Established in 1935, PenFed is America's second-largest federal credit union, serving over 2.1 million members worldwide with $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services. Its mission is to empower members to achieve their... show more
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 07/26/2021.
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
Category
Editor’s Rating
Terms
5 / 5
Requirements & Application
3.8 / 5
Reviews & Transparency
4.0 / 5
Overall Score
4.6 / 5
Product: PenFed Credit Union Personal Loans
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gary_1306 @gary_1306
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I applied for a personal loan online with Pen Fed on a Monday.
I was per-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
Ben S @ben1b
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Verified Customer
I love this card! Rewards points are generous and if you're a frequent traveler it gets even better. Being able to breeze right through Security with the TSA Pre-Check at airports is worth every bit of the Annual Fee. That, and the Priority Pass Lounge access, also worth the Annual Fee, if you did nothing else, even if you didn't have the TSA Pre-Check. This card pays for itself, three times over.
As for Penfed itself ... fantastic. Customer service is outstanding, wait time to speak with a human on the phone is short / reasonable and the suite of financial / insurance services is excellent.
Getting the card was easy enough. Their rewards program is unacceptable, though. I made a purchase and used my rewards balance to get a statement credit to pay off the purchase. Once I requested the credit, I thought I was good and put it out of my mind. Wrong move. They deducted the statement credit amount from my rewards balance but DIDN'T give me the statement credit. The only reason I found out was from an email from Penfed stating that I needed to make a minimum payment or I would be 30 days past due! Customer service claimed that they couldn't locate my request for a statement credit even though my rewards balance had dropped. They then said it was an "IT issue" and are currently working on it. Their rewards program is too vague and unreliable, making it very difficult to trust them any further.
I had used Pen Fed in the past for a couple of car loans which were a low rate and had no problems. However, that was then, things are quite different now! I received a letter offering savings on a refinance by reducing my present rate by 2%. I responded online by starting an application. Partway through, I had to break away in order to lookup info on tax records. On returning to the app it had timed out, so I logged in again, only to find that I had to start from scratch. By doing so it looked like they might pull a second credit report, something I did not want as it is my understanding that this results in lowering my credit score. I have tried contacting them through phone, chat and finally email in which I asked that they retract the credit inquiry they made on the grounds that I am unable to complete the application through no fault of mine and cannot get any assistance from them. Customer service is totally non existent. The only good thing, is that I have learned that in the early stages! My opinion is based on the fact that I have sent in three separate chats which time out and are never responded to. I was able to contact them by phone but only to be directed to another extension where I was asked to leave my phone number if I wanted a call back - which I did, but still 24 + hours later, has never been returned. I have since requested a return call on three occasions using their online system, all of which have been ignored. I now have to got to go the trouble of contacting all credit bureau requesting them to remove the inquiry from PenFed on grounds that they will not cooperate in facilitating an application, and even if they respond now it is too late as the writing is on the wall. I would deserve what's coming were I to continue dealing with Pen Fed.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we're sorry to hear that you're experiencing these issues. We're going to send your information to our team to reach out.
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PenFed Credit Union
gfred9148 @gfred9148
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Very easy and informal loan process. They truly go that extra mile to ensure you receive the best possible solution. Shawn Artis was a pleasure to work with.
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Product: PenFed Credit Union Personal Loans
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PenFed Credit Union @PenFed
We're glad to hear that you had a great experience! We'll share your compliment with Shawn and his team. Thank you for choosing PenFed!
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PenFed Credit Union
Daniel @danielr_204
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Verified Customer
Great credit Union you need to be a veteran or active service for becoming a member, great products and good rates on all products
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi Daniel, we're glad that you're finding value in our products! We appreciate your membership! We're proud to serve our military community, although service is not required to become a member of PenFed! For more information, please visit PenFed.org.
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PenFed Credit Union
Lafael @lmzenterprises88
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Verified Customer
This is A Great Credit Union!!!
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi Lafael, we're glad to hear that you're satisfied! Thank you for your PenFed membership!
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PenFed Credit Union
jtburgess @jtburgess
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Verified Customer
Had an unauthorized transaction on my credit card. I live in Texas and transaction was in Florida. According to PenFed the card was present at the transaction place in Florida. We have two cards that have never been out of the State of Texas. PenFed Security closed the case so I am left to pay for this unauthorized transaction. Will be closing my account with PenFed.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi, we understand the stress that comes with unauthorized charges on an account and apologize that you're having this experience. We would like to look at the details of this case. Can you please email us at [email protected] with some more information? Please mention your WalletHub review in your email.
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PenFed Credit Union
Steph Fitzgerald @stfitzger
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Great rates, horrific service. My mortgage processer has been dragging her feet for weeks to move my file to underwriting, not responding for days at a time and asking for the same documents I've already provided more than once. She's suddenly out of office for a week, and her contact (her manager) doesn't answer her email or phone either. Best the help line said they could do is leave the manager a message. I've been asking for updates for 2 weeks and at this point, it would be impossible for them to fund in time for my closing date.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi Steph, we're sorry that you're having difficulties communicating with the processing team. We will share this information with the team to look into the issue.
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PenFed Credit Union
Charles @charlesbogard13
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Verified Customer
This is a great card especially for military and for someone who open a checking account instead of 1.5% you get 2.0% on every purchase.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
We're glad that you're enjoying the benefits of the card, Charles!
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+6382 users submitted a rating without writing a full review
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.
PenFed Credit Union scores fairly well among WalletHub users with an average rating of 3.6 (out of a possible 5). PenFed credit cards get solid ratings from WalletHub's editors, too, led by the Platinum Rewards Visa with an editors' rating of 4.5 / 5, followed by the Power Cash Rewards card at 4.4 / 5 and the Gold Visa at 3.3 / 5. Pentagon Federal Credit Union enjoys an A+ rating with the Better Business Bureau, as well.
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 in 2019.
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.
The PenFed Honors Advantage program works by enabling eligible PenFed Power Cash Rewards Visa Signature® Card and PenFed Pathfinder® Rewards Visa Signature® Card cardholders to supplement their spending-based rewards. 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.
Here's how the PenFed Honors Advantage program works:
Eligibility based either on having and maintaining a PenFed Access America Checking Account or being/having been in military service (active duty, reserve, honorably discharged, or retired).
PenFed Power Cash Rewards cardholders have their rewards supplemented to 2% cash back on all purchases.
PenFed Pathfinder cardholders have their rewards supplemented to 4 points / $1 spent on travel.
The usual PenFed credit card approval requirements include an excellent (750+) 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 an ability to independently make monthly payments, too. PenFed credit union membership is also required in order to be approved for a credit card. Membership requirements and an application to join are available on the PenFed website.
Application requirements also include personal information such as your name, address and birthdate. Your Social Security number (SSN) or Individual Tax ID Number (ITIN) and U.S. citizenship status are also required. In addition, PenFed will review your credit history, your income and any debts you have. Your bank account information, monthly mortgage or rent payment and employment status will also be taken into account.
