PenFed Reviews: Does Penfed.org Offer Online Loans Same Day with Legit APR Rates?

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July 8, 2015
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penfedPenFed is a credit union that offers credit cards, home equity, personal and auto loans, checking and savings accounts, certificates, IRAs and mortgages. PenFed is short for Pentagon Federal Credit Union. Many PenFed members are employed by the military, local and state governments, government contractors and in American school systems.

PenFed is known for offering competitive rates for home mortgages and car loans among other products. Its portfolio of credit cards has won awards for offering innovative features and incentives.

How is the lender different?

PenFed was established in 1935 and today is a stable financial institution with more than 1.3 million members and greater than $18 billion in assets. PenFed serves members in all 50 states and the District of Columbia, as well as on military bases in Okinawa, Puerto Rico, and Guam.

This credit union is federally insured by NCUA and is an equal housing lender. PenFed is available 24/7 to members worldwide via the internet.

How to apply for a loan?

To apply for a loan or credit card, choose your product of choice from the Products menu button at the top of PenFed.org, and then click “Get Started” to start your loan application. If you are already a member and have registered for PenFed Online, you can submit your application directly from your account on PenFed Online.

Lender Details

Most recurring positive comments

  • Good website and telephone service
  • Consistently high rates on CDs
  • Low rates on loans

Most recurring negative comments

  • Customer service could be better
  • Credit cards keep getting declined

Website: PenFed.org

Loan amount:

  • Personal loans – from $500 to $25,000
  • Auto loans – from $500 to $100,000

Loan Period:

  • Personal loans – from 12 months to 60 months
  • Auto loans – from 36 months to 72 months

APR:

  • Credit cards APR ranges from 9.99% to 17.99%
  • New auto loans start from 1.49% APR
  • Used auto loans start from 1.99% APR
  • 1-year certificate – 1.01% APY
  • Fixed home equity loans start at 3.74% APR
  • Personal loans – 9.99% APR

Areas being served: PenFed serves members in all 50 states and the District of Columbia, as well as in military bases in Okinawa, Puerto Rico and Guam.

Personal information required

  • Basic personal and financial data
  • Email address
  • Home phone number

Contact details

Phone: 800-247-5626

Email: [email protected]

Office address: Pentagon Federal Credit Union, 2930 Eisenhower Avenue, Alexandria, VA 22314

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