PenFed is one of the largest federal credit unions in the U.S. It offers checking accounts, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial products and services. Here are some useful things to know about Pentagon Federal Credit Union:
Offers member discounts for partner businesses, such as Travelers, Chubb, TurboTax, and Crutchfield
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Eligibility
Find out if you are eligible to join PenFed Credit Union.
PenFed Credit Union Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 05/18/2026.
4.0
12,030 reviews
from WalletHub and across the web
12,030 reviews from WalletHub and across the web
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PenFed Credit Union
WalletHub @WalletHub
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4 Star Rating
editor's review
2026 PenFed Personal Loan Review
PenFed personal loans have very low rates compared to most other personal loans, at 6.74% - 17.99%, with an origination fee that varies by state. Borrowers can also get $500 - $50,000 in funding, and will have 12 - 60 months to pay the loan back.
You can only get a PenFed personal loan if you join Pentagon Federal Credit Union. Anyone can join for free, though, as long as they open a PenFed savings or share account with at least a $5 initial deposit.
PenFed Personal Loan Review Highlights
APRs: 6.74% - 17.99%
Loan sizes: $500 - $50,000
Payoff periods: 12 - 60 months
Credit score requirement: Not disclosed
Other requirements: 18+ years old, U.S. citizen or permanent resident, SSN or ITIN
Origination fee: 0%
Late fee: $29
Reputation: PenFed gets a score of A+ from the Better Business Bureau and has an average user rating of 4.0 on WalletHub.
PenFed personal loans are some of the best on the market, and anyone can join PenFed to apply. The loans aren’t completely flawless, though. Below, you can see how WalletHub rates PenFed personal loans in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
PenFed Personal Loan Ratings by Category
Category
Editor’s Rating
Terms
5/5
Requirements & Application
4.8/5
Reviews & Transparency
4/5
Overall Score
13.8/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Product: PenFed Credit Union Personal Loans
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gary_1306 @gary_1306
I applied for a personal loan online with Pen Fed on a Monday. I was pre-approved online and provided three loan choices to pick.I chose the one that fit me best and on Thursday, I was approved for the loan, signed the loan docs, with the check being sent to me within 5 business days. . It was a flawless procedure. April 8, 2021. Thank you Pen -Fed.
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PenFed Credit Union @PenFed
@gary_1306 Glad to hear it, Gary! Thank you for choosing PenFed!
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PenFed Credit Union
aja collins @ajacollins
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1 Star Rating
They had a glitch in their system for auto pay and then hit me on a late payment dropping my credit card score over 100 points. Despite their account rep admitting it was their fault on a recorded line they have done nothing to amend the situation. This is my only negative remark in 20+ years of credit history. Horrible customer service, liars and frauds.
Penfed is a good credit union, however what I do not like about them is how my credit card was 3k, then they lowered it to 1200k. Credit score was in the upper 600s at the time. Then when I paid it off they lowered it from 1200 to 600. Citing my credit report but it was really because I paid it off I do not think that was cool. They waited until I paid it off to lower it. Also Penfed sends me all these products they want me to use, but why should I if Penfed lowered my credit limits on my card. Card limits were really not high in the first place? If you do business with them they should want to help you with business.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union
David Daniels @davidrogerdaniels7963
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5 Star Rating
Verified Customer
Knowledgeable, Professional, Friendly Staff
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Product: PenFed Credit Union Personal Loans
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PenFed Credit Union
Jason McKinney @Jason2323
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1 Star Rating
Bankers are extremely rude and disrespectful; they yell and scream too much, and they are beyond rude to dealership agents. They refused to help me because they said they were tired and needed to rest. I asked if there was a customer restroom, and I was told to go outside in the bushes.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union
samjones174 @samjones174
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1 Star Rating
Had a credit card account with them for over four years with no negative activity, late payments, or high balances. They randomly lowered my credit limit, causing my credit score to drop by 46 points. Additionally, I have requested accounts to be linked at least 4 times, but it's still not done. Horrible institution.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union
nichele95 @nichele95
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1 Star Rating
PenFed is hands down the worst company I have ever had the displeasure of having as my lender. I literally had to jump through hoops just to make a payment. Due to them not processing the payments until 10+ days later, we, for the first time, fell short on the time frame for payment, even though we called when it was due by the date of our obligations. Instead of working with us, the company criticized us because we didn't do auto-pay. We have the right to refuse it without having issues with the company. I'm glad to be free from this company and will avoid it in the future and share my experience with my colleagues.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union
davidc_604 @davidc_604
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3 Star Rating
Verified Customer
An average card with 2% cash rewards on all purchases.
