PenFed offers a maximum loan amount of $50,000, which is lower than the limits set by LightStream and SoFi. However, its minimum loan amount of $600 is considerably less than the $5,000 minimum required by those lenders. Additionally, PenFed allows potential borrowers to prequalify, enabling them to view possible terms and rates before submitting an application.
PenFed’s loans do not incur origination fees, early-payoff penalties, or balance-transfer fees, but there is a $29 late fee for payments made more than five days past the due date. While it doesn’t provide same-day funding, you can typically expect your loan to be funded by the next business day.
Although PenFed requires membership, it is easy to join, as membership is available to anyone, unlike many other credit unions.
