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PenFed Review
Reviews 1,166
PenFed
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PenFed
PenFed
Excellent
Reviews 1,166
Michael Graw
Feb. 02, 2023
2 min read
Michael Graw
PenFed summary
PenFed is a national credit union that offers auto loan rates for new and used vehicles. It also offers auto loan refinancing with rates that compete with national banks, plus a car buying service that includes discounted prices and rates. You must be a PenFed member to qualify for a loan. In addition, for a limited time earn a $350 cash bonus when you purchase through the PenFed Car Buying Service with a PenFed auto loan.¹
Pros
  • Car buying service with discounts
  • Borrow more than the cost of your vehicle
  • Longer repayment terms available
Cons
  • Must join PenFed credit union to receive a PenFed product
  • Strict credit score requirement to receive low rates

PenFed at a glance

4.6
Editorial score

Online experience

Has learning resources, access to rates, mobile app
5.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
5.0

Loan Types

Offers all loan types
5.0

Repayment Flexibility

Offers multiple repayment plans- but no special repayment programs
4.0

Eligibility (credit score)

Doesn't cover bad credit
4.0

PenFed  PenFed View Rates

Suitable For?

PenFed offers auto loans with relatively low interest rates. You can buy a new car, for example, with an APR ranging from 5.39%. The lowest interest rates are reserved for borrowers with excellent credit (over 800) and 24- or 84- month loan terms. So, if you meet the above criteria you can benefit from PenFed's competitive rates and flexible loan terms.

Features

PenFed has a car buying service through a partnership with TrueCar that gives users access to various discounts from select auto manufacturers and dealers. If you use this service, you are eligible for a discount of up to $4,000 on your vehicle. You’re also eligible for discounted interest rates for new and used vehicles. 

In order to get a loan, you must be a PenFed member. Membership is free for active duty military or veterans. If you have no past military service and aren’t part of a qualified organization like the American Red Cross, you can join PenFed by making a $17 contribution to the National Military Family Association.

  • Rates from 5.39% APR for new cars
  • Shorter loan terms have lowest interest rates
  • Membership is open to everyone
  • Loan amounts up to $150,000
  • Up to 125% financing
  • Easy online application
  • Longer loan repayment terms available (up to 84 months)
  • Get pre-approved in just a few minutes!
  • Offers easy refinancing
  • For a limited time, earn a $350 bonus when you purchase through the PenFed Car Buying Service with a PenFed auto loan.¹

Application Process

PenFed’s auto loan application is fully online. PenFed members who have been with the organization for more than 90 days can get pre-approved through their online account. Once you submit a loan application, PenFed will typically make a decision within minutes.

Loan Types and Terms

PenFed offers standard loans for new and used vehicles, auto loan refinancing, and Payment Saver loans. Standard loans carry low interest rates and allow you to borrow anywhere from $500 to $150,000. 

Payment Saver loans have higher interest rates and require you to borrow at least $10,000. These loans come with smaller monthly payments, followed by a balloon payment at the end of the loan.

  • Minimum 610 credit score
  • $500 minimum for standard loans
  • $10,000 minimum for Payment Saver loans

Repayment Options

Standard loans carry terms of 36 to 84 months for new vehicles or 36 to 72 months for used vehicles. Payment Saver loans can be repaid over 24 to 60 months. PenFed offers lower interest rates for shorter loan terms.

How Safe Is It?

PenFed secures your loan application with SSL encryption. All borrower data that PenFed keeps and your online account portal are also encrypted for security. For added security, all PenFed data is managed and stored in the United States. 

Help & Support

PenFed’s customer support team is available by phone and email 7 days a week, including from 7am to 11pm ET Monday through Friday, 8am to 11pm ET on Saturdays, and 9am to 5:30pm ET on Sundays. 

