About PenFed Credit Union
PenFed Credit Union is one of the country’s strongest and most stable financial institutions with over 1.5 million members and over $22 billion in assets. Plan your vacation, make home improvements and accomplish more with a low-rate 36 months personal loan. Unlike a credit card, where your interest rate may change over time, with a PenFed Personal Loan, your rates won’t change during the loan repayment period.
- APR as low as 9.99%;
- No Collateral Required;
- Subject to Credit Approval;
- 3 business day waiting for credit line advances.
Types of loans
PenFed provides as well Auto and Other Vehicle Loans for boats, motorcycle, RV/trailer and more with no early payoff penalty and no application fee, with low monthly payments though. This loan is available in both fixed and variable rates with an ability to finance the trailer.
Students loans have a lower cost solution for borrowers through the customized repayment terms and low interest rates. Easy loan application takes less than 15 minutes. To be eligible for this type of PenFed’s loan, you must:
- Be a US citizen;
- Have strong credit history;
- Have at least one outstanding education loan;
- Have annual income of at least $42,000;
- Be willing to become a member of PenFed Credit Union.
There is also Parent Loan Refinancing whereby parents can save a lot on their high cost private or Parent PLUS loans by refinancing. PenFed offers as well an innovative solution for spouses by combining their loans and using the higher of two credit scores to maximize the savings.
Mortgages
There are also several types of mortgages. In a fixed mortgage, your monthly principal and interest payments remain the same for the life of the loan, usually 15 or 30 years. A 30-year mortgage will have lower monthly payments, but the 15-year allows you to repay the loan twice as fast, saving more than half the total interest costs. Adjustable rate mortgage propose monthly principal and interest payments to be the same for only a certain number of years (usually 5 or 15).
If you do not refinance prior to the end of the fixed rate, the rate can go up or down based on the market at the time. A VA mortgage is available only to veterans and members of the U.S. military. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment. In order to qualify for a VA mortgage, you must get a Certificate of Eligibility from the government.
