2023 PenFed Personal Loan Review

PenFed does not offer secured personal loans, but they do offer unsecured personal loans and other types of secured loans including auto loans and mortgages. Secured loans require collateral, such as a car, home or money in a bank account, whereas unsecured loans do not.

The upside to an unsecured personal loan is that you don't run the risk of losing an asset if you fail to make the payments. With secured loans like mortgages and auto loans, the property will be used as collateral, so you could lose your home or car if you don't pay the loan back. However, PenFed reports payment information to the major credit bureaus every month, so if you make your payments on time, you can boost your credit score.

For more information, visit WalletHub's PenFed reviews page.

Penfed personal loans have a $0 origination fee and a $20 - $25 late payment fee, but there is no prepayment fee or no origination fee. Penfed personal loans also have a minimum APR of 7.74%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see Penfed's personal loan fees and other key terms below.

Penfed Personal Loan Fees and Other Terms

• Origination Fee: $0
• Late Payment Fee: $20 - $25
• Prepayment Fee: $0
• APRs: 7.74% - 17.99%
• Loan Amounts: $500 - $50,000
• Repayment Periods: 12 - 60 months
• Credit Score Requirement: 600+*
• Funding Timeline: 1 - 3 business days

*According to multiple third-party sources.

Before applying for any personal loan, it's a good idea to see if you pre-qualify first. To check with multiple lenders at once, try WalletHub's free pre-qualification tool.

PenFed's requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having an SSN or ITIN. You will also need to have a verifiable bank account to qualify for a PenFed personal loan.  

PenFed Requirements for Borrowers

• Credit Score: 600+
• Income: Not disclosed
• Age: 18+
• Citizenship: U.S. citizen or permanent resident
• Identification: SSN or ITIN
• Bank Account: Verifiable bank account
• Residency: All states as long as you are a member of the Pentagon Federal Credit Union

Before you apply for any personal loan, it's a good idea to pre-qualify. While meeting all of the requirements gives you a good chance of approval, it's never guaranteed. To pre-qualify with multiple lenders at once, check out WalletHub's free pre-qualification tool.

Your PenFed approval odds are good if you have a low debt-to-income ratio and meet PenFed's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having a credit score of 600+, according to multiple third party sources. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.  

What You Need for Good PenFed Approval Odds

• Credit Score Requirement: 600+, according to multiple third party sources
• Age: 18+
• Identification: SSN or ITIN
• Bank Account: Verifiable bank account
• Residency: All states as long as you are a member of the Pentagon Federal Credit Union
• Citizenship: U.S. citizen or permanent resident
• Income: Not disclosed

Before applying for any personal loan, it's a good idea to check to see if you pre-qualify in order to estimate your approval odds. You can use WalletHub's free pre-qualification tool to check with multiple lenders at once.

PenFed offers personal loans that can be used to cover medical expenses. PenFed's personal loans offer $500 - $50,000 in funding with an APR range of 7.74% - 17.99%, repayment periods of 12 - 60 months and no origination fee.

PenFed Personal Loan Info

• Loan Amounts: $500 - $50,000
• Repayment Periods: 12 - 60 months
• APR Range: 7.74% - 17.99%
• Origination Fee: $0
• Credit Score Requirement: 600+ according to multiple third party sources

Before you officially apply for a loan, it's a good idea to see if you pre-qualify. You can use the free pre-qualification tool on WalletHub to estimate your approval odds and your potential rates with multiple lenders at once.

PenFed also has credit cards that can be used to pay for medical expenses. The PenFed Pathfinder® Rewards Visa Signature® Card, for example, offers an introductory APR of Not Offered for new purchases.

Penfed offers several different types of loans, including personal loans, student loans and auto loans. Each type of loan is used for a different purpose and has different requirements to get approved.

Types of Penfed Loans

• Personal Loans
• Student Loans
• Auto Loans
• Mortgages
• Home Equity Loan

If you think a personal loan is best for you, check out the free pre-qualification tool on WalletHub. This tool allows you to see which lenders may approve you and what rates may be available to you.

Yes, you can refinance a PenFed personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining PenFed balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges. 

How to Refinance a Loan from PenFed With a New Loan

1. Check your credit score. Checking your credit helps you see if you're able to get approved with the score you have or if you need to spend some time improving it. You can check your credit score for free on WalletHub.
2. Get pre-qualified (if possible). Pre-qualifying shows you which lenders may approve you and what rates may be available to you. You can pre-qualify with multiple lenders for free on WalletHub.
3. Apply for the new loan. You can apply for the loan online, in person or over the phone. You'll need to give the lender some personal information when you apply, like your name, address and date of birth. The lender will also need some financial information, like your employment status and income.
4. Wait for funds. You should get your loan within a few business days of being approved. The lender will either write you a paper check or do a bank transfer.
5. Pay off the old loan. Once you receive the money, you'll need to pay off the old loan.  
6. Repay the new loan. After the old loan is paid off, you'll then need to repay the new loan. This could take a few months or years to do.

Refinancing a Loan from PenFed With a Balance Transfer

The biggest difference between using a balance transfer credit card and a personal loan for refinancing is that many cards offer 0% introductory APRs. If you can pay off your loan before the introductory period ends, you won't have to pay interest.

To learn more, check out WalletHub's balance transfer guide.

Final Thoughts

You should refinance a personal loan from PenFed if it saves you money. Ideally, your new loan or credit card should have a lower APR than your old loan. You can qualify for a lower APR if your credit score and overall financial situation are better than when you got the first loan.

Finally, it's worth noting that PenFed does not offer personal loan refinancing services for its own loans. In other words, you can't use a PenFed loan to pay off another PenFed loan and get a lower interest rate in the process.

PenFed offers personal loans that can be used to finance dental work. PenFed's personal loans offer loan amounts of $500 - $50,000, repayment periods of 12 - 60 months, an APR range of 7.74% - 17.99% and no origination fee.

However, if you're looking specifically for a lender that offers dental loans, you should look into SoFi, LightStream and Peerform. To see the top-ranked offers, visit the dental loans page on WalletHub. You can also use WalletHub's free pre-qualification tool to see which lenders may approve you and what rates you may qualify for. 

You will know if Penfed approved you for a loan because you will receive an application decision via email. Penfed may approve you as early as one day after you apply, or within 45 days, depending on the type of loan you apply for. You can check your loan status by logging in to your account online in the meantime.

You should receive the funds 1-2 business days after approval, depending on the type of loan. Just keep in mind that approval for a Penfed loan is never guaranteed.