PERSONAL LOANS
Consolidate and save
Simplify payments with debt consolidation
Experience financial peace of mind
Won’t affect your credit score¹
Your journey to financial wellness starts here
Simplify your finances by combining your credit card and personal loan balances into one easy payment.
Flexible loan terms
Loan amounts up to $50,000 for up to 5 years
Rates from ![]( "Personal Loan T1 Rate Range Low")
%-![]( "Personal Loan T1 Rate Range High")
% APR*
Check your rate without affecting your credit score1
No hidden costs
No origination fee
No early payoff penalty
No balance transfer fee**
Won’t affect your credit score1
Flexible loan terms
Loan amounts up to $50,000 for up to 5 years
Rates from ![]( "Personal Loan T1 Rate Range Low")
%-![]( "Personal Loan T1 Rate Range High")
% APR*
Check your rate without affecting your credit score1
No hidden costs
No origination fee
No early payoff penalty
No balance transfer fee**
Won’t affect your credit score1
A path to a brighter financial future
A PenFed Debt Consolidation Loan can help you manage and improve your finances.
Statistics are from January 2023 U.S. News and September 2023 Forbes surveys. U.S. News designated PenFed's Debt Consolidation Loan as a 2024 “Best Of.”
Questions about your personal loan
Questions about your personal loan
1. Will having a debt 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 personal loan or a debt consolidation loan?
A debt consolidation loan is the clear choice if you want to tackle debt head-on. It's designed to streamline high-interest credit cards and other loans into one manageable payment, saving you money on interest. For those who need a loan for more than just debt, a personal loan provides the flexibility to use the funds for a wide range of needs.
3. Simplify Your Debt: Personal Loan vs. 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.
A simpler way to get your loan funded
Won’t affect your credit score1
FAQs
A PenFed Debt Consolidation Loan can simplify your finances by combining your existing debts into a single, new loan with one convenient monthly payment. After you’re approved, you'll decide which of your current debts you want to pay off with the loan funds. PenFed will then send payments directly to your creditors on your behalf.
As soon as you sign your loan documents, PenFed will send the allocated payments directly to your creditors on your behalf.
No. PenFed does not charge any fees to apply for or pay off your loan early.
Learn more about debt 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 12 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, you may incur late payment fees.