer small personal loans. Penfed personal loans can be as small as $500, and you can use these loans for nearly anything as long as you have a good enough credit score to get approved (600+).

Key Things to Know About Penfed’s Small Personal Loans

Loan amounts: $500 - $50,000
APR range: 7.74% - 17.99%
Repayment period: 12 - 60 months
Origination fee: $0
Funding timeline: 1 - 3 business days

To see which lenders may approve you and what rates may be available to you, check out the free pre-qualification tool on WalletHub.

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Is it difficult to get a PenFed personal loan?

It is not difficult to get a personal loan from PenFed because they offer personal loans for people with credit scores as low as 600+. Other PenFed personal loan requirements include being at least 18 years old, having an SSN or ITIN, and having enough income to afford monthly loan payments.

PenFed Personal Loan Requirements

Minimum Credit Score: 600+ credit score
Age: 18+ years old
Residency: U.S. citizen or permanent...

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What is the best place to get a small personal loan?

The best place to get a small personal loan is Discover. Personal loans from Discover let you borrow as little as $2,500, have APRs of 6.99% - 24.99% (depending on your creditworthiness), and have repayment periods of 36, 48, 60, 72 or 84 months. Applicants generally receive a decision the same day they apply and can get the funds as soon as one business day after approval. You’ll need at least a 660 credit score to qualify, according to third-party sources.

Best...

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What credit score is needed for a personal loan?

The minimum credit score for personal loan approval is 580, depending on the lender. That means it is possible to get an unsecured personal loan with a bad credit score, though such a loan will likely have an origination fee.

For your reference, WalletHub researched some of the most popular lenders to find out more about their specific loan requirements.

Credit Score for Personal Loan Approval by Lender

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