As a member of PenFed Credit Union, you have access to a variety of financial services that can save you money. With competitively-priced certificates, checking and credit cards, personal loans, mortgages, and auto loans, you can take care of all your financial needs in one place.
PenFed Credit Union: Summary
PenFed Credit Union is a place to get a personal loan. This article takes an in-depth look at everything PenFed has to offer so that you can decide whether or not this credit union is right for you.
There are some interesting facts that you can find by investigating their website and terms and conditions. Here are a few things that seem noteworthy:
- Personal Loan rates range from 7.74% to 17.99% APR.
- Loans range from $600 to $50,000.
- All loans are subject to a minimum monthly payment of $50.
- It offers terms of up to 60 months.
- At the time of disbursement, they will evaluate various factors to determine your APR. This includes a review of credit history and length of PenFed membership.
- PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender.
PenFed Credit Union: What Is It
PenFed Credit Union is a credit union that has been serving its members for over 85 years. It is one of the largest credit unions in the country, with over 2.8 million members and assets of $36.6 billion as of June 30, 2022. PenFed offers a wide range of financial services to its members, including savings and checking accounts, loans, and investment products. They have an A+ rating from the BBB and an average of 200 customer reviews.
However, they have been the subject of 541 complaints in the last three years. This gives them a 1-star out of 5-star rating. Their headquarters are located in McLean, VA, and you can reach them at (800) 247-5626 for questions or concerns.
How Does This Company Work?
There are a few steps to getting a personal loan. First, see what interest rate you qualify for without affecting your credit score. Then, choose from multiple offers that have been pre-approved. Finally, once everything has been verified, receive your money within 1-2 business days.
In order to tailor their services to suit your needs, PenFed Credit Union may request additional documentation from time to time, such as recent pay stubs, retirement statements, bank statements, or tax returns. They may also ask for a copy of your passport or driver’s license, your most recent utility bill, and/or your social security card as part of our verification process.
You don’t have to be a member to apply for a loan, but you will need to be a member once your loan is approved.
PenFed Credit Union has long been known for its outstanding customer service. However, in recent years the credit union has struggled with an influx of customer complaints. In fact, they currently have a 1-star out of 5-star rating on the BBB website with an average of 200 customer reviews and 541 complaints closed in the last 3 years. Despite this, they still maintain an A+ rating.
Here are some reviews:
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.
PenFed Credit Union FAQs
How Much Does Their Service Cost?
PenFed Credit Union offers some of the most competitive rates on personal loans in the industry, with APRs starting as low as 7.74% to 17.99%. All loans have a minimum monthly payment of $50, and there is a small fee of $30 for any payments that are returned. There is also a late charge of $29 for each payment that is not received on time.
No matter when you choose to pay off your loan, you won’t be charged any extra fees.
How does PenFed Credit Union affect your credit?
Viewing your loan rates will not affect your credit score. However, taking out a loan after seeing your rates will require a full credit report inquiry, which can lower your credit score. This type of inquiry can be seen by third parties.
How Can I Cancel The Service?
There are a few things to keep in mind before taking out a loan with PenFed Credit Union. Make sure you understand all the terms and conditions associated with the loan, as well as the implications of receiving the funds. Remember that you cannot cancel or reverse a loan once it has been processed, so be certain that a loan is the best choice for you before moving forward.
Get Back On Track
- Making and following a budget is an excellent way to make sure you never spend more than you can afford.
- A financial advisor can help you understand your options, set goals, and create a plan to reach them. They can also offer guidance and support as you work to improve your financial situation.
- Don’t give up hope just because you’re in debt. Many companies are willing to work with customers to set up a more manageable payment plan. So get in touch with their customer service team for more info.
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