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PenFed Credit Union Review: Is It Legit Or A Scam?

Molly RingerBy No Comments5 Mins Read
PenFed Credit Union

At penfed.org, PenFed Credit Union provides its members with competitively-priced certificates, checking and credit cards, personal loans, mortgages, and auto loans.

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Summary

The PenFed Credit Union is a leading provider of personal loans. This article takes a closer look at the credit union so that you can make an informed choice regarding whether or not this is the right credit union for you.

Upon investigating their website and terms and conditions, we discovered some interesting information.

Here are a few of the things we found interesting.

  • The APR for Personal Loans ranges from 7.74% to 17.99%.
  • There is a range of loans available from $600 to $50,000.
  • There is a minimum monthly payment of $50 on all loans.
  • Term lengths of up to 60 months are available.
  • Your APR will be determined by evaluating a variety of factors including your credit history and the length of your PenFed membership at the time of disbursement.
  • It is an Equal Housing Lender and is federally insured by the NCUA. 

PenFed Credit Union: What Is It?

In 1935, Pentagon Federal Credit Union was founded as the second-largest federal credit union in America, with over 2.8 million members worldwide and assets in excess of $36.6 billion as of June 30, 2022.

In addition to providing financial services for many years, PenFed Credit Union has an A+ rating from the Better Business Bureau and an average of 200 reviews. However, 541 complaints have been resolved over the last three years and 242 in the last twelve months, giving them a 1-star rating out of five.

Located in McLean, VA, PenFed can be reached at (800) 247-5626 if you have any questions or concerns.

How Does This Company Work?

It is simple and easy to obtain a personal loan. First, check your rate without affecting your credit score, then choose from multiple pre-approved offers, and finally, receive your money in 1-2 business days after verification.

How To Qualify For PenFed Credit Union

Depending on your needs, PenFed Credit Union may request additional documentation such as recent pay stubs, retirement statements, bank statements, or tax returns to tailor their services accordingly. As part of the verification process, they may also request a copy of your passport or driver’s license, your most recent utility bill, and/or your social security card.

To apply for a loan, you do not need to become a member. However, once you have been approved for the loan, you will need to become a member.

PenFed Credit Union Reviews

PenFed Credit Union has been experiencing some issues with customer complaints for some time now. As a matter of fact, they currently have a 1-star rating on the Better Business Bureau website with an average of 200 customer reviews and 541 complaints closed over the past three years. However, their A+ rating continues to remain unchanged.

The following are some reviews:

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Dianne M 07/19/2022

I got a letter from this bank, telling me I had opened up an account. I informed them that it was not me. Things just went downhill. This is identity theft. After talking to so many people about this, could not get them to throw their heads. They just blow me off. Instead, they informed me that my credit score will take a hit. Again I tell them this is identity theft.
Got to know where. This bank has done me wrong. They also sent me a letter two days ago on how I was a valued customer and welcomed me as a new member. ARE YOU KIDDING ME? Do not bank here if you value your identity. What a joke.

Johnny B. 07/12/2022

I would give them zero stars if I could. Take your money somewhere else even if you get lower rates. As a result of their error, PenFed opened up two money market certificate accounts instead of one. My external checking account now has a negative balance and yet every time I call PenFed gives me the wrong information. Atrocious customer service, and a terrible website. Stay far away from them if you want peace of mind.

Brian C. 06/23/2022

DO NOT TAKE ADVANTAGE OF ANY PROMOTIONS OFFERED BY PENFED! My experience with PenFed, in the beginning, was a good one. I got a personal loan with a good interest rate. I should have stopped there. They sent me an offer where I would receive a $250 bonus if I opened a checking account and had my loan payments auto-debited from that account. After THREE payments I was supposed to receive a $250 deposit in my checking account. They said it can take up to TWO months after the three payments for the $250 to show up in my account. Why it takes two months to process something so easily, I don’t understand.
But, fine. After two months passed, I called about it. I was on hold forever, then the person I spoke with had no idea what I was talking about. Put on hold again while they tried to find someone who knew about the promotion. Spoke to someone who couldn’t give me an answer as to when to expect the $250, but said he would send my request to the correct department.
I let another month and a half go by, and still no $250. So, I called today. Again, the first person I spoke with had no idea what promotion I was talking about. Placed me on hold. Spoke to someone else. Confirmed my information AGAIN (last four of SS#, email address, phone number, date of birth, etc.).
The customer service rep finally found the promo information and read it back to me, I confirmed that that was, indeed, the promotion. He has to put me on hold AGAIN. Gets back on the line, and starts asking me what dates I made my first three payments. I admit it — I lost my patience and said “you have my account information in front of you – look it up!” He said something about needing me to tell him when those three payments were.
Finally, I said, just close out my checking and savings accounts and send me a check for the total amount. I’ll now just pay off my PenFed loan from my other credit union, which is a much better institution. Now I’ll never get that $250, but at least I’m done dealing with them.

FAQs

How Much Does PenFed Credit Union Charge?

APRs for PenFed Credit Union’s personal loans range from 7.74% to 17.99% with a minimum monthly payment of $50. There is a $30 fee for returned payments, as well as a $29 late payment charge for each payment that is not received on time.

Is There Any Pre-Payment Penalty?

There are no early payoff penalties, origination fees, or hidden fees associated with this loan.

How Does It Affect Your Credit?

Your credit score will not be affected by checking your rate. However, if you proceed to apply for the loan after viewing your rates, you will be required to submit a full credit report inquiry, which will result in a hard pull and negatively impact your credit rating. Your credit score can be adversely affected by this type of inquiry, which can be viewed by third parties.

How To Cancel PenFed Credit Union

You should be aware of all terms and conditions associated with PenFed Credit Union when considering taking out a loan. Once the funds are received, you cannot cancel or reverse the loan. Therefore, it is important to confirm that a loan is the right choice for you before moving forward.

Here is some advice that may assist you in getting back on track if you are having difficulty earning a living.

  • Setting a budget and adhering to it is a great way to ensure you do not spend more than you can afford.
  • A financial advisor can also assist you in exploring your options and developing a plan that is appropriate for your situation.
  • Lastly, if you are already in debt, don’t despair. Many companies are willing to work with customers to arrange a more manageable payment plan.

PenFed Credit Union: Is It Legit?

Over the past 80 years, PenFed has been a credit union with an A+ rating from the Better Business Bureau and an average of 200 customer reviews. However, they have received 541 complaints over the last three years and 242 over the last 12 months, giving them a one-star rating out of five from the Better Business Bureau.

It is very important to consider all of your options before taking out a loan. Be sure to read customer reviews before making a decision so that you can make the best choice for yourself.

Please share your experience and review of penfed.org.

Thanks for reading!

PenFed Credit Union
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PenFed Credit Union Review

The PenFed Credit Union has been around for more than 80 years. They have an A+ rating from the Better Business Bureau and an average of 200 customer reviews. In the past three years, there have been 541 complaints closed for them, and in the last 12 months, they have closed 242 complaints. Based on this, the BBB has given them a one out of five-star rating.

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Molly Ringer is a seasoned writer with expertise in debt consolidation and financial topics. With over a decade of experience in the industry, she has become a go-to resource for readers seeking reliable and informative content on debt management. Molly's passion for writing began in college, where she studied journalism and honed her skills as a researcher and storyteller. She went on to earn a master's degree in finance, which has given her a unique perspective on the complex world of debt and personal finance.

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