At a Glance
Rates & Fees
Key Features
Among the lowest personal loan rates nationally
Open membership — anyone can join PenFed
No origination, prepayment, or late payment fees
Pros & Cons
Pros
- Low starting APR among major lenders
- No fees whatsoever
- Credit union member benefits
Tradeoffs
- Requires PenFed membership
- Good-to-excellent credit required for best rates
- Smaller minimum loan ($500)
How to Apply
Check whether PenFed Credit Union offers prequalification and whether it uses a soft or hard credit inquiry before submitting personal information. A full loan application may affect your credit score.
Compare the estimated APR, term, and monthly payment against at least one other lender before committing.
Gather proof of income, identification, and bank account details for the formal application.
Submit the full application directly on PenFed Credit Union's site; approval typically requires a hard credit inquiry.
If approved, review the final loan agreement for the origination fee and funding time (1–2 business days) before signing.
How It Compares
Current product highlighted| Product | APR Range | Loan Amount | Origination Fee |
|---|---|---|---|
| PenFed Personal Loan | 7.99%–17.99% | $600–$50,000 | None |
| Citi Personal Loan | 9.99%–17.49% | $2,000–$30,000 | None |
| LightStream Personal Loan | 7.24%–24.89% | $5,000–$100,000 | None |
| SoFi Personal Loan | 6.99%–35.49% | $5,000–$100,000 | None (optional fee for lower rate) |
Rates and terms shown are illustrative as of 2026 and vary based on creditworthiness, income, and loan amount — always confirm current terms directly with the lender.