topic Re: PenFed Personal Loan DP's in Personal Finance

PenFed Personal Loan DP's

credit_is_crack — Sun, 25 Aug 2019 00:43:45 GMT

Hi All,

I don't often get personal loans but I recently did and wanted to share the DP's for those on the hunt for one. PenFed did confirm you only pay interest on the open balance so the finance charges listed below would only apply if I actually took the full 60 months to pay it off. If you pay it off earlier then there's no prepay penalty and the finance charges reduce to match the time it took you to pay it off.

PenFed Personal Loan:

$20,000
Term 60 Months
APR 7.99%
Total Finance Charge $4,166
Monthly Payment $402
No collateral, signature only

Data Points:

Member since 2015
No checking relationship
Share Savings has $5
Open Auto Loan with PenFed for $38,000 opened back in late 2016 @ 1.99%, current balance $18k
(2) Credit Cards with PenFed
- $5,000 Platinum Rewards, opened in 2015
- $43,900 Pathfinder Amex, opened in 2018
Pulled EQ9 - 786
Income $112k, no other open personal loans, total credit card lines just north of $550k

Re: PenFed Personal Loan DP's

AverageJoesCredit — Sun, 25 Aug 2019 01:38:50 GMT

I love Credit....Crack but man this post depresses me. Thanks for sharing though

Re: PenFed Personal Loan DP's

credit_is_crack — Sun, 25 Aug 2019 01:47:43 GMT

AverageJoesCreditt wrote:
I love Credit....Crack but man this post depresses me. Thanks for sharing though

it's definitely hit or miss with PenFed, I think I lucked out and seem to be on their good side, but I know better. No bank is ever a friend lol

Re: PenFed Personal Loan DP's

Anonymous — Sun, 25 Aug 2019 14:34:56 GMT

Great DPs! Thank you.

And Congratulations! on your approval. Those are very representative terms for a personal loan.