topic Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi? in Personal Finance

looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

MudkipsRKooL — Sun, 23 May 2021 22:34:24 GMT

Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score

Longest Credit: 4 years 6 months

first loan: 2017, (15K financing) still playing atm.

Income: 40K (combined with business, 50K)

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

chiefone4u — Sun, 23 May 2021 22:53:58 GMT

@MudkipsRKooL wrote:
Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score
Longest Credit: 4 years 6 months
first loan: 2017, (15K financing) still playing atm.
Income: 40K (combined with business, 50K)

Pendfed allows you to check your rate

https://www.penfed.org/personal/personal-loans

When I just looked at the page linked above they offer "as low as" 5.99%

My personal loan with PenFed was relatively painless (had to provide two most recent paystubs for proof of income).

If I remember correctly they now allow up to $35,000 without collateral.

I would imagine with your credit score you'd likely land pretty close to the advertised rate with your credit union and might even get lowest rate from PenFed.

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

Anonymous — Mon, 24 May 2021 22:28:29 GMT

@MudkipsRKooL wrote:
Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score
Longest Credit: 4 years 6 months
first loan: 2017, (15K financing) still playing atm.
Income: 40K (combined with business, 50K)

I think you should go with who will give you the best % rate and terms. Also take in condersation who you might be wanting to build a relationship with as well.

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

AverageJoesCredit — Mon, 24 May 2021 01:58:36 GMT

@chiefone4u wrote:
@MudkipsRKooL wrote:
Looking for a personal loan for a big purchase. I plan to spend only 300-400 tops (prefferably) near low 300s for a 2-3 year loan. Rate right now are really high for me, probably because I haven't done a personal loan and still on my 1st car loan.

Anyways I doubt I will get 7.98% at credit union, but if I do that's great.

I qualified for 10K for 11.99% with discover and 12.5% with Sofi (3 year plan). 11.49% with 2 year (sofi). Amex's personal loan I didn't get an offer at all though they are 7.98%. My local credit union's PLOC is 7.5% but I doubt I can get that. US Bank has a PLOC for 10.25% as well. I could not get stats for Penfed or DCU, anybody have any datapoints on it?

Stats: 770 average credit score
Longest Credit: 4 years 6 months
first loan: 2017, (15K financing) still playing atm.
Income: 40K (combined with business, 50K)

Pendfed allows you to check your rate

https://www.penfed.org/personal/personal-loans

When I just looked at the page linked above they offer "as low as" 5.99%

My personal loan with PenFed was relatively painless (had to provide two most recent paystubs for proof of income).

If I remember correctly they now allow up to $35,000 without collateral.

I would imagine with your credit score you'd likely land pretty close to the advertised rate with your credit union and might even get lowest rate from PenFed.

Penfed often does not give low rates based on ones credit score. How they figure ones rate is a mystery but ime with credit cards and lians, i , and many others have seen higher rates than our score would suggest. Just a thought when thinking about Penfed

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

MudkipsRKooL — Mon, 24 May 2021 21:46:19 GMT

yea I know how the personal loans go. Your first few will be super high rate, then as your risk level goes down after finishing up a few they go down to the advertised low rates with a high enough credit score. Ofc, that's with high enough income and low DTI ratio.

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

MudkipsRKooL — Wed, 02 Jun 2021 19:06:17 GMT

Updated, had to do a HP, but qualified for $8000 PLOC at my local credit union for 7.5%. They were preplexed at my request? Though I think I should have requested more, felt like I left money on the table, but at $240/month PLOC I can't complain. Not sure if it'll hit my credit but I think it should once I withdraw funds.

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

tcbofade — Thu, 03 Jun 2021 11:29:27 GMT

It will. Expect it to report just like a credit card.

If you withdraw the entire amount at once, you'll be maxed out.

Guess how I learned that...

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

iced — Thu, 03 Jun 2021 14:03:37 GMT

@MudkipsRKooL wrote:
Updated, had to do a HP, but qualified for $8000 PLOC at my local credit union for 7.5%. They were preplexed at my request? Though I think I should have requested more, felt like I left money on the table, but at $240/month PLOC I can't complain. Not sure if it'll hit my credit but I think it should once I withdraw funds.

I think I'm perplexed at your request now. I thought you were looking for $300-400k for a big purchase, so why would you be ok about only getting about 2% of that?

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

tcbofade — Thu, 03 Jun 2021 14:14:39 GMT

I think that OP was looking for a 300-400 monthly payment, not a 300-400k loan...

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

iced — Thu, 03 Jun 2021 14:21:08 GMT

@tcbofade wrote:
I think that OP was looking for a 300-400 monthly payment, not a 300-400k loan...

That does make a bit more sense given the final result. The wording of the OP hinted that the big purchase was in the low 300s, which does not invoke thoughts of $300/month. Goes to show how different people see the same things in different ways.

And, here I was curious to see which banks were offering 24-36 terms on $300k, too...

Re: looking for a personal loan for a big purchase, DCU? Penfed? credit union? Amex? Discover? Sofi?

Anonymous — Wed, 14 Jul 2021 05:58:20 GMT

Could you tell me roughly how long they took to review your paystubs? Submitted Friday and waiting to hear back. They said 1-2 business days.

thank you!