Yep. Only need $3001. I paid $1 every other month. And use it if you have no other loans at all on your reports. You can apply online.
@Jeffster1 wrote:My original credit builder loan is on its next-to-last payment, and I decided to take out an SSL with NFCU. MANY thanks to all who contributed to the many threads detailing the ins and outs of SSLs.
Maybe I am dumb as a box of rocks but I just want to confirm my path with those who have gone down it before, and perhaps get some constructive criticism and advice.
1. I am transferring $5000 from an external account into my NFCU account.
2. Once the $5000 is in NFCU, I will contact NFCU to apply for a Pledge Loan (SSL).
3. I will ask for a Pledge Loan of $5000 with a 60 month term.
4. Once approved, I will pay back 91.1% of the SSL, leaving a balance of 8.9%. (8.9% of $5000 is $445. I will pay $4555 back right away.)
5. This will advance my next payment due date way down the line.
6. I turn off auto-pay for the loan.Doesn't matter. If you leave it on, though, make sure it's for a small amount.
7. I pay attention to the next due date and input it into every calendar I own. I make no payments until that date.
Not necessary. Some of us make tiny payments each month.8. Once the $4555 is paid, I am then allowed to withdraw the $4555 from the account securing the loan if I so choose.
Yes. In fact I make that payment directly from that savings account.
I hope I have this right.
@Jeffster1 wrote:
@SouthJamaica wrote:
@Jeffster1 wrote:My original credit builder loan is on its next-to-last payment, and I decided to take out an SSL with NFCU. MANY thanks to all who contributed to the many threads detailing the ins and outs of SSLs.
Maybe I am dumb as a box of rocks but I just want to confirm my path with those who have gone down it before, and perhaps get some constructive criticism and advice.
1. I am transferring $5000 from an external account into my NFCU account.
2. Once the $5000 is in NFCU, I will contact NFCU to apply for a Pledge Loan (SSL).
3. I will ask for a Pledge Loan of $5000 with a 60 month term.
4. Once approved, I will pay back 91.1% of the SSL, leaving a balance of 8.9%. (8.9% of $5000 is $445. I will pay $4555 back right away.)
5. This will advance my next payment due date way down the line.
6. I turn off auto-pay for the loan.Doesn't matter. If you leave it on, though, make sure it's for a small amount.
7. I pay attention to the next due date and input it into every calendar I own. I make no payments until that date.
Not necessary. Some of us make tiny payments each month.8. Once the $4555 is paid, I am then allowed to withdraw the $4555 from the account securing the loan if I so choose.
Yes. In fact I make that payment directly from that savings account.
I hope I have this right.
@SouthJamaica Thanks. I will do that. I will leave the auto-pay on and pay, as @FireMedic1 did, $1 a month or something like that. Do you also suggest just $3001 (or I believe you posted at one point that you did $3010).
Yes I did $3010 but it really doesn't matter if you do more. You'll get the money back in a couple of days.
Hey guys, in theory, wouldn't this work with an unsecured loan as well? I mean, since you're beyond the beginner stage, why tie up your $$$?
@805orbust wrote:Hey guys, in theory, wouldn't this work with an unsecured loan as well? I mean, since you're beyond the beginner stage, why tie up your $$$?
no HP for a SSL compared to a personal loan.
dunno if Navy pushes out the due date for prepayment on personal loans as they do SSL's
After Alliant pulled the SSL plug thanks to this place probabaly. We all headed to NFCU. I only paid $1 every month just to show activity. Even though the date was way out there. Went thru a nerf with Alliant after the first SSL ran out. @SouthJamaica Yes it it was a typo. I did $3010. Has to be over $3000 for the 60 months.
@805orbust wrote:Hey guys, in theory, wouldn't this work with an unsecured loan as well? I mean, since you're beyond the beginner stage, why tie up your $$$?
1. Yes NFCU does do the same thing for personal loans... i.e. pushing out the next due date.
2. You're not really tying up your money with the SSL procedure; the money is "tied up" just for a day or two.
3. There would be a hard pull for the personal loan.
4. You could get turned down for the personal loan.