Time-sensitive plans? No problem. Once your loan is approved, PenFed typically disburses the funds directly to your bank account in as little as 1-2 business days. That means you can tackle your plans or handle emergencies without delay. It’s one of the fastest funding processes around, so you can count on them when timing matters most.

Yes! PenFed offers a 0.25% discount on your interest rate when you enroll in automatic payments. This not only makes managing payments easier but also saves you money over the life of the loan. It’s a win-win for anyone looking to borrow smart and save smarter.

You don’t need to be a member to apply, but if your loan is approved, you’ll need to join PenFed before receiving the funds. Becoming a member is quick and simple—just open a savings account with a minimum deposit of $5. It’s an easy step to unlock the benefits of one of the most trusted credit unions around.

PenFed typically looks for applicants with a minimum credit score of 700. This helps ensure competitive interest rates and smooth approval. If your credit score isn’t quite there yet, you can apply with a co-signer who has a stronger credit profile. This can improve your chances of approval and might even help you secure a better rate.