5K PenFed Loan Approved! 9.99% 😱😱😱😱😱😱

[Gregory1776]

Applied around 8:30 two hours later I was approved and had to sign some digital papers and money will be in my account any second. (Done!) Using it to pay Taxes (😒😠😠) I’ll bring my Credit card  balance down on my Discover too. Happy to have a loan that is a little “meatier” than the Alliant SSL. I’ll make $250 every month on it, and every once and a while, double up on that... 

Question: Loan papers I had to sign said I would pay a little over 800 in interest, if I’m paying more than the minimum every month, and throwing extra at it, will I end up paying less than that? 🤔🤔

My Score from their site is 760, haven’t gotten a CK notification, Could it have been a Soft pull!?😂

Fico 8 scores were around 700 Equifax.

These freaking guys are AWESOME! 

[Anonymous]

Congrats!

[ChessChik47]

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@Gregory1776

 Question: Loan papers I had to sign said I would pay a little over 800 in interest, if I’m paying more than the minimum every month, and throwing extra at it, will I end up paying less than that? 🤔🤔

Yes, you should pay less if you're paying down the amount faster.  Congrats on your loan!  

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[Anonymous]

I don’t know how personal loans work, but in many Home & Car loans you have to specifically request it to be applied to the principal balance. Otherwise they can pay overage direct to interest. It’s worth asking them to make sure.

[Gmood1]

I was hoping you'd ask for a bank account number. So you can transfer to my account.😂
Congrats on the approval!

[Anonymous]

Congrats! I'll hit them up toward the end of the year. I hear they are really skittish about history with them. The holidays should meet their requirement. 

[silvius]

Yes, as mentioned, you typically have to ask for it to be applied to principal.

Congrats!

[Anonymous]

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@silvius wrote:

Yes, as mentioned, you typically have to ask for it to be applied to principal.

Congrats!

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OMG! Terrific APR and 5K is decent... Congrats!

[Gregory1776]

Was and am stoked!!

[Anonymous]

Very nice!!