PenFed PLOC

[stagefoursurvivor]

I was approved yesterday after reconning down to $10K. Approved the day before for Visa Sig $5K which is already appearing on my online account.

No documentation has been requested, I joined with check/savings back in December 2014.

Anyone familiar with their procedures, account set-up, mailing checks, etc and when this happens?

[Anonymous]

wow I see no one replied to this.

Did you get your answers?

I also appedfor PenFed Promise and got approved for 3k@7.99.

Next day I apped for PLOC @10k and was approved.

I assume by now you got your checks?

Is this PLOC reporting for you?

Key Features

• Low rate of Prime + 7%, adjusted quarterly
• Credit lines up to $25,000
• Free checks
   

Benefits

• Available funds when you need them, anytime, for anything you want
• Payments based on amount you actually use, not on amount of your line of credit
• Use your line anywhere you would use a check

[stagefoursurvivor]

Hmmm...guess this particular post got lost in the jumble.

I was also approved after recon for Promise $2.5K, gotta check APR, I forget...maybe 10.9?

I don't think I got any checks for the PLOC though, need to check that.

Congrats on your approval!

[Anonymous]

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@stagefoursurvivor wrote:

Hmmm...guess this particular post got lost in the jumble.

I was also approved after recon for Promise $2.5K, gotta check APR, I forget...maybe 10.9?

I don't think I got any checks for the PLOC though, need to check that.

Congrats on your approval!

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Apparently the usage for PLOC is like if you have to pay for something/someone that doesnt
accept CC's or something. W.out the checks it sorta useless.

Do you know if your PLOC reported?

[stagefoursurvivor]

I BELIEVE you can transfer $$ from the PLOC to regular checking?

Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.

[Anonymous]

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@stagefoursurvivor wrote:

I BELIEVE you can transfer $$ from the PLOC to regular checking?

Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.

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Interesting..does the PLOC report as revolving loan?

If so,, what If I write a check for 500... do you know up to how many months I could pay it back?

Would this be a good way to develop with them? Just wondering.

[stagefoursurvivor]

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@Anonymous wrote:

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@stagefoursurvivor wrote:

I BELIEVE you can transfer $$ from the PLOC to regular checking?

Each account reported about 30 days after approval, including the $500 overdraft feature on checking, Rewards then, PLOC, then overdraft, lastly Promise.

---

Interesting..does the PLOC report as revolving loan?

If so,, what If I write a check for 500... do you know up to how many months I could pay it back?

Would this be a good way to develop with them? Just wondering.

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Yes, PLOC reports as a revolver. the rest of your question? I dunno

Hell, I didn't know you were supposed to get checks with it. SHEESH, I got it and don't know for sure how to use it! Gotta dig around and see if I have any type of checks from them

[blessed-man1980]

Is Pend checking  account free ? I already have savings but not sure about checking account . 

[Anonymous]

I just asked them today.

I think this is what I remember

It's free if you keep at least 500/mo or have 500 direct dep coming in monthly
I forgot what else makes it free w.out the $10/mo fee... maybe mortgage or some loan with them.

[Anonymous]

With PenFed PLOC, if I have say 10k@10.99 avail, and write a check for 1k, what are the repayment terms?