topic Re: Pen Fed Personal Loan...blank check... in Personal Finance

Pen Fed Personal Loan...blank check...

tcbofade — Tue, 23 Oct 2018 20:26:02 GMT

Ummm....todays mail brought a suprise.

I am preapproved for a personal loan from PenFed. Blank check attached. Up to $25k.

It can't really be that easy, can it?

Re: Pen Fed Personal Loan...blank check...

Anonymous — Tue, 23 Oct 2018 20:59:41 GMT

Yes it can! I get these often but the APR varies 12.99 to 17.99. I’ve used it once and paid it off early. Super easy!

Re: Pen Fed Personal Loan...blank check...

tcbofade — Tue, 23 Oct 2018 21:29:01 GMT

Thank you YOUNG lady. (PM sent)

Re: Pen Fed Personal Loan...blank check...

tcbofade — Tue, 23 Oct 2018 22:53:57 GMT

Somebody tell me why this is a bad idea...

Even with the high APR, a $25k personal loan to pay off credit cards will save me nearly $400 per month at first glance.

I'm missing something, I just can't see what it is...

Re: Pen Fed Personal Loan...blank check...

Anonymous — Wed, 24 Oct 2018 00:05:16 GMT

Did not know Jag is a lady all this time.

There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.

Re: Pen Fed Personal Loan...blank check...

tcbofade — Wed, 24 Oct 2018 00:09:10 GMT

@Anonymous wrote:
Did not know Jag is a lady all this time.

There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.

Indeed she is. (She's also roughly my age...)

Thus far, I've only done the rough math and paying off various CC accounts would save me $374 per month. The vast majority of them have higher interest rates... like 20-25%... some of them may be similar to the loan tho... I'll have to look. Thank you for the thought.

Re: Pen Fed Personal Loan...blank check...

AverageJoesCredit — Wed, 24 Oct 2018 00:17:28 GMT

Tcbo, if this loan can make your life easier or help simplify your credit, saving you money as well, i would do it. Best part of this loan is once its paid off so is that debt. Good luck on your decision. I was supper happy to get my PL from Amex . Even though i may pay a little interest , i also look at it like im strengthening my credit and bettering my relationship with Amex for the future.

Best of luck

Re: Pen Fed Personal Loan...blank check...

Anonymous — Wed, 24 Oct 2018 00:21:12 GMT

As long as you have a realistic budget, solid repayment plan and not run up your CC balance again on top of the loan, it's a no brainer.

Re: Pen Fed Personal Loan...blank check...

AverageJoesCredit — Wed, 24 Oct 2018 00:23:42 GMT

Yes great point Oldman87. No point if one runs up their cc's again.

Re: Pen Fed Personal Loan...blank check...

tcbofade — Wed, 24 Oct 2018 00:48:00 GMT

@AverageJoesCredit wrote:
Tcbo, if this loan can make your life easier or help simplify your credit, saving you money as well, i would do it. Best part of this loan is once its paid off so is that debt. Good luck on your decision. I was supper happy to get my PL from Amex . Even though i may pay a little interest , i also look at it like im strengthening my credit and bettering my relationship with Amex for the future.

Best of luck

I believe that it can simplify my credit and save me some dollars. I didn't get the rate that YOU got you lucky son of a fish, but it's lower than the credit card interest rates.

Offer is good through 30 November, so I might just sit on it for a week or so.

Re: Pen Fed Personal Loan...blank check...

tcbofade — Wed, 24 Oct 2018 00:46:31 GMT

@Anonymous wrote:
Did not know Jag is a lady all this time.

There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.

Thank you again for making me look.

No origination fee, but I had one of our zero percent deals in there... It has been removed.

Paying off 12 of my credit cards and six of our credit cards for $23kish will save me $250 per month and leave $2kish sitting in the bank and/or paying something else off.

Re: Pen Fed Personal Loan...blank check...

Anonymous — Wed, 24 Oct 2018 01:03:31 GMT

@tcbofade wrote:
@Anonymous wrote:
Did not know Jag is a lady all this time.

There is really no downside if APR is lower than your current CC APR with 0 origination fee. Got the same letter today (3rd one this year) with 6.49% APR.
Thank you again for making me look.

No origination fee, but I had one of our zero percent deals in there... It has been removed.

Paying off 12 of my credit cards and six of our credit cards for $23kish will save me $250 per month and leave $2kish sitting in the bank and/or paying something else off.

I would just borrow enough for CC debts and continue your aggressive repayment plan that you have been on, I just spoke to CSR for you, there is no prepayment penalty so you can throw everything you can at the loan and pay it off as early as you can to save even more.

Re: Pen Fed Personal Loan...blank check...

AverageJoesCredit — Wed, 24 Oct 2018 20:59:23 GMT

Tcbo, heres another thing to consider, they may send you another offer at lower rate. If you pass for now. @Gmood1 has hinted at this. When i got my loan with Penfed, that were slick and got me for 17.99% . Paid off early, they seem not to like me for that as i cant even qualify for another one of their loans lol. Their loss Amex's gain. But you might do better. Just even getting a loan offer from them is like hitting the lottery

Re: Pen Fed Personal Loan...blank check...

Felony_Phil — Wed, 24 Oct 2018 01:41:06 GMT

@Anonymous wrote:
Did not know Jag is a lady all this time.

I figured that out 2 days ago....I was just as surprised as you.

Re: Pen Fed Personal Loan...blank check...

AverageJoesCredit — Wed, 24 Oct 2018 01:55:05 GMT

If you were here long enough, you would have remembered Jag73 as JustAGirl73 .

Re: Pen Fed Personal Loan...blank check...

Anonymous — Wed, 24 Oct 2018 01:57:34 GMT

I also thought Remedio was a guy and Kilroy8 a girl until recently.

Re: Pen Fed Personal Loan...blank check...

Anonymous — Wed, 24 Oct 2018 02:02:56 GMT

@AverageJoesCredit wrote:
If you were here long enough, you would have remembered Jag73 as JustAGirl73 .

I remember JustAGirl73, thought jag73 is just into Jaguars (car).

Re: Pen Fed Personal Loan...blank check...

Remedios — Wed, 24 Oct 2018 02:12:31 GMT

@Anonymous wrote:
I also thought Remedio was a guy and Kilroy8 a girl until recently.

I get called "bro" a lot around these parts 😂

Re: Pen Fed Personal Loan...blank check...

AverageJoesCredit — Wed, 24 Oct 2018 02:15:53 GMT

Lol, some names are fun as Fico. I prefer Jag's old call sign. I guess some people get stuck or we just shorten it and it sticks . I think more people know me as AJC then my full name lol. I anyway back to Penfed, just any blank checks should just be signed over to me

Re: Pen Fed Personal Loan...blank check...

shoegal — Wed, 24 Oct 2018 03:00:28 GMT

JAG= Just A Girl