Just took out a share secured loan from PenFed

Cookiegrabber — Tue, 03 Jul 2018 16:45:53 GMT

PenFed's SSL can't be used for the 8.9% util benefit, but man was this like the easiest thing ever. Literally took less than 2 min. after inputting my member info to the robot. A friendly member service rep did it all -- didn't need to go through a loan rep or anything.

I asked if I could get an SSL, she asked how much, I said $300, she said "OK, it's for 12 months, you'll be paying $25.29 per month, and you can pay it off early if you'd like." There were a couple pauses in between but that was pretty much the gist of our 2-minute conversation. So quick, lol.

I took out the loan just to get my foot in the door with them, since they can supposedly be finicky with lending. Hopefully the SSL payment history helps somewhat down the line. Here's an excerpt from a CSR's email to me back when I inquired:

Secured Share Loans:

A Share Loan is a secured loan, which uses your regular share account as
collateral for the loan. The funds are placed on hold at loan inception and are
released incrementally each time you make a payment on the loan.


Loan Limits:
Amount of unencumbered (available) shares, no maximum (Minimum loan amount is
$250)


Repayment Terms:  142 months as long as monthly payment does not fall below $25
& 2% above current dividend rate.


Other Important Notes:

•No credit report is pulled for Share loans. Loans are guaranteed to be
approved.

•Share loans ARE reported to the credit bureaus and will appear on the member's
credit report.

•Shares in another member's account may be used as long as the owner of the
other account signs a Pledge of Shares form (Form 572).

•Funds must have been on deposit for 30 days or more before loan will be
approved.

Re: Just took out a share secured loan from PenFed

rbentley — Tue, 03 Jul 2018 18:15:39 GMT

That is $3.48 in interest over the year. Good job!

Re: Just took out a share secured loan from PenFed

austingal — Tue, 03 Jul 2018 18:47:16 GMT

That is a really good idea. I have no installment loans in my credit mix and I have been contemplating easy ways to get one. I probably won't be buying a new car until the end of 2019 so something like this might be good in the meantime.

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Just took out a share secured loan from PenFed

Re: Just took out a share secured loan from PenFed

Re: Just took out a share secured loan from PenFed