PenFed Personal Loan Approval, How does it work?

[Anonymous]

I was approved for a personal loan from PenFed.  Planning on using the lower APR to pay off some credit card debt to get below 30%, get a secured CC with NFCU and then use some for our upcoming vacation.

My question is, how does the personal loan work?  Do they just automatically send me a check for the amount of the loan or do I have to do something in order to get access to those funds?

[Anonymous]

I have a PLOC with PenFed, which is available online, I simply transfer funds straight into my checking account (PenFed also). If you don't have a checking account with them, they will mail you a check, with the option for next day air if you choose for 15 bucks i believe. In order to get anything with PenFed, you must be a member, which is a short process. PenFed has fantastic rates, best of luck.

[Anonymous]

I didn't get a PLOC, it's a personal loan.  I already have a checking account and there's no option to transfer funds from the Personal Loan to my checking account or anything.  So...I'm not sure how I'm supposed to get the funds other than just a check in the mail?

[Anonymous]

I would have thought it would be the same, but let's wait for more experienced PenFed members to chime in.

[Anonymous]

Hello. Penfed is awesome. Click on transfer link and select your PL as the send from and your checking as the recipient . Easy peasy. 

Posts quickly. 

[mattmyFIC0]

They send you a check in the mail

[Anonymous]

Hi OP,

Do you mind sharing what your utilization was when you applied, and what amount they approved you for?

I am going to be applying for a personal loan soon with similar credit scores to yours and wondering if Penfed will be the way to go.

Thank you

[Anonymous]

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@Anonymous wrote:

I have a PLOC with PenFed, which is available online, I simply transfer funds straight into my checking account (PenFed also). If you don't have a checking account with them, they will mail you a check, with the option for next day air if you choose for 15 bucks i believe. In order to get anything with PenFed, you must be a member, which is a short process. PenFed has fantastic rates, best of luck.

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The OP is a member of Penfed, has a checking account with Penfed.

A PLOC and a personal loan are very very differnt products. Not even close to being the same.