Say farewell to fees and hello to financial freedom
Flexible terms up to 5 years
Loan amounts up to $50,000
Won’t affect your credit score¹
What is a Credit Card Consolidation Loan?
This personal loan allows you to pay off your high-interest credit cards with one low-interest rate payment. Streamline your financial life and avoid pesky fees — with the potential to save thousands of dollars in interest.
Unlock financial freedom with flexible loan terms
Loan amounts up to $50,000 for up to 5 years
Rates starting at ![]( "Personal Loan T1 Rate Range Low")
% APR*
Check your rate without affecting your credit score
Say goodbye to fees and penalties
No balance transfer fee, unlike with credit card offers — and no early payoff or origination fees**
Unlock financial freedom with flexible loan terms
Loan amounts up to $50,000 for up to 5 years
Rates starting at ![]( "Personal Loan T1 Rate Range Low")
% APR*
Check your rate without affecting your credit score
Say goodbye to fees and penalties
No balance transfer fee, unlike with credit card offers — and no early payoff or origination fees**
Won’t affect your credit score1
Won’t affect your credit score1
THE PENFED DIFFERENCE
Take control in 3 simple steps
See how Sarah manages her credit card debt and how you can get on to the path to financial freedom.
Questions about your personal loan
Questions about your personal loan
1. Will having a credit card consolidation loan lower my credit score?
When you click “Check Your Rate,” PenFed does a soft credit pull to check the financing you’re eligible for — that does not affect your credit score. Once you accept an offer and rate, we will perform a hard credit pull to verify your information. When we perform a hard credit inquiry, your credit score may lower slightly for a short period of time.
2. Which is better for me — a PenFed credit card consolidation loan or a PenFed debt consolidation loan?
If you only have credit card debt, a credit card consolidation loan is probably your best bet. But if you have other types of debt such as personal loans from another lender or other eligible installment loans, a debt consolidation would be the way to go.
3. How is a credit card consolidation loan different from a balance transfer?
When you consolidate your credit card debt with a personal loan, you have one single fixed low-rate payment. You will not incur any fees, as long as you make your monthly payments on time, while a balance transfer almost always does.
With a credit card balance transfer, your rate may start out lower under a special promotion, but it will usually increase at some point, possibly increasing your minimum payment as well as increasing the amount of interest you will have to pay.
Questions about your personal loan
Enjoy an easy loan process
1. Check your rate
Get pre-qualified in just a few minutes with no impact to your credit score1.
2. Choose your offer
Select flexible loan terms that work for you.
3. Finalize your loan
E-sign your loan documents.
4. Get funded
Receive your money as soon as the next day!
Won’t affect your credit score1
Enjoy an easy loan process
1. Check your rate
Get pre-qualified in just a few minutes with no impact to your credit score1.
2. Choose your offer
Select flexible loan terms that work for you.
3. Finalize your loan
E-sign your loan documents.
4. Get funded
Receive your money as soon as the next day!
Won’t affect your credit score1
Learn more about credit card consolidation loans
Disclosures
Rates and offers current as of and are subject to change.
1The initial inquiry will be a soft pull that will not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit.
*Your actual APR will be determined at the time of disbursement and will be based on your loan term and creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply.
Loan Payment Example: A $ personal loan financed at
% APR would amount to 36 monthly payments of approximately $
each.
Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50.
**There is no balance transfer fee, no early payoff fee, and no origination fee. There are no “hidden” fees such as home appraisal, closing, or title search fees that you might incur in other borrowing situations. If you do not make your monthly installment payment on time each month, you may incur late payment fees.
2The minimum payment in this scenario is equal to 2.5% of the current balance.
3This is an example APR. Not all applicants will qualify for this rate or the lowest rate.
4Based on credit card payoff calculations on a card with 24% APR and paying the current monthly minimum of $650 for 81 months, which would accrue $26,828 in interest, vs. amortization calculations for a 5-year $26,000 loan at 9.99%, which would accrue $7,137.71 in interest.