Phone: 1-(724) 473-6333

How PenFed Compares


APR 
5.39%
from 2.49%
Minimum credit score 
610
None
Loan amounts
$500-$150,000
$5,000-$300,000
Loan term 
24-84 months
12-72 months
Suitable for 
Short-term loans with low interest rates
Comparing multiple lenders


Address

7940 Jones Branch Drive

McLean, VA 22102

PenFed  PenFed View Rates

Summary

PenFed offers low auto loan interest rates for borrowers with excellent credit. You can get discounts on your purchase if you use the lender’s car buying service, and for a limited time, earn a $350 cash bonus when you purchase through the PenFed Car Buying Service with a PenFed auto loan.¹ Anyone can join this credit union and you don’t need to be a member to get an offer. 

Disclaimers

¹ The PenFed Car Buying Service rebate of $350 will apply to new and used purchase loan applications with a qualifying vehicle purchase sourced through the PenFed Car Buying Service. Applications and Car Buying Service dealership match must be received during the promotional period, between 2/1/2023 and 4/30/2023. Dealer originated loans and refinance loans are not eligible for this promotion.  Loan must be currently active and have at least 2 payments posted in order to qualify for the rebate.  The $350 rebate will be deposited to the member share savings account within 60 days of receiving the second payment.  PenFed may discontinue or change the promotion at any time.  Other restrictions may apply. 



Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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See what some costumers are saying about PenFed
PenFed
Excellent
Reviews 1,166
on
Excellent
84%
Great
5%
Average
1%
Poor
1%
Bad
9%
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hipolito vazquez
2 days ago
They make everithing easy
They make everithing easy
R
raymond irizarry
2 days ago
A giant when it comes to credit unions
A giant when it comes to credit unions, great products, great service and incredible rates!
J
j nicholson
2 days ago
PenFed is an amazing organization
PenFed is an amazing organization. Ease of applying and rapid approval to deserving people. Online registration is flawless too. So happy I joined!
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jo turner
2 days ago
The ease of the experience
The ease of my experience
A
alisa
3 days ago
Credit Easy
PenFed is GREAT to Consumers and Easy Application Process
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glenette bruce
3 days ago
Willing to work with you
it was fast and easy the rate could be better it said 7.4% but no
J
james p faranda
5 days ago
Good customer service from a real person
The person I called was prompt and courteous in helping me finalize my credit card application. I believe it was about 1/23/23 but I am not exactly sure of the date.
A
aa
5 days ago
I was not able to finish my credit card…
I was not able to finish my credit card application because it would shutdown, cancel, or reload the page when I click "submit". Also, the same kind of thing happens when I try to connect my account to other bank/credit union accounts. So still not able to connect them.
C
clement williams
5 days ago
Faster application process.
Faster application process.
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scott whitmore
6 days ago
Without A Doubt, That Best Rates Anywhere!
This is the best Credit Union so far! Their rates, offers, products. All go above & beyond any other financial institution!
E
eric
6 days ago
Awesome company and great customer…
Awesome company and great customer service.
M
mabel sanchez
7 days ago
It was good and fast
It was good and fast
C
c f b
7 days ago
PenFed great services
User friendly and easy access with navigating online. Quick response.
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frank afenkhena
8 days ago
Smooth and easy
Smooth and easy
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omar oliver
8 days ago
Excelente servicio
Excelente servicio
P
pama lyons
8 days ago
PenFed is a very good company and they are great to deal with.
PenFed is a very good company and they were there for me when I needed financial help with a loan. I have no complaints. I highly recommend PenFed to anyone who will listen.
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edgar aviles
8 days ago
GREAT RATES AND SERVICE
GREAT RATES AND SERVICE
C
carolyn reynolds
9 days ago
This company is exceptional
This company is exceptional. From the products they offer to their customer service. I have been with them a little over a year now and I have no complaints whatsoever. They have come through for me in clutch moments and I appreciate the extra mile they go to assist their customers. PenFed is great!!!
C
chey dj
12 days ago
Hustle free when applying for a loan
Hustle free when applying for a loan, people were great and very helpful. I'll give you guys 👍👍👍👍👍🙂
P
pastor tantay
14 days ago
They're good on their promises
They're good on their promises
R
robert soto
14 days ago
I'm extremely satisfied with the fast…
I'm extremely satisfied with the fast approval and easy process.
A
amanda mcbride
14 days ago
Great service
Great service great customer service. Fast and easy application
A
alan meyers
15 days ago
Helped me out with what I needed
Helped me out with what I needed
B
brodz
15 days ago
PenFed is a excellent way to manage your money
PenFed gives me better interest rates, better products like saving account that generates interest by month. PenFed make me feel more confident with my accounts, overall PenFed is a great, exellent and secure way to manage your money.
N
natalie
15 days ago
I have excellent credit …
I have excellent credit 766 and they gave me a $1500 credit limit as if I'm a teenager and tell me it's going to take 5 weeks to get the card with the little limit. They have an offer to spend 1500 in the 1st 3 months and receive 15000 points, seriously I only have a $1500 credit line lol smh. I wouldn't recommend, they say you get approved with good/excellent credit so if I only had good credit what would be my limit $100. Lol again smh
12587
15 days ago
I couldn't be happier with the loan's I received.
I couldn't be happier with the experience. One of the best lenders that I've ever dealt with.
R
rosa mendoza
17 days ago
Easy to apply online and response was…
Easy to apply online and response was very quickly
J
john
17 days ago
PenFed is the best credit union in…
PenFed is the best credit union in America.
D
david batista
17 days ago
It's a good company.
It's a good company.
R
ronald wright
17 days ago
Trust and honesty
Great customer service---------precise application process----------quick response.
B
budai
18 days ago
Very fast and efficient
Very fast and efficient, hassle free process.
R
renee
18 days ago
The application process was very quick…
The application process was very quick and easy to use online. I've had very good experiences with PenFed and appreciate their support.
A
angel torres
19 days ago
Very professional
Very professional, friendly. Vest offers rates found.
m
maurice jamison
19 days ago
Easy application
Very easy to use processing can be slow but resolve quickly
E
emmanuel christopher ashong
19 days ago
Everything thing about this bank is…
Everything thing about this bank is absolutely amazing, the seamless transaction and application processes makes it a win experience and one wants to keep coming even if just to say hello!
