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Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |
can you explain how CLOC works? You write yourself a loan and how does payback work with the interest and what is the term? More detail the better. Thanks
can you give me an example. With APR and if they say it is 13.9% whatever, how is that calculated daily?
So if I wrote myself a 5k dollar loan. Penfed has rates at 7% with PLOC assuming that is the same thing. How much per 30 days would my payment be on the 5k? payment and interest I would like to know
@Anonymous wrote:So if I wrote myself a 5k dollar loan. Penfed has rates at 7% with PLOC assuming that is the same thing. How much per 30 days would my payment be on the 5k? payment and interest I would like to know
My rate isn't great (15%) and it works out to a nickel per day per $100
so a $500 advance cost .25cents per day
to me it seems to work just like a CC w/o the card, just more flexible in how it's used.
Ex: Today I went to the ATM to pull cash, you use the red debit card just like normal and the CLOC just kicks in seemlessly
but b/c it's Sunday it won't 'count' until COB on Monday night/Tuesday a.m. ( meaning any movement after Friday cutoff is a free loan b/c it doesn't
appear as a transaction til Monday's business)
PenFed's rates seem REALLY good vs Navy on LOC (Navy CL's may be easier and/or bigger)