How to apply for PenFed Credit Union Personal Loan
Learn how to get the major funds you need to cover your expenses, boost your life, and still stay away from the big interest and fees.
PenFed’s personal loan provides the solution you require if you are seeking money to fund a home renovation, medical bill, or debt consolidation.
With unsecured loans reaching up to $50,000 and a fairly long repayment period, PenFed offers interest rates as low as 7.74% APR.
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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.
Still, that is not a hard membership to get. Since 2018, when it bought the New York-chartered Progressive Credit Union, PenFed has loosened its eligibility criteria.
As of today, any American citizen can become a PenFed member. The major requirement is a $5 deposit to a FCU shared account.
Once a PenFed member, you should have a credit score of at least 660 and a steady source of income to submit your loan request.
How can I apply?
To apply for a personal loan at PenFed Federal Credit Union, you have three options: online, by phone, or in person.
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 you have completed the application, review it to make sure all of the information is correct. Once you are satisfied, submit the application and wait for a response from PenFed.
PenFed will review it and contact you with a decision. This can take a few business days, but you can check the status of your application by logging into your account on the PenFed website.
RocketLoans vc. PenFed
Rocketloan’s loans are unsecured, which means you won’t need to provide any collateral to get approved.
Even still, you can borrow amounts ranging up to $10,000, while choosing repayment terms of up to 5 years, which makes sure this loan will fit your budget.
But mostly important, RocketLoans provides competitive interest rates, starting as low as 11% APR, helping you save on interest costs.
RocketLoans personal loan comes with several significant advantages.
Firstly, the entire application process can be completed online, eliminating the need for lengthy paperwork and physical visits to a bank branch. This saves time and allows you to apply from the comfort of your own home.
Secondly, RocketLoans provides quick approval, often within the same day, ensuring that you receive the funds you need promptly.
With a quicker approval process, RocketLoans is also able to offer a same-day funding feature, ensuring that you can access the funds you need swiftly and efficiently.
Another great advantage of RocketLoan is their lack of any closing fees or pre-payment penalties.
If you decide to pay off your loan early, you can do so without incurring any extra charges, helping you save on interest and achieve financial freedom sooner.
How to apply?
If you’re interested in exploring RocketLoans’ personal loans further, tap the green button below and get in touch with a step-by-step guide on how to apply to this personal loan.