Pen Fed Pre- Approval offers

[Blackswizz750]

Good Morning folks,

I have been with PenFed for a year this month and used them as a savings account and pay certain bills out of checking. Thats it. Yesterday, I was sent a pre-approval for up to $25K  with terms up to 60 months, and APR was 17%. The APR is pretty up there so I may shred this. UP to this point I have gotten letters like this from Lending Club, Proposal, Sofi, and even Quicken Loans. My credit is in rebuilding stage with my EX being 687, EQ 664, and TU at 659. I have been getting rid of baddies(fallen off or with disputes) and have about 24% UTI, and make 70K yearly. My household(spouse) and intereset income I dont list on credit apps. 

Have anyone gotten any pendfed offers like this that turned out to be fine. I am sure they want POI and bank statements.

[Anonymous]

Congrats on the offer. These pre-approvals usually refresh every quarter and are almost always solid offers (meaning its rare that someone is declined). I receive the personal loan pre-approval every quarter and sometimes they send an actual blank check. My rate is always the lowest offered at 9.9%. 

As far as POI-they do usually request it for your first ever product with them. I joined May 2009 and applied for and was approved for a $5K personal loan. I had to send two recent pay stubs and sign the promissory note and that was that. For my second personal loan and my worthless Promise Visa card they did not require POI. Usually, once PenFed trusts you, they trust you. 

Also, another thread has already been started about this:

http://ficoforums.myfico.com/t5/Personal-Finance/2nd-PenFed-Preapproval-For-Personal-Loan-in-9-Month...