NFCU - Is Personal Loan same as the LOC everyone raves about?

[Anonymous]

Before doing the app for this, I have the flagship card with a $25K Limit.  Is the Personal Loan as easy to get as the LOC for $15K?  I only have a savings opened with them right now and the LOC won't attach to a savings but the Personal loan will.  Thoughts?  I know credit addict needs to chime in here and tell me if I should do that AND another card at the same time.  Please advise.

Thank you!

[Anonymous]

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@Anonymous wrote:

Before doing the app for this, I have the flagship card with a $25K Limit.  Is the Personal Loan as easy to get as the LOC for $15K?  I only have a savings opened with them right now and the LOC won't attach to a savings but the Personal loan will.  Thoughts?  I know credit addict needs to chime in here and tell me if I should do that AND another card at the same time.  Please advise.

Thank you!

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CA will be able to provide more info but what do you mean that the LOC won't attach to savings? It's tied to your checking and you can put the LOC cash there and transfer it to savings though I'm not sure why you want to do that. What are your plans for the personal loan?

[Anonymous]

I don't currently have a checking account with NFCU so the LOC doesn't apply to me  and I don't really have a "need' for another checking account.  

[Anonymous]

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@Anonymous wrote:

I don't currently have a checking account with NFCU so the LOC doesn't apply to me  and I don't really have a "need' for another checking account.  

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Yeah I missed that in your first post.  CA will know more about the personal loan but I can't imagine it's that much different to get vs. the LOC

[Anonymous]

I am a dummy and posted this in the wrong section - oops!

[Anonymous]

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@Anonymous wrote:

I am a dummy and posted this in the wrong section - oops!

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It happens.  I did a search for NFCU personal loan and in another thread about it the poster asked if the LOC can be used just like a personal loan and CA said it could be.  For mine they sent me checks to use against the LOC so you could just write them to yourself and deposit into savings.  I'd just apply for that then.

[Anonymous]

Not positive but I think the Personal loan would probably be deposited directly to the savings and I could draw down on it as needed or wanted.  I didn't know if the approval was as easy.  I suppose I could open another checking - it just is not necessary and won't be used but if creditaddict says it isn't the same then I will have to consider that.  I don't think the personal line will come with checks.

[elim]

I'm assuming the LOC reports as revolving and Personal Loan reports as installment?  If so... if you need 80% of your LOC limit, you're UTIL may suffer.

[Creditaddict]

The LOC is a revolving line of credit.

The personal loan is a one time payout and is an installment loan.

[Anonymous]

Qualifications and approvals similar or completely different?  Hate to be missing out on that $15K .... I think there was another card you usually recommend with the LOC?