Frequently Asked Questions

General Questions/Info

Definitely. Every year millions of U.S. consumers use unsecured loans for debt consolidation of high-interest credit. If you’re feeling overwhelmed by multiple debt payments, or you want to lower your monthly payments, you can combine unsecured debts into one lower, fixed-rate loan.

You can apply for up to $ across all Personal Loans applications with PenFed.

APRs range from % to %. Your actual APR will be determined at the time of disbursement and will be based on your application and credit information. Not all applicants will qualify for the lowest rate. 

Yes, there are no penalties for paying off your loan early.

No. Personal loans are unsecured, meaning you don’t need to put up collateral like a house or a car to secure your loan.

Funds are available as early as next day depending on the method selected.

Direct Deposit & ACH: 1-2 Business Days
Check: 5-7 Business Days

Actual timing may be longer or shorter depending on the time of day that your loan is processed and depending on your financial institution. Both options may not be available to every applicant.

No, PenFed personal loans have no origination fee.

No, you don’t need to become a member to apply. However, should you choose to move forward with your loan, you’ll need to become a member. It only takes a few minutes – anyone can apply! No military affiliation is required.

In order to get a loan with us, you will need to become a PenFed member. But don’t worry! We will walk you through the easy membership process after you receive your loan decision. 

Application Info

Checking your rate will not affect your credit score. If you decide to move forward with your loan after checking your rates, we will require a full credit report inquiry which will result in a hard pull and affect your credit.

We may request your recent paystubs, retirement statements, bank statements, or tax returns depending on your income situation.

To verify your identity, we may request a copy of your government- issued photo ID such as an unexpired passport or driver’s license, a copy of your latest utility bill, and/or a copy of your social security card.

You can find your personalized link in the email from us requesting your documentation.

Yes. Applying with a co-borrower may help you qualify for a lower interest rate.

You can choose to receive your loan funds electronically into an account of your choosing or request to have a check mailed to a physical address. 

If you selected an electronic transfer, you should see the funds in the account of your choosing with 48 hours. If you selected a check, your check will be printed within 48 hours after the loan is finalized. Please allow 5-7 days for the check to reach you. 



If you’re paying with a coupon book, please remember to include your account number and send it to this address: 

PO Box 1445

Alexandria, VA 22313-1445

If you’re paying without Payment Coupon:

PO Box 1400

Alexandria, VA 22313-1400

Please do not send cash to make a payment to any of the above address.

If you selected your PenFed account as your repayment account, you can login to PenFed online and customize your payment. Payments can be customized to monthly or bi-weekly. 

If your payment is more than 5 days late, you will be charged a late fee of $29.