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PenFed Review

Reviews 1,481
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Reviews 1,481
Michael Graw
Feb. 21, 2024
2 min read
Michael Graw
PenFed Summary
PenFed is the third-largest federal credit union in the US. The company offers a variety of personal loans up to $50,000. PenFed doesn’t charge origination or prepayment fees and you can pre-qualify with a soft credit check. This lender doesn’t specify a minimum credit score, but a score of 690 or above is preferred.


  • Interest rates as low as 4.99% APR
  • No origination or prepayment fees
  • Pre-qualify with a soft credit check


  • Doesn’t pay your creditors directly
  • No discount for automatic payments

PenFed at a glance

Editorial score

Variety of loan types

Offers all loan types

Online experience

"Has learning resources, access to rates, mobile app"

Customer services and support

Multiple ways of reaching lender, wide range of hours

Loan amount range

Loan amount up to $50K

Repayment flexibility

Loan terms 60 months+

PenFed PenFed View Rates

Why Go with PenFed

PenFed offers personal loans with interest rates as low as 4.99% APR. This lender doesn’t charge an origination fee or a prepayment penalty, so you can pay off your loan early to reduce your interest payments.

Another advantage to PenFed is that you can pre-qualify for a personal loan with a soft credit check. So, you can see multiple pre-approved offers and compare them against other options without harming your credit score.

PenFed typically approves loans and delivers funds within 1-2 business days. You can complete the entire application process online.

What’s Offered

  • Get pre-approved offers with a soft credit check
  • Personal loans up to $50,000
  • No origination fee or prepayment penalty


PenFed is a members-only credit union that typically serves members of the US military. However, anyone can join PenFed. If you’re not already a member, the company will automatically open a savings account in your name with a $5 deposit when your personal loan is approved.

You can apply for and manage your PenFed personal loan entirely online. The application process starts with a soft credit check, based on which PenFed will give you one or more loan offers. PenFed does not specify a minimum credit score required to qualify for a personal loan, although the company’s most competitive rates are reserved for borrowers with a credit score of 690 or above. Loan terms are available up to 60 months.

Once you’re approved for a PenFed loan, the company typically deposits money into your account within 1-2 days. You can manage your loan and make payments through a secure online portal, and PenFed makes it easy to set up automatic payments.

  • Borrow up to $50,000
  • Get multiple pre-approved offers with a soft credit check
  • Interest rates as low as 4.99% APR
  • Loan repayment terms up to 60 months
  • No origination or prepayment fees
  • Manage your loan through an online account portal
  • Visit any of 45 nationwide branches

Types of Debt Covered

PenFed doesn’t pay your creditors directly but rather deposits funds into your bank account. So, you can use your personal loan to pay off any types of debt you have. For example, a PenFed loan can be used to cover student loan debt, credit card debt, and medical debt.

Site Security 

PenFed uses SSL (Secure Socket Layer) encryption and Norton antivirus to protect your personal and financial information when pre-qualifying or applying for a personal loan. Your online account portal can be secured with two-factor authentication. PenFed also has an extremely clear privacy policy that explains what information the company shares and what options you have for limiting your information from being shared.

Help & Support

PenFed offers customer support by phone or through a secure messaging system that can be accessed from your online account portal. Customer service is available from 7am to 11pm (EST) Monday to Friday, 8am to 11pm Saturday, and 9am to 5:30pm Sunday. You can also visit one of PenFed’s 45 branches for help during weekday business hours.

Phone: (724) 473-6333

Business Address

PenFed, 2930 Eisenhower Avenue, Alexandria, VA 22314


PenFed offers personal loans up to $50,000 with interest rates as low as 4.99%. This lender doesn’t charge origination fees or prepayment penalties, which can help you save money on your loan. You can apply for a PenFed personal loan online and pre-qualify for multiple offers with a soft credit check. If you need help, PenFed offers phone support 7 days a week and has 45 branches across the US.


This review was created using information from the PenFed website and online loan application.

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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Trustpilot reviews
See what some customers are saying about PenFed
Excellent • Reviews 1,481
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2 days ago
PenFed is like the USO for your wallet
PenFed has been there for me in tough times as a disabled veteran and I greatly appreciate them. They also have a policy and ethos of doing for others and helping those in need that I very much appreciate and respect. For those reasons I will always keep a flame burning at PenFed. But they also have great rates to offer for loans, credit cards and checking and savings accounts, and are very veteran friendly. They are very friendly for regular folks too and pop up on many a YouTuber's top five list of best credit unions in the country. Best financial institutions period. Highly recommend.
Angel Angel
3 days ago
Prompt service
Prompt service
David Lail
4 days ago
Outstanding Performance
Very easy with the process and not a bunch of ropes to jump through!
Hector R Leon
1 week ago
Amazing experience with professional…
Amazing experience with professional touch. Great service
Rafael Nigaglioni
2 weeks ago
PenFed is without question the best
PenFed is without question the best, most professional/caring and genuinely customer oriented financial institution that I have worked with in over 29 years