PenFed Personal Loan Review
PenFed personal loans have very low rates compared to most other personal loans, at 5.99% - 17.99%, with no origination fees. Borrowers can also get a modest amount of funding, at $500 to $20,000, and will have 6 to 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: 5.99% - 17.99%
- Loan sizes: $500 to $20,000
- Payoff periods: 6 to 60 months
- Credit score requirement: 600, reportedly
- Other requirements: 18+ years old, U.S. citizen or permanent resident, SSN or ITIN
- Origination fee: None Other fees: $20 - $25 late fee
- Reputation: PenFed gets a score of A+ from the Better Business Bureau, has barely any complaints filed against them with the CFPB, and boasts a user rating of 3.8/5 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
5 / 5
Requirements & Application
3.8 / 5
Reviews & Transparency
4.0 / 5
4.6 / 5
These scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.