At penfed.org, PenFed Credit Union provides its members with competitively-priced certificates, checking and credit cards, personal loans, mortgages, and auto loans.
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:
Dianne M 07/19/2022
Johnny B. 07/12/2022
Brian C. 06/23/2022
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
PenFed Credit Union
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.