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eddie baltrip
19 days ago
I love being a member of Pen Fed
I love being a member of Pen Fed
R
roger brown
20 days ago
The nicest people!
I had to call PenFed due to being unable to pull up their email. Again, I talking to the nicest and most helpful member of their staff and the problem was solved. They are the nicest people with which to deal and offer competitive rates, fees and services. I which others could learn by their example how to keep customers!
M
mai
21 days ago
Service members are greatly appreciated
Service members are greatly appreciated
S
sean l helms
23 days ago
Ease of application
Ease of application. Fast response.
D
danny tran
23 days ago
Good service
Helpful and great service
A
arturo sandoval
23 days ago
grate card
I needed the credit to open new accts.
M
marc
24 days ago
I JOINED BECAUSE THEY ARE A CREDIT…
I JOINED BECAUSE THEY ARE A CREDIT UNION. CREDIT UNIONS OFFER LOWER RATES AND BETTER DEALS FOR THEIR CUSTOMERS.
J
jamaal wilkins
24 days ago
Great service
Great service never knew they exist
p
pardeep saini
24 days ago
Customer service
Customer service
M
mike dawson
a month ago
Wow Zero annual fees
Handled promptly pleasant customer service.
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robert bird
a month ago
no title
Easy Application Process
A
adrian ray
a month ago
Leigh
Smooth approval process
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jamie petrone
a month ago
good deal
Company was very easy to deal with, low insterest rate what more can anyone want
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alice j. english
a month ago
Time and effort efficient and great…
Time and effort efficient and great opening perks.
E
ethel
a month ago
Great Experience!
The loan process was quick and easy and the interest rate is very competitive!
B
barbara engen
a month ago
Online application was fast and…
Online application was fast and accurate.
K
kathleen s carrigan
a month ago
PenFed is exceptional in consistent…
PenFed is exceptional in consistent efficient customer service. I recommend highly even if not a veteran
R
rip d rebel
a month ago
The credit card application process was…
The credit card application process was quick and easy. Once I provided all of my information and documentation I was able to get an approval in minutes.
N
nestor sanchez
a month ago
La oportunidad de poder tener un buen…
La oportunidad de poder tener un buen crédito y también la amabilidad y la forma que te explican todo.
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scott pianalto
a month ago
I work on a navy base in Naples Italy
I work on a navy base in Naples Italy. I have been banking withe penfed since 1989. Penfed is failing me. I can't use my credit cards in Italy, merchants constantly denied. I can't do a wire to pay my rent, as they can't call international on my Italian phone. I tried to buy penfed CD and took me two hours on the phone to get it through the system since I have an Italian address. Stay away.
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willy ward
a month ago
easy to apply and rates are competitive
easy to apply and rates are competitive
K
kenneth
2 months ago
ACH Transfers originating at Penfed are limited to just one bank. You can't set up more than one bank.
ACHS transfers originating from your Penfed accounts are limited by Penfed to one banking institution. Penfed pays a low interest rate of 2% on the Premiere Savings Account. Sofi Bank pays 3.5% on their savings account. If you do in house transfers at Penfed, say from Premiere Savings to Access America Checking and and then transfer funds from Access America back to Premiere Savings, Penfed puts a 5 business day hold on your funds that are tranferred into Premiere Savings. In short funds moved electronically within Penfed that never leave the bank are held for 5 days. Customer service representatives go way above questioning when you call in for assistance. Most reps work from home and I doubt the safety and security of my data is maintained for home workers.
J
joshua moran
2 months ago
Always knowledgeable and helpful!
Always knowledgeable and helpful!
W
william frederick
2 months ago
Best Ever
PENFED is by far the easiest financial institution I have ever dealt with. If they had a branch that was closer to my location all my accounts would be with PENFED
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mark brown
2 months ago
Day process
The application process was extremely easy!
M
mel kling
2 months ago
A true pleasure!
Easy access. Professional company. Competitive rates. Overall a great experience
D
donna (dee) hall
2 months ago
All was self explained I enjoyed that
All was self explained I enjoyed that. all of this was very clear.
M
mark crnarich
2 months ago
Hackers paradise & Quicken
We have many accounts across many financial institutions. PenFed is the only one that blocks Quicken Direct connect. They claim security flaws. PenFed is also the only account where our credit card is subject to frequent fraudulent charges. We have to get new credit cards from them at least once a year. I wonder if the two are related.
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herman peoples
2 months ago
PenFed is a wonderful Credit Union and…
PenFed is a wonderful Credit Union and I like their products but most of all is the Professional Service that’s offered all the time
N
noel matos
2 months ago
Personal Loan
Easy Process and quick service
J
julie rice
2 months ago
Outstanding Service with PenFed Credit Union
If you have never worked with PenFed before, I highly recommend them. They make everything so easy, and if you run into trouble, they have excellent customer care. My hat's off to PenFed!
M
martha t.
2 months ago
BEST in every banking category - use PenFed!
I have moved all my banking to PenFed from USAA because they out-perform in all categories of savings and CD rates, credit card perks, and best mortgage. PenFed's website if the most user-friendly, making it so easy to mange my various banking functions. Most knowledgeable and pleasant customer service anytime I call!
