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 04/19/2021.
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
[email protected]
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
Dale @shipo
PenFed approved me for a $6,000 credit limit 54 weeks after my Chapter 13 discharge, not only my highest credit limit card, but also the one with the highest rewards for both Groceries and Gasoline. I'm a happy camper.
This credit card gives you good sign in bonus and is fine unless you have a problem and have to call them. Be prepared to wait on line for 15 to 30 minutes, for their "customer service"
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi Emilio, we apologize for our extended wait times to reach a Member Service Representative by phone. We're working hard to reduce wait times. You can also get assistance by visiting PenFed.org/help, or trying to call at another time. We're available 7 days a week. Thank you for your membership!
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PenFed Credit Union
Juan @ajjordan55
Great card, the entire credit Union offers loans at great savings to me. Always recommend to all my friends. I recently paid off an installment loan and ready to get another one.
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
We're so happy to hear that you continue to get value from our products! Please let us know if you need assistance with a new loan. We appreciate your membership!
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PenFed Credit Union
donovanoncl @donovanoncl
*** update: after posting this, we did get in contact with a supervisor, so we will see if things go any smoother at this stage. Will revise if we successfully make it to closing on time.
Great rate, less great service. Compared to other places we applied, PenFed had a very competitive rate and things went smoothly at the beginning. Since then, we have struggled to get in contact with representatives for up to a week at a time or to get clarity on unclear or contradictory underwriting requests. If closing on time matters, I cannot recommend PenFed at the moment.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi, we're sorry that you're having issues reaching your processor. We'd like to help. Can you please email us at [email protected] with your application number, if you have it? Please mention your WalletHub review in your email for reference.
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PenFed Credit Union
stuartarcher10 @stuartarcher10
Your commercials are insulting to those that Served. You make light of Service and Service members. Your paratroopers, obstacle course Soldiers, are all parodies and represent Service members in a negative light. Your commercial with the Air Force Colonel shows him in a grossly improper uniform and attire. You've had commercials with Service members with goatees, and gross appearance over the year. It is patently obvious you have no individuals with military experience on your marketing staff. Please stop making these commercials that 1) improperly present Service members in uniform, and 2) attempts to make humor of the situations Service members are in. I continue and will continue to avoid your business as long as you run these ridiculous commercials.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
We appreciate your feedback and sincerely apologize that you felt personally insulted, which was not our intention. The goal of our latest advertising campaign is to convey that PenFed is open to everyone – including those in the military community and those who are not. For over 86 years we have proudly served and continue to serve the military community and their families. We shared your feedback with our marketing team.
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PenFed Credit Union
maggiebanbor @maggiebanbor
Worst company to deal with! You will keep calling and calling and nothing gets handled even in the slightest appropriate amount of time. I needed a document emailed to me and I’m going on the third week of trying to get it done and they keep telling me they submitted a request and I’ll have it in the next 48 hours. If that was the case I would have gotten the document 5 times by now. Even setting up the refinance took a lot, I should have known at that point and backed out. Think twice!
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Product: PenFed Credit Union Student Loans
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PenFed Credit Union @PenFed
Hi, we're sorry that you had to call multiple times and wait for your request to be completed. We spoke with that department and confirmed that the document was sent to you today. If you still have not received it, please email [email protected] and mention your WalletHub review in your email.
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PenFed Credit Union
trieu V @trieuv
This was my worst experience getting a mortgage, or any loan for that matter. It has been an absolute nightmare.
I have made 27 calls to my loan officer and loan processor and they have picked up the phone thrice: twice when my loan officer were still trying to get me to agree to getting my mortgage through them and once after I emailed my complaints to their resolution lines, more on that later. I have also emailed them a total of 32 emails and got 4 email responses.
I have 800+ credit. I put down 20%. The house value is 2x my annual income. The house appraised for higher than the asking price. So it should be one of the most straight-forward application.
I have always provided requested documents a few hours after they were asked. PenFed has never needed to wait for me for more than 12 hours for anything. I have always been prompt in my communication.
