NFCU and PenFed

[Shawndoe79]

Applied for personal loan, ploc, and cash rewards from PenFed, ALL DENIED.  Tried Navy for personal loan, went pending saying 1 hr review at 11pm yesterday....havent heard anything, still say pending.  Probably a denial i suppose....asked for 25k (max).

Got the survey from PenFed and I let them know how thrilled I was to get denied all 3 products AGAIN, last attempt was in May.

"excessive obligation in relation to income" so far from the truth.

What are my chances with Navy with the 1 hr review, that has turned into 18 hrs?

[Anonymous]

Navy is usually a little easier on loans than Penfed.  But you never know.  As far as the time line.  There  1 hr seems to really mean 24-48 hrs.  

Hopefully sooner.  

[Shawndoe79]

Ok fingers crossed for some good news

[Shawndoe79]

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@Anonymous wrote:

Navy is usually a little easier on loans than Penfed.  But you never know.  As far as the time line.  There  1 hr seems to really mean 24-48 hrs.  

Hopefully sooner.  

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Just received a secure message saying that it was still in review and they would like me to provide a detail explanation of what i would like to do with the 25k personal loan....does this mean that I have a good chance of being approved?

[Appleman]

It means they have not told you yes.

They are likely looking to see if you are going to refinance debt or use the loan on something else and incur new debt.

It is likely easier for them to loan you money if it improves your situation (say paying off high interest debt).

Good luck and keep us posted.

[Shawndoe79]

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@Appleman wrote:

It means they have not told you yes.

They are likely looking to see if you are going to refinance debt or use the loan on something else and incur new debt.

It is likely easier for them to loan you money if it improves your situation (say paying off high interest debt).

Good luck and keep us posted.

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Yes they asked me if it was for bill consolidation and I told them yes and explained everything, so we shall see.

[Shawndoe79]

Update: Congratulations! Based on Your creditworthiness you have been conditionally approved. Wonder what conditions could those be? Maybe that message is just delayed because I just got off the phone with a rep who asked if I wanted standard delivery or fed ex delivery of my paperwork.