PenFed Credit Union: Quick loan, low interest but good credit
If you only need a small quick loan, PenFed could be a good option — you can borrow as little as $600 up to $35,000 with terms from one to five years.
Established in 1935, PenFed serves over two million credit union members. It offers quick loan to borrowers in all 50 states, the District of Columbia, Guam, Puerto Rico, and Okinawa.
Keep in mind that while you don’t have to be a PenFed member to apply for a quick loan, you’ll have to be a member of the credit union if you are approved and want to accept the loan.
Features of PenFed quick loan
As low as 5.99% APR*
Terms up to 60 months
Loans up to $50,000
No early payoff penalty
No origination fee
No hidden fees
- Can borrow as little as $600
- Allows cosigners
- No fees
- Must join the credit union to accept a loan if you’re approved
- Doesn’t disclose minimum income requirements
- Funds are disbursed by mail, which can take longer
- You want to borrow $50,000 or less
- You have good to excellent credit
- You can wait a few days until you receive your money
If you need a relatively small quick loan for debt consolidation, moving expenses, or home improvements, PenFed Credit Union is a good choice.
It offers loans with competitive interest rates and loan terms as long as 60 months.
PenFed interest rates and loan details
PenFed Credit Union offers fixed-rate quick loan to borrowers with good to excellent credit.
These loans can be used for a variety of quick expenses, including credit card consolidation, debt consolidation, home improvement, medical bills, or even your dream wedding.
Here are the most important features you should know about PenFed quick loan:
$600 to $50,000
1 to 5 years
Min. credit score
Time to fund
2 to 4 business days after verification
Solely for quick, family, or household uses
Best for debt consolidation or home improvement
How to qualify
To get a quick loan through PenFed, you’ll need:
- Good to excellent credit
- Stable income with a debt-to-income ratio that shows you can comfortably afford your loan payments
While you don’t need to be a PenFed member to qualify for a loan, you’ll have to join the credit union if you decide to accept the loan. The process is easy and military affiliation is not required. When you receive your loan, PenFed will open a savings account for you preloaded with $5 to establish your membership.
PenFed’s quick loans have repayment terms ranging from one to five years. There are no prepayment penalties, so if you can afford it, you can pay off the loan early to save on interest charges.
How to get a quick loan from PenFed
Getting a prequalified rate from PenFed will not affect your credit score. But before applying for a PenFed loan, be sure to shop around with as many lenders as possible to get a quick loan that’s right for you. Credible makes this easy. You can compare rates from multiple lending partners — including PenFed — in two minutes.
After you’ve chosen a lender, you can complete your application online, close your loan, and get the money you need.
You can apply for a PenFed Quick Loan from HERE
To learn more about PenFen, CLICK HERE
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