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2nd PenFed Preapproval For Personal Loan in 9 Months

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Anonymous
Not applicable

2nd PenFed Preapproval For Personal Loan in 9 Months

I have 12 CCs so apparently everyone wants to offer me a personal loan rather than a credit card.  Citibank just sent me an offer for a loan two days ago.

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Message 1 of 15
14 REPLIES 14
Gmood1
Super Contributor

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

I received one today as well. It's my second one also. Up to $25k at 12% or something along those lines. I noticed it also gives you choices up to 60 months. They sure knock you in the head over those 60 months.😮
You pay them nearly $10k for that loan...insane!
Nevertheless, nice to get these offers regardless.
Message 2 of 15
Anonymous
Not applicable

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

I have 23 credit cards and I got the Penfed offer for the second time in a short time as well. I don't know who would go for this offer other than people who don't intend to pay them back.  12.9 percent interest?  Why would anyone do that with the constant zero percent for 12 months or 18 months offers out there?

Message 3 of 15
Anonymous
Not applicable

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

My APR offer is only 9.99% but it's still nearly $7,000 of interest on a $25,000 loan for 5 years.

 

I'm not so sure anyone who would take a deal like this is qualified to be a member of a highly regarded credit union.  People who make decisions like this generally have way lower credit scores because they don't understand numbers.

 

It does feel good to have banks fighting for your business though.

Message 4 of 15
SBR249
Established Contributor

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

One thing that these things could be useful for would be to get an installment loan on your CR. Let's say you have $25K lying around, you can take them up on that offer, pay off most of the loan right away and stretch the rest over the term of the loan (if the terms allow). That way you get the score boost from an installment loan (assuming you don't already have one) without HP. Not bad now that Alliant route is shut down. 

Message 5 of 15
Anonymous
Not applicable

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

I just found a picture of my first offer.  Maybe I should have clarified I have been a member of PenFed for 9 months.

 

First loan offer must have came back in October.

 

1st PenFed offer.jpg

Message 6 of 15
Anonymous
Not applicable

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months


@Anonymouswrote:

 

I'm not so sure anyone who would take a deal like this is qualified to be a member of a highly regarded credit union.

 


I am considering it only to help pay for a house to flip that is in Foreclosuer for around $60k. I figure I could borrow it for 3-6 months, that is $650-1,000 over the period. I would pay if it helps me get to the $60k to buy the home and make $30,000.

Message 7 of 15
sueblue34
Frequent Contributor

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

I’ve never understood the reason for these offers because no one seems to use them
Message 8 of 15
masscredit
Valued Contributor

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

I received this offer a few days ago. Up to $25,000 at 12.99%. I tossed it aside as junk mail then I received an email reminder from them last night. That gave me an incentive to take a better look at it.  As mentioned,  the rates are to high. I'm currently taking advantage of two 0% offers.  I can move those over to another card if they aren't paid off by the end date. Pay a small fee then continue with 0%. 

Pre-Credit Rebuild Scores Pre-DC (3/24/22) - EQ - 524 / TU - 519 / EX - 495

Current Scores - EQ - 687 / TU - 663/ EX - 677

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Andrews FCU SSL $1500
Message 9 of 15
Gmood1
Super Contributor

Re: 2nd PenFed Preapproval For Personal Loan in 9 Months

Just updating the thread. I've received several more of these offers this year. Received another one today. Now the preapproved offer is down to the lowest rate of 6.49% up to 60 months. Penfed is awesome!😃
Message 10 of 15
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