JOINT BORROWER: You are being asked to provide the following information to be considered as a joint borrower on a PenFed credit application submitted 2025

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.
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PenFed may approve you for a personal loan as soon as the same day you apply. After your application is approved and you accept the offer, it takes 1 - 2 business days to receive your funds, which PenFed will send to you by electronic bank transfer.
You will typically have a decision on your loan application within just two days, and the funds can be released to you as soon as you formally agree to accept the loan.
Typical lending timeline by lender type Lender typeApproval timelineFunding timeline Banks 1 to 5 business days 1 to 5 business days Credit unions 1 to 5 business days 1 to 5 business days Online lenders Several hours to a few business days Several hours to a few business days Oct 30, 2024
Specifically, PenFed may want to confirm your income and identity to prevent fraud and make sure you can repay the loan. PenFed may ask for recent pay stubs, bank or retirement statements and tax returns.
Initial application submission and assessment: After you submit your mortgage application, the initial pre-approval process will take between 1 to 3 days. During this time, an underwriter reviews your information and ensures that you meet the minimum borrower requirements for your loan.
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