D
denver mullins
2 months ago
Fastest service and approval for…
Fastest service and approval for personal loan. Would recommend.
S
sal monastero
2 months ago
Great experience every time I have…
Great experience every time I have contact with them.
B
brian oleary
2 months ago
Need
Thanks for any link u could send for auto pay.i downloaded the pen fed app did not take my password or username. any help appreciated
r
ricardo martinez
2 months ago
Helpful through all the process of my credit
Helpful through all the process of my credit application with positive results !
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willie guyton
2 months ago
The timely matter in which my…
The timely matter in which my application was handled
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jorge urquizo torquemada
2 months ago
Pen Fed Credit Union application…was very easy
Pen Fed Credit Union application precess make me feel a valuable costumer, thanks Pen FedCU.
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james anthony
2 months ago
easy to fill out!excellent survey!
easy to fill out!
M
michael
2 months ago
Quicken online has been blocked
For many years all were good, till an year ago PenFed has started blocking Quicken online access to download transactions. It was on and off, but from September it's permanent issues. I wasn't able to use Quicken to download any transactions from Penfed CU. This is critical feature for me to track in Quicken all my transactions across all financial institutions.
D
daniel r
3 months ago
PenFed is a great choice!!
PenFed is honest and has the best interest of their customers at heart. I have only good things to say about this company and the fine people who run it.
J
jose
3 months ago
The security on personal information…
The security on personal information and making sure that I was the one applying for the credit card
M
marco a. chacon
3 months ago
Fast service
Fast service
R
ruvic ann lopez
3 months ago
Best credit union
Best credit union
M
matt
3 months ago
Now Blocking Aggregation Services
Starting in Jul 2022, Penfed started blocking aggregation, false claiming there is a security issue but not actually working with a major aggregation service (personal capital) to resolve any legitimate concern. When I called, PenFed customer service just said there was nothing that could be done and didn't care how long I had been with them and how much money I have with them (not a small amount--I was using them to manage my household expenses. Closing my accounts and taking my business elsewhere.
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john tomarchio
3 months ago
Fed up! with PenFed.
PenFed has been worse to deal with than the Federal Government. All impersonal communication and phone robotics. All "sir" and no service. They have been running me around for a month about my application to remove PMI from my mortgage, and now I get an anonymous letter, with no contact info. for that "division", telling me that I never qualified in the first place because of a 5 year "seasoning" requirement. I've been on the phone dozens of times with a dozen reps for over a month, I have exchanged a dozen emails with a case manager (with no telephone contact for her), I have sent a professionally prepared property valuation, and it was all a waste of time from the start! Hours and hours of preparation and frustration for nothing! PenFed made me pre-pay by phone (big phone ordeal!) for an appraiser of their choosing--a company with a one-start customer rating and a dead-end web address--and their feckless appraiser neglected to include a comparable sale 3 months ago on my own street in my own housing development. Instead, he reached back 12 months to a low sale that was part of a estate liquidation, for one of only 4 comparables, and he put a value on my house $30,000 less than the real estate's estimate based on 14 comparables in the last six months. Talk about incomptence, talk about negligence. But it doesn't stop with the appraiser. I sent the real estate agent's report to my Pen Fed case manager, and she has kept me waiting a week on the "form" to "process" my challenge of the appraisal. "Process" is all I get, and now an anonymous letter I just called to complain to Pen Fed Customer Service, and they gave me a 3-day window for a supervisor call-back! It's all robotics: the computer doesn't let me; I have no access; wrong department; the process requires a form; you can't call them, I can't call them, they have to call you--within a week. Worse than the Federal government. It's even in the name, PenFed. Well, I am: fed up
J
james chance
3 months ago
Penfed has given me everything I asked for!
Penfed has given me everything I asked for, with a fare cost. I was in business for a long time and my succes came from caring more about my people than I did my wallet. Sense I retired I've had customers come to my door wanting me to help them, because they trust me. Caring about the people that put food on the table is always more important than your needs.
N
nancy van
3 months ago
The positive reviews on here are true
The positive reviews on here are true! Penfed really does offer competitive rates and they are nonsense free. They are transparent and competitive. The best part is their customer service. Every representative has been patient, helpful and kind. They have spent time explaining my statements to me when I've had questions. I would say their customer service is comparable with Discover.
w
walter marhelski
3 months ago
The application was very easy
The application was very easy, and I had in answer in less than 24 hours. The interest rates are very good also.
S
steeven sunderraj
3 months ago
the wallet amount refund not now happiness is not fetch
Not fetch my amount
M
mark
3 months ago
Customer Service
On line excess and very forward on documents
j
