topic Re: PenFed Personal Loan - PreApproval And Check In Mail in Personal Finance

PenFed Personal Loan - PreApproval And Check In Mail

Anonymous — Wed, 26 Sep 2018 19:34:41 GMT

Hello Citizens! King here. I received it today a pre-approval for up to like 25k on a personal line of credit quotes an APR at 14.5% and a payment as well. Thou is wondering if this is a legit offer? And does it require a hard-pull on El O'l Credit file? Reason I ask is I have had to purchase a new fridge after my old one died last week so my Lowes card has a balance.. Many Cheers BOB

Re: PenFed Personal Loan - PreApproval And Check In Mail

Sloedough — Wed, 26 Sep 2018 20:01:47 GMT

Pre-qualifications and pre-approvals are NEVER a guarntee. Yes, your chances for approval are better, but don't bank on it. Yes, it should require a hard-pull, underwriter, etc ...

As for the terms. I would be questioning the 14.5% APR. However, there are no data points. If your scores are less than 700, 14.5% is OK. If your scores are 700+ 14.5% is not that good. To put this in perspective, I have a personal loan through Upstart at 8.36% APR. At the time I had 780+ FICO scores.

I hope this helps.

Re: PenFed Personal Loan - PreApproval And Check In Mail

FinStar — Thu, 27 Sep 2018 18:04:50 GMT

OP, I'm confused as to which product was offered to you. Your subject line mentions the Personal Loan pre-approval yet your main message states Personal Line Of Credit. Two totally different products.

Depending on when the pre-approved offer was made, some products can be originated via SP, if approved. But there are situations that could potentially yield a HP. So expect the HP regardless.

Re: PenFed Personal Loan - PreApproval And Check In Mail

Anonymous — Fri, 28 Sep 2018 00:01:18 GMT

I got the same Pre-approval check last week for up to 25K. I deposited it the next day, and money was in my account the next day. There was no HP since you were SP’d for the offer. The loan is already showing in my Penfed account.

Re: PenFed Personal Loan - PreApproval And Check In Mail

Revelate — Fri, 28 Sep 2018 00:12:49 GMT

@Anonymous wrote:
I got the same Pre-approval check last week for up to 25K. I deposited it the next day, and money was in my account the next day. There was no HP since you were SP’d for the offer. The loan is already showing in my Penfed account.

No fees associated with it?

I would've been tempted to take it and turn around and pay 99% of it right back... big honking FICO reindeer games!

Actually that would push my aggregate installment utilization under 80% immediately which might be the breakpoint heh.

Re: PenFed Personal Loan - PreApproval And Check In Mail

JoeLuvsHisCredit — Fri, 28 Sep 2018 15:57:32 GMT

@Revelate wrote:
@Anonymous wrote:
I got the same Pre-approval check last week for up to 25K. I deposited it the next day, and money was in my account the next day. There was no HP since you were SP’d for the offer. The loan is already showing in my Penfed account.
No fees associated with it?

I would've been tempted to take it and turn around and pay 99% of it right back... big honking FICO reindeer games!

Actually that would push my aggregate installment utilization under 80% immediately which might be the breakpoint heh.

No fees no hp It was very very easy. You just put the check in any of your bank accounts On the check you have to check on how many months you want the loan for etc. It was the easiest loan i have ever taken out . I have made future payments 4 months and it did push the payment due date

Re: PenFed Personal Loan - PreApproval And Check In Mail

Revelate — Fri, 28 Sep 2018 21:39:06 GMT

@JoeLuvsHisCredit wrote:
@Revelate wrote:
@Anonymous wrote:
I got the same Pre-approval check last week for up to 25K. I deposited it the next day, and money was in my account the next day. There was no HP since you were SP’d for the offer. The loan is already showing in my Penfed account.
No fees associated with it?

I would've been tempted to take it and turn around and pay 99% of it right back... big honking FICO reindeer games!

Actually that would push my aggregate installment utilization under 80% immediately which might be the breakpoint heh.
Revelate
No fees no hp It was very very easy. You just put the check in any of your bank accounts On the check you have to check on how many months you want the loan for etc. It was the easiest loan i have ever taken out . I have made future payments 4 months and it did push the payment due date

That's awesome!

I thought the SSL trick would work with Penfed as I saw old posts from around 2011 when I looked for them suggesting they did move things ahead on a regular payment. Shoot no fees I probably would've just taken it... sorta tempted to go looking around at some slightly old mail I might not have really taken a close look at to see if I got a similar offer, even though Penfed has never offered me anything heh.

Re: PenFed Personal Loan - PreApproval And Check In Mail

JoeLuvsHisCredit — Sat, 29 Sep 2018 13:28:15 GMT

Revelate Just look in the mail for future offer with lower APR. I was kinda upset 1 week after i took the offer I received another offer (check) in the mail with a 3% lower APR lol. Many people on here like Bella told me that if i didn't take the offer they will send new offer most of the time with lower APR

Re: PenFed Personal Loan - PreApproval And Check In Mail

Gmood1 — Sun, 30 Sep 2018 10:19:41 GMT

Yup the offers do get better when you don't take advantage of them. At the beginning of the year my offer was around 12%. By the time summer hit, it was down to 6.xx%.
I still haven't taken them up on the offer. lol
Maybe one day, I'll give it a go!

Re: PenFed Personal Loan - PreApproval And Check In Mail

JoeLuvsHisCredit — Fri, 12 Oct 2018 00:15:23 GMT

@Revelate wrote:
@JoeLuvsHisCredit wrote:
@Revelate wrote:
@Anonymous wrote:
I got the same Pre-approval check last week for up to 25K. I deposited it the next day, and money was in my account the next day. There was no HP since you were SP’d for the offer. The loan is already showing in my Penfed account.
No fees associated with it?

I would've been tempted to take it and turn around and pay 99% of it right back... big honking FICO reindeer games!

Actually that would push my aggregate installment utilization under 80% immediately which might be the breakpoint heh.
Revelate
No fees no hp It was very very easy. You just put the check in any of your bank accounts On the check you have to check on how many months you want the loan for etc. It was the easiest loan i have ever taken out . I have made future payments 4 months and it did push the payment due date
That's awesome!

I thought the SSL trick would work with Penfed as I saw old posts from around 2011 when I looked for them suggesting they did move things ahead on a regular payment. Shoot no fees I probably would've just taken it... sorta tempted to go looking around at some slightly old mail I might not have really taken a close look at to see if I got a similar offer, even though Penfed has never offered me anything heh.

Re: PenFed Personal Loan - PreApproval And Check In Mail

AverageJoesCredit — Mon, 15 Oct 2018 17:01:11 GMT

Though i dislike PF, its cool you can pay whatever months you want and still not have to make a payment until final due month. Probably why PF dislikes me, i havent paid in months and owe $23 before Feb 19