Personal Loan

[Anonymous]

I am in middle Tennessee (Nashville). 

So PenFed is a pretty good C.U.  I called some other places and they said for their lowest rates, 9.99% I would have to have a rating of 700+.  They said that was their "A" class bracket.  WHat class bracket would I fall in?

Also with a current loan I have now, I can't pay down on the principle because it was pre-calculated at the start of the loan.  I don't want it to be that way because if one month I have a extra hundred bucks, or if I get a bonus at work I would like to put that on the principle.  Do PenFed have a way of doing that?

[Anonymous]

Hey guys I did it.  PenFed was great!  I got a low rate of 8.99% on a 10K personal loan.  It is a lot cheaper than my 27.33% I am paying on my current loan.  I financed it for 5 years; though I plan on paying it off in 3.  My payment is $208.88.  I plan on paying off a couple of credit cards and my personal loan from citifinancial.  Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor!  Thanks a lot for all of you guys help. 

~Be Blessed~

[Anonymous]

Nice-

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vgentry83 wrote:

Hey guys I did it.  PenFed was great!  I got a low rate of 8.99% on a 10K personal loan.  It is a lot cheaper than my 27.33% I am paying on my current loan.  I financed it for 5 years; though I plan on paying it off in 3.  My payment is $208.88.  I plan on paying off a couple of credit cards and my personal loan from citifinancial.  Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor!  Thanks a lot for all of you guys help. 

~Be Blessed~

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[haulingthescoreup]

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@Anonymous wrote:

Hey guys I did it. PenFed was great! I got a low rate of 8.99% on a 10K personal loan. It is a lot cheaper than my 27.33% I am paying on my current loan. I financed it for 5 years; though I plan on paying it off in 3. My payment is $208.88. I plan on paying off a couple of credit cards and my personal loan from citifinancial. Citifinancial is a big scam, I personally think they are preditory lendors and that they pry on the poor! Thanks a lot for all of you guys help.

~Be Blessed~

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Hey, glad it worked out!

Citifinancial, like other spin-offs from mainline banks like Wells Fargo Financial, does hit you with higher APR's, and they're easier to get. That's why CFL's like these don't carry quite as much useful weight in the scoring formula.

Now that you have a Penfed loan, that hard inq is good for 60 (probably 90) days. If you want to try for their Plat Plus Visa card with 5% cash back on gas, 2% on groceries, and 1.25% on everything else, it's a freebie in terms of no new inq. Not sure if you'll qualify, because we're still trying to figure out exactly what they want, but at least you won't be stuck with a wasted inq if you do!

(I don't normally egg people on to app, but the combination of the all-you-can-eat app and great gas rewards makes me break my rule.)

Message Edited by haulingthescoreup on 07-15-2008 08:33 PM

[Anonymous]

Yeah I really do believe that Citifinancial and others are I think the term is called preditory lenders.  I hate when people try to get over on other people...very un-Christian like! 

I did try to get a credit card through them like haulingthescoreup said, but they said that it was under review, basically I didn't get approved without someone taking a closer look at it.  I was just going to transfer my balance over with a lower interest rate @ 5.99%.  If they say no, oh well.  Not that big of a deal.  I already have 2 other major credit cards. 

[Anonymous]

Hey guys,
A few months ago, some of you all may remember, I got a loan with PedFed.  The loan went fine, I got my check in less than 3 days.  My interest rate is 8.99%.  My first payment was $208.88 and due on September 10th 2008.  That was no problem.  I made a payment of $300 because I wanted the rest to be applied to the principle of the loan.  I have an excel file on my computer that calculates payments of loans, and from my calculations, $74.92 should have gone to interest and $225.08 should have gone to the principle, and that should have left me a balance of $9,774.92. on my loan.  For some reason, I checked my balance, and PenFed told me that $128.07 went to interest, and that my balance is $9,828.07.  My next monthly payment is only $117.76.  I thought it was supposed to be $208.88 a month unchanging for 5 years.  I asked and asked, but could not get a clear answer of how they calculated this.  They said I should only send 208.88 a month, but I want to send more to pay the loan off quicker.  Someone please help me understand how they calculated this payment.  I have another payment due in a couple of days.

Thanks for everyone’s help.

[specultr]

x

[Anonymous]

I called them again, and they said yes I can pay the principle, but I basically would have to send another check.  It doesn't automatically take what is left over to the principle.  I also didn't notice that the interest was building since July 15th since I got the check, until the 10th when i made the payment.  They charged $128.07 the first month.  Can anyone help me calculate this?

[Anonymous]

I figured the interest out like this-
10k @ 8.99% = 10,000*.0899 = $899 interest per year
$899/365 = $2.46 per day
$128.07 total interest/$2.46 per day = 52 days

I got stuck there because
17 days in July
31 days in August
10 days in Sept

58 days.. even if they didn't count the 15th and the 10th that's 56 days..
Someone please correct me where I'm wrong.

On another note, some loans the extra will be applied to prinicipal only if you write "apply to principal" on the check.

[Bfent1]

I'm also looking for a personal loan without the shopping around and the hard inq. What was your creditscore when you applied and what were they looking for, also what CR did they pull?

Thanks

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