topic Re: PenFed Personal Loans in Personal Finance

PenFed Personal Loans

Anonymous — Sun, 17 Jan 2021 20:58:29 GMT

I couldn't find a personal loans thread only CC, Auto, Student, and Mortgage?

Anyway, are you allowed multiple Signature Loans with Pentagon? How many Active Signature Loans are you allowed at one time?

Re: PenFed Personal Loans

K-in-Boston — Sun, 17 Jan 2021 21:08:46 GMT

I've moved your thread over to Personal Finance. A description of each subforum can be found here: https://ficoforums.myfico.com/

This Personal Finance board is your place to discuss personal finance topics that don't fit in the other boards. Things like: retirement, banking, budgeting, personal loans, and credit card debt.

Re: PenFed Personal Loans

Anonymous — Sun, 17 Jan 2021 21:14:36 GMT

Thank you @K-in-Boston!

Re: PenFed Personal Loans

K-in-Boston — Sun, 17 Jan 2021 21:22:08 GMT

No problem! According to this post from @tcbofade back in July, you are allowed to have a second unsecured loan from PenFed up to a maximum combined total of $25,000 (and of course subject to their underwriting).

Re: PenFed Personal Loans

tcbofade — Sun, 17 Jan 2021 21:33:21 GMT

I believe that the total is now $20k, but you can still have more than one loan.

Re: PenFed Personal Loans

abbafan — Tue, 19 Jan 2021 21:09:19 GMT

Why not go for their Personal Line of Credit (PLOC)? The advantage of it over the loan is that you can use it over and over again versus a loan where once you pay it off it goes away.

Also, another big advantage of a ploc over a loan is that it uses a simple interest whereas a personal loan (or a credit card) use compound/amortized interest. You'd just be paying less finance charges. This is the reason why a PLOC with, let's say, a 13% interest rate will always be better than a cc or a personal loan with a 8% or 9%. It's the way the interest is calculated. Watch Velocity Banking videos by Denzel Rordiguez on YouTube.