janice avant-gaffney
3 months ago
The application process is seamless.
The application process is seamless.
J
jared
3 months ago
Untrustworthy
I will preface this with the fact I went through a learning curve with this institution, as other banks I refinanced a vehicle with did most of the work, requesting title transfers from the other bank, etc. With them you do most of the legwork, or you pay an insane APR, which they tried to do, causing my payment to increase almost 50%. They straight up lied to me about my direct payment for their GAP policy, and raised my monthly rate from 517 to 539, which at 62 months, more than doubles the cost of the policy itself. After I had proof of payment on my end (which they have to had seen on theirs), they acknowledged the payment, but then tried to sneak back in that $22 monthly increase. They sound less like a CU and more like a penny thieving institution that banks on you messing up the process, so they have an excuse to jack up your payment and keep the money.
J
josé diaz
3 months ago
very good card
very good card
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maria roof
3 months ago
Online transactions quick and efficient
Many account transactions can be completed online quickly and efficiently. I've been a member for many years and have been 100% impressive with their customer service and competitive rates.
J
jonathan nave
3 months ago
A well balanced institution!
This company invest in good people and treated me better than family.
L
l. wong
3 months ago
A great card with no annual & foreign transaction fee
PenFed's Platinum rewards Visa signature credit card has no annual fee, no foreign transaction fee which is great to carry this card for foreign travel or purchases made outside of the US, no cash advance fee. The card features fixed point/s rewards between 1-point and 5-points for everything you purchase. There is no need for you to activate on a monthly or quarterly basis, this fixed point system saves time and is effortless to earn your rewards. You earn 3 points for supermarket (including most Walmart and most Target stores; something that all other credit cards have specifically restricted), you also get 3 points to enjoy your meal at your preferred restaurants, selected subscription services are also included in their 3 points reward, you earn 5 points for gas/EV vehicles (which is super for EV owners, not a lot of credit card give rewards or cash back for EV cars as of this writing), you also earn 1 reward point for everything else that does not fall under the other points system, these are all of your other daily expenses. Their card has Visa's enhanced security, their 24/7 service, discounts, points can be redeemed in many ways. But note that I did not see their offer to redeem in statement credit or cash deposit to PenFed account. I hope they will add those in for this card, and remove the fee for balance transfer since they charge an interest rate on balance transfer anyway. To sum up: this is a great card to have for your rewards without the need to remember to activate them just so you can earn those rewards points. This card is hard to beat and is in a higher bracket of card's rewards system, an everyday card to have to reward you for most if not all of your spendings. I can't comment on credit limit, it is a subjective discussion and since it depends on many factors to determine how risky to lend to each individual. But I can say that they offer you a fair enough amount of credit limit or loan amount at the time of their assessment of your credit worthiness. This is an independent review of PenFed Rewards Credit Card, no compensation and no benefit derives from this writing. Also their rewards program may change after the date of this writing. What I described here are current PenFed offerings which includes a welcome bonus of 0% APR for balance transfer with a 3% fee. Please note that I applied for this credit card on October 30, 2022 which is the actual date of experience (and NOT on October 29, 2022 as Trust Pilot's calendar would not accept the correct date, I wonder if it has to do with a Sunday date?, I don't have a clue, just guessing). Review written on November 5, 2022, edited or updated on November 6, 2022.
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laura parker
3 months ago
What made my experience great is being…RECOGNIZED.
What made my experience great is being recognized as a reliable customer. They have the best loan and deposit rates, and the best customer service.
R
ramon mota
3 months ago
They are very fast process to any…
They are very fast process to any application without many questions.
T
thatguy
3 months ago
go somewhere else
started out great, but after i was in car accident and made them aware of it they still closed my account. I had 120.00 balance with almost a 10k limit. then theres the multiple automated calls everyday even after paying them. do you yourself a favor, go somewhere else
R
rs
3 months ago
Easy online application
Easy online application, fees and rates are great. The offer of 0% interest on transfers forward year saves me money immediately.
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pat walter
3 months ago
Pen Fed is excellent
Was able to apply and get response within minutes and their site is easy to find out what's available and the options are simple to understand. Would recommend Pen Fed to anyone.
D
daun thomas
3 months ago
Easy to apply
Easy to apply, quick response no hassle and easy to reach someone if you have questions
D
david caldwell
3 months ago
Penfed has the best rates and products…
Penfed has the best rates and products met my every need. I have experienced nothing but positive professional services in acquiring all my needs whether they be loans or credit cards! I would definitely recommend them!
j
joseph beckum
3 months ago
Personal loan
Was simple and user friendly, fast and with a quick response time. loan approved that day and processed the next day.