PenFed Personal Loan 2021 Review – Forbes Advisor

The best personal loans offer competitive rates, flexible loan amounts, and a wide range of terms. Here is how PenFed personal loans compare to other popular lenders:

PenFed v Navy Federal

Navy Federal offers two types of personal loans. His basic personal loan includes terms of up to 60 months and loan amounts ranging from $ 250 to $ 50,000; his personal renovation loan has terms of up to 180 months. If you plan to use your funds for home improvement projects, Navy Federal may be your best option.

However, Navy Federal charges higher interest rates than PenFed, with a minimum rate of around 7% compared to PenFed’s 6%. The criteria for membership in Navy Federal are also stricter than those of PenFed. To become a member, you or a member of your family or household must have ties to the armed forces, the Ministry of Defense or the National Guard.

PenFed vs. USAA

The maximum loan amount available through USAA is $ 20,000, far less than what PenFed offers. The length of a USAA loan ranges from 12 to 84 months, but also depends on the amount you want to borrow. Unlike PenFed, you must be a current or former military or family member to be eligible for membership in the USAA.

Related: USAA Personal Loan Review

PenFed vs. SoFi

SoFi offers personal loans ranging from $ 5,000 to $ 100,000, which is well above PenFed’s $ 50,000 limit. SoFi’s starting interest rate is also lower than PenFed, but is only available to highly qualified applicants.

If you need to borrow a large amount, SoFi may be a better option. However, if you need less than $ 5,000, PenFed’s $ 600 minimum limit may work for you.

Related: Review of SoFi Personal Loans