I have a credit score of over 700 on all three credit reports and still was denied a credit card, loan, car loan, etc. When I called and asked why, there was no response; just wait for letters. Horrible service at the credit union.
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Product: PenFed Credit Union Personal Loans
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PenFed Credit Union
kpriske63 @kpriske63
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5 Star Rating
This credit union is awesome. I'm a new car loan customer. Anytime I've had any need to contact customer service, they have always been so kind and helpful. I would highly recommend them! Thank you, PenFed!
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union
Michael cantu @michaelcantu463
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1 Star Rating
Literal scammers. Do NOT refinance your car with these people. I've never once missed a payment, and they raised my interest rate from 6% to 18% without notifying me. They called me a month after raising it to say that I had been on delinquent status for a month and that I was overdue on $139. I didn’t see how this was possible, as I have autopay, and the app showed that I've made all my payments on time. After 30 minutes on the phone, I was finally informed that they had never received my title from the previous lienholder (Ally) and that this was why my interest rate had gone up. I didn’t understand how this was my fault, so I had them open a case where they would contact Ally and find out what happened to the title. Two days pass, and I hear nothing from PenFed. I finally decide to call Ally myself and confirm that the title had been sent to PenFed over six months ago. I call PenFed back, and it turns out that this was a lie, and they actually DID have the title; they just needed me to sign a power of attorney to have them switched over to being the lienholder. Two more days have passed, and they are now refusing to send the power of attorney letter so I can sign it and have my interest rate return to normal. Why are they not doing the one thing they claim they need? Why did they wait six months to inform me of all this and then continue to lie and send me on a wild goose chase? Why am I being charged for their mistake in the title transfer? This is such an easy issue to resolve, but unfortunately, every person I've spoken to has been completely incompetent.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union
Westgaryw @Westgaryw
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1 Star Rating
Terrible, unavailable, inexperienced, knowledgeable, poor English comprehension, loan officers. Stay away from this company for your mortgage needs.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union
Lauri Burns @Mavie
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1 Star Rating
Horrible, they reduced my credit limit to $100 of available credit without as much as an email, no idea why! Plus, this hurts my credit score! I use it for business and personal reasons, $4k gone because this place is on a power trip! It's a rotten way to do business. Avoid PenFed, actually, boycott PenFed.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union
et Kirsch @etk164
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1 Star Rating
Horrible service. After being a member of PENFED for 46 years, I have taken my business elsewhere. After experiencing fraud on my checking account, PENFED closed the account and opened a new one (all good). Since it was the time of the month for government payment checks to arrive, I asked whether the checks would automatically transfer to the new account, as well as the auto payments I had set up until I could make bank account changes for those affected. They said "yes," that it is done automatically. However, a few days later, I was notified by DFAS and the VA that both of the checks were returned. Then I started receiving notifications from the places where I had auto-pay set up, stating that payment was denied due to insufficient funds (and of course, late fees were tacked on). I had funds to cover all in the new account because I transferred funds in from elsewhere. The short answer is that PENFED did nothing to transfer checks or auto pay. I complained to PENFED, but their attitude seems to be "we don't care." I tried to reach the VP of Operations, but that was impossible. So far, with the new credit union, they have been very caring and have helped greatly with transferring over.
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Product: PenFed Credit Union Checking
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WalletHub Awards
PenFed Credit Union has won the following WalletHub Awards:
Get answers to your questions about PenFed Credit Union below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Yes. Anyone can join PenFed. PenFed membership is free for everyone now, but PenFed was originally created to serve U.S. military members and veterans of all branches, as well as federal employees and retirees. PenFed formerly required non-government and non-military applicants to donate to a military charity to be eligible for membership, but they no longer require this. As long as you're a U.S. citizen or permanent resident of the United States, you can join Pentagon Federal Credit Union by simply funding a savings account with at least $5.
