Why should you consolidate your loans with PenFed?
- Loan terms as long as 60 months - If your current financial situation feels overwhelming, then such extensive loan terms could really help. By spreading payments over a greater period of time, you’ll ease the financial pressure by significantly reducing monthly fees.
- Funds could be available the next business day - In many cases, people consolidate their loans because of a financial emergency, therefore funds must be accessed quickly. Whereas some firms take up to a week to allocate funds, with PenFed you could get the help you need within just one business day
- Payment deferrals available in some circumstances - Despite having the best intentions, you may eventually find yourself unable to pay an installment on time. With many lenders, this can lead to an exorbitant late payment fee. With this service, however, fees are minimal and in some cases unnecessary altogether
What are the eligibility requirements?
- Become a member of the PenFed Credit Union - either through employment in the U.S military, U.S government, being a family member of either, or by joining Voice for America’s Troops and making a donation of $17 or more
- A credit score of at least 600
- Aged 18 or over
- Details of credit history required
How to apply for a PenFed consolidation loan?
The online applications are simple. You’ll complete a form that requests key details regarding employment, social security, income, loan amount desired, and the purpose of the loan. After this, you’ll be contacted by a member of the support team to discuss the terms, interest rates, and loan amounts you’re eligible for.
- Contact via phone, with separate numbers for US and international clients
- Secure online messaging service
- By email
What types of debt can be consolidated with PenFed?
A variety of credit cards and loans can be consolidated with this service, including auto, medical and housing loans.
PenFed provides some fairly decent options for consolidation loans. In fact, for members of the union with exceptional credit, the APRs are more than reasonable. However, there will be many out there who want to avoid the long process of a hard credit check, and $20,000 won’t be anywhere near the amount sought by some applicants.
Fortunately, there are some wonderful alternatives to choose from. Take SoFi, for example. It offers loan amounts as high as $100,00 and the APR could even come under 6%. Upgrade also has fantastic offers available, with fixed payments, rapid funding, and a committed team of online personal advisers on hand to provide assistance throughout the whole process.