How to apply for PenFed credit union Personal Loan

If you’re in need of funds to cover expenses, improve your life, and avoid high interest rates and fees from larger banks, PenFed Credit Union offers a solution through their personal loan.

Whether you require money for a home renovation, medical bills, or debt consolidation, PenFed provides unsecured loans of up to $50,000 with a favorable repayment period and interest rates as low as 7.74% APR.

Check out below all the requirements with which you have to comply in order to enjoy a PenFed personal loan.

Who can apply?

Before anything, in order to apply for a PenFed personal loan, you must be a member of the credit union.

However, obtaining membership is relatively easy. Since acquiring the New York-chartered Progressive Credit Union in 2018, PenFed has relaxed its eligibility criteria.

Presently, any American citizen can become a PenFed member by making a $5 deposit to a FCU shared account.

Once you become a PenFed member, you’ll need to have a credit score of at least 660 and a stable source of income to submit your loan request.

How can I apply?

PenFed offers three options for applying for a personal loan: online, by phone, or in person. If you choose to apply online, follow these steps on PenFed’s website:

If you decide to go with the online option, just access PenFed’s website and follow this step-by-step guide.

Steps to Apply for PenFed Federal Credit Union’s Personal Loan on the Website:

• Login: If you are already a PenFed member, log in to your account on the PenFed website.
• Navigate to Personal Loans.
• Choose Your Loan Type
• Fill out the application.

After completing the application, carefully review all the information to ensure its accuracy. Once you’re satisfied, submit the application and await a response from PenFed.

This process may take a few business days, but you can check the status of your application by logging into your account on the PenFed website.

By following these steps, you can apply for a personal loan at PenFed Credit Union and potentially secure the funds you need for your financial goals.

Looking for another personal loan option? Then check out Great Southern Bank.

Currently, Great Southern Bank offers two main personal funding options: the personal line of credit and the unsecured loan.

Both options are designed to cover day-to-day or small and medium expenses, such as home and car repairs, medical bills, unforeseen payments, or even budget relief.

Unsecured Loan vs. Preferred Lines of Credit

For those who need more time to repay their debt, the bank provides an unsecured loan of up to $4,000, which can be repaid over a period of up to 36 months.

Being used to cover any kind of expense, this unsecured loan has an interest rate of 14.00% APR on average.

The Preferred Lines of Credit are another unsecured credit line available for any expense, but with a higher average interest rate of 14.74% APR.

With a predetermined amount for each customer, the line of credit can range from $4,000 to $10,000 and can be easily accessed online, through checks, or by visiting a banking center.

It is indicated and more suitable for customers who can pay off their debt within a shorter period of time.

Why go with Great Southern Bank?

Great Southern Bank personal loans offer several benefits, such as the option for co-borrowers to share payment responsibilities, same-day decisions, and funding through online applications.

Among its various advantages, customers who opt for a personal loan with Great Southern Bank will also benefit from:

• No origination fees;
• No monthly fees;
• No penalties for early repayment;
• Rate discounts for automatic payments.

Lastly, the bank also provides debt cancellation coverage for qualified borrowers who will not have to pay their outstanding debt if they face difficulties in making loan payments due to accidents, loss of health, or income.

How to Apply?

The application for a Great Southern Bank personal loan is easy and straightforward. Tap the green button below and check out all the requirements and steps you need to comply with.

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