All you have to do to apply for PenFed membership is enter your personal information – including your name, address, Social Security number or ITIN, and other info – on the membership form. Before you submit your application for membership, you'll be asked to make a deposit of at least $5 to a new PenFed savings account using a debit card or a bank transfer.
PenFed Membership Eligibility Requirements:
Must be able to fund a savings account with at least $5
Must be a U.S. citizen or permanent U.S. resident
Must have a government-issued photo I.D.
Must be at least 18 years old
All in all, it's very easy to become a PenFed Credit Union member. To fill out a membership form, visit the PenFed Credit Union website. Alternately, you can apply for membership over the phone by calling 800-247-5626.
Yes, PenFed is a good credit card company that offers unsecured credit cards for people with good credit. PenFed credit cards come with $0 annual fees, 0% foreign transaction fees, rewards of up to 5 points / $1 spent on purchases, and introductory APRs.
Here's why PenFed is a good credit card company:
Many credit card promotions and benefits: All PenFed credit cards come with a 0% foreign transaction fee, and almost all of them have no...
No, PenFed doesn't have any secured credit cards. Pentagon Federal Credit Union has offered secured credit cards in the past, but they stopped taking new secured card applications a while back.
PenFed only offers unsecured credit cards for members with above-average credit. There's no security deposit required, but potential customers with credit scores below 700 may find it difficult to get approved. Although PenFed does not have a secured credit card, there are plenty of good...
PenFed doesn't offer any business credit cards at the moment, unfortunately. PenFed credit cards are intended for personal use, but they typically come with low annual fees, competitive initial bonuses, 0% introductory APRs, attractive rewards or a combination of these features. You could even get one for business expenses, as long as you don't use the same account for personal spending.
Having said that, there are several good business credit cards from other issuers that are available for...
The PenFed Honors Advantage program offers higher earning rates to eligible PenFed Power Cash Rewards Visa Signature® Card and PenFed Pathfinder® Rewards Visa Signature® Card members. More specifically, PenFed Power Cash Rewards cardholders get 2% cash back on all purchases and PenFed Pathfinder cardholders get 4 points / $1 spent on travel if they are eligible for this program.
How the PenFed Honors Advantage Program Works
Eligibility requirements: Based either on having and maintaining a PenFed Access America or Free Checking account or being/having been in military service (active duty, reserve, honorably...
Yes, PenFed Credit Union offers IRA CDs. You can choose from different terms ranging from 1 to 7 years, with a minimum deposit of $1,000.
They also offer regular CDs. The PenFed Credit Union CD has an APY of 2.70% - 2.90%. With term lengths ranging from 3 months to 5 years.
It's important to note that these rates may change without prior notice. For the most up-to-date information, please refer to the PenFed Credit Union website or call their customer service at (800) 247-5626.
The PenFed credit card approval requirements include having good credit (a 700+ credit score) and proof of a steady income. Applicants must also be at least 18 years old and either a U.S. citizen or permanent resident.
Those under 21 years old will need to offer evidence of independent income, too. PenFed credit union membership is also required in order to be approved for a credit card. The membership requirements and the application to join are...
PenFed sends pre-approved card offers to potential applicants via mail or e-mail, and existing customers may receive pre-approval for a new card through their online account. To respond to a PenFed pre-approved offer, visit the website listed in your offer and enter the enclosed invitation code. This allows PenFed to flag the application as pre-approved.
PenFed pre-approval doesn't guarantee that you'll be approved for a card, but it does indicate that your chances of...
Yes, PenFed does charge a balance transfer fee on its credit cards. The PenFed balance transfer fee is 3% on all cards that allow balance transfers.
Currently, there are very few credit cards with no balance transfer fee, but there are a lot of 0% APR balance transfer cards on the market. These 0% APR intro periods can help you save a lot on interest, even if you need to pay a balance transfer fee. If you want to get...
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We work hard to show you up-to-date product terms, however, this information does
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* The information about the following cards has been independently collected
by WalletHub: PenFed Platinum Rewards Visa Signature® Card, Bank of America® Customized Cash Rewards Secured Credit Card, U.S. Bank Cash+® Visa® Secured Card, PenFed Power Cash Rewards Visa Signature® Card, and PenFed Pathfinder® Rewards Visa Signature® Card.