I would save you time here and advise you to not go with PenFed unless you would like to take a chance at not being able to meet contract deadlines, or love to take on some emotional stress.
I have emailed their [email protected] and [email protected] twice for help for help but that didn't help. So I'm not sure what else could be done here.
Feb 26th, initial loan application signed through the loan portal.
Mar 9th, appraisal paid.
Mar 10th, loan processor assigned. Sent an email to her to introduce myself. No response.
Mar 17th, loan officer asked for the seller's agent phone number. I responded.
Mar 25th, since I have never heard from my loan processor, I emailed MortgageResolution and Comments for help.
Mar 26th, loan officer emailed me asking for the seller's agent phone number(!) I told her we had been through this 9 days ago.
Mar 26th, I heard from the loan processor for the first time, 16 days after she was assigned to my case. I promptly provided documents while we were on the phone.
Mar 30th, I was Conditionally Approved. I promptly provided additional documents.
Apr 1st, I called my loan processor and asked whether we would be able to meet the Mortgage Contingency deadline. I was told that would depend on the appraisal and the title check. Okay... Had the appraisal been scheduled as soon as I paid for it (3 weeks ago at that point), may be those would have been done by that point.
Apr 5th, I received the appraisal report. I emailed and called my loan officer and loan processor to ask for a status update. No response.
Apr 8th, I called the person what responded to me when I emailed MortgageResolution and Comments back on Mar 25th. No response.
Apr 9th, I emailed MortgageResolution and Comments again asking for help. A person replied to me saying that they would provide me with an update the next business day (Apr 12th).
Here we are, on the evening of Apr 12th, I have not received any email or phone call today. My Mortgage Contingency date is Apr 15th.
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Product: PenFed Credit Union Mortgages
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PenFed Credit Union @PenFed
Hi Trieu, we're sorry that you're having this experience. We'll make sure you're contacted today.
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PenFed Credit Union
inclinevillagetahoe @inclinevillagetahoe
Bait & Switch. Got approval letter for 7.49 percent. Applied for the card and then was offered 15.49 percent. FICO in low 800's. They offered to withdraw my application and now my credit is dinged. Gee thanks!
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Product: PenFed Credit Union Credit Cards
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PenFed Credit Union @PenFed
Hi, did you receive an offer in the mail and apply using the access code on your letter? We can look into this for you, but we need some more information. Please email us at [email protected] and attach an image of your letter. Please mention your WalletHub review in your email.
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PenFed Credit Union
Joseph @Joseph5467
Writing this because a close family member is too nice, but PenFed doesn't deserve it. PenFed won't correct the refinanced car loan to reflect the correct address to get a person off of it who requested it. Now that person won't sign because of it. After trying to correct it with PenFed AND the company they're the middleman for with for the loan 4 TIMES, they STILL haven't corrected it and claim they haven't received it. Now they're threatening to raise the APR to their highest possible percentage. They were on track to pay it off 3 years ahead of time too before this. Now they'll have to sell the car when the APR goes up.
DO NOT go through them. They entice you with amazing rates, then cut off contact and either through incompetence or mismanagement, refuse to correct their mistakes.
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Product: PenFed Credit Union Car Loans
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PenFed Credit Union @PenFed
Hi Joseph, this sounds like a complex issue that should be resolved over the phone. We'd like to help, but will need to speak with the member. Please ask them to contact us at [email protected] with their information so we can look into it.
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Joseph @Joseph5467
@PenFed They've contacted PenFed multiple times. They contacted the company that PenFed goes through for car loans multiple times. Over the phone, through mail, and through emails. They're done. If they PenFed doesn't change the corrected address again this time and the member's rate goes up, they have no choice but to sell the car. Time has run out and PenFed had months to do the right thing through many, many conversations and mailings. Once the car's gone the member will end their accounts with PenFed. You're the social media rep so this isn't your fault, but PenFed's car loan team has dealt with this terribly.
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+6378 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.
Most PenFed credit cards require an excellent credit score (750+) for approval. A few are also designed for people with good credit (700-749). Please find a full list of cards on our PenFed credit card page.
