topic Re: DCU personal loan "pre-approved" - update approved in Personal Finance

DCU personal loan "pre-approved"

marmaladepie — Fri, 12 Feb 2021 22:11:28 GMT

Hi!

New member to DCU, membership info being snail mailed as we speak.

I applied online for a personal loan and got an automated msg stating that loan requests are taking longer to process due to volume.

At the bottom it showed:

"You have successfully qualified for a personal loan." along with the pre approved loan amount, rate & terms and max loan approved amount.

Has anyone encountered such message and know what it could mean?

Thanks a million.

Re: DCU personal loan "pre-approved"

SouthJamaica — Fri, 12 Feb 2021 23:03:24 GMT

@marmaladepie wrote:
Hi!
New member to DCU, membership info being snail mailed as we speak.
I applied online for a personal loan and got an automated msg stating that loan requests are taking longer to process due to volume.
At the bottom it showed:
"You have successfully qualified for a personal loan." along with the pre approved loan amount, rate & terms and max loan approved amount.
Has anyone encountered such message and know what it could mean?
Thanks a million.

If my recollection is correct you are actually approved for it and just need to accept it.

I do not recall if they do a hard pull anyway though.

Re: DCU personal loan "pre-approved" - update approved

marmaladepie — Thu, 18 Feb 2021 21:02:08 GMT

Just wanted to provide update. It was approved!

It was a SP for membership. HP the day after I applied for the loan.

I called about 1-2 days after applying to follow up on status and the rep confirmed that it was approved. When I asked about the amount vs max amount, and "why not make a round number." (Orig applied for 19k, max as 20k). He put me on hold and came back asking for 2 yrs tax returns. doh! He said once I uploaded the requested docs, to call them to let them know.

Uploaded the tax docs that night and called the next day. It was a long wait time so I requested a call back.

When someone did call back, she said I was approved. Just needed to sign edocs and the funds would be in my account.

Within mins of signing docs, funds were indeed there.

Fico scores in low 800s - high 700s depending on bureau.

20k at 6.49% for 60mo (I didn't sign up for checking to get .5% rate discount). I plan on paying this off before then, just wanted the longer term so that I wouldn't be locked in to a higher monthly payment.

Re: DCU personal loan "pre-approved" - update approved

cashorcharge — Thu, 18 Feb 2021 21:29:10 GMT

That's great. Thanks for circling back with the details and Congratulations on your approval!

I haven't been with them very long but understand that similar to some other CU's, they publish offers in the "Loan Suite" section of their website quarterly...usually as a quarter begins.

Re: DCU personal loan "pre-approved" - update approved

marmaladepie — Thu, 18 Feb 2021 21:34:23 GMT

You know, I think they wouldnt have asked for POI if I hadn't asked about rounding the loan amount up to an even number. ha!

I saw more offers in the loan suite before the personal loan was completed. Now it's just auto stuff.

Re: DCU personal loan "pre-approved" - update approved

AllZero — Thu, 18 Feb 2021 21:41:59 GMT

Congratulations on your approval! Sub double digit APR is an extra win.

Re: DCU personal loan "pre-approved" - update approved

cashorcharge — Fri, 19 Feb 2021 01:10:27 GMT

@marmaladepie wrote:
You know, I think they wouldnt have asked for POI if I hadn't asked about rounding the loan amount up to an even number. ha!
I saw more offers in the loan suite before the personal loan was completed. Now it's just auto stuff.

Also good to know...Thanks.

Re: DCU personal loan "pre-approved" - update approved

marmaladepie — Fri, 19 Feb 2021 02:59:47 GMT

I forgot mention that I had also done a SP check my rate with Penfed they came back with 9.99% for 60 mo.

Which made me turn to DCU instead.