PenFed Credit Union: Quick loan, low interest but good credit

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

Pros

  • Can borrow as little as $600
  • Allows cosigners
  • No fees

 Cons

  • 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

Best if:

  • 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:

Summary

Loan amounts

$600 to $50,000

Loan terms

1 to 5 years

Min. credit score

670

Time to fund  

2 to 4 business days after verification

Cosigner permitted   

Yes

Fees

None

Loan use

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.

Repayment

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

Quick Loan Arena is not a loan agency and we do not give out loan to anybody. We are a quick loan review blog that seeks to inform and educate individuals and small  businesses about instant loan opportunities to help them take informed decisions. Book A Call TODAY and speak with any of our Loan Consultants for more information! Call or Whatsapp +234 (0)803 385 7245.

Do remember to give us a feedback about your quick loan experience after the lending process is executed.

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About the Author: Tobiloba Gideon

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