Credit builder loan that can be paid off 95% immediately

[AllZero]

https://ficoforums.myfico.com/t5/Personal-Finance/The-Quest-for-an-SSL-alternative-to-Alliant/m-p/55...

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@spikeman768wrote:
I just spoke with a rep in the loan dept at NFCU, and I was told the following:

- Membership step:  there is a soft pull (she spent a few minutes researching this)
- Loan application step:  there is a hard pull
(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)

Here is some SSL limit/threshold info for others so it can reduce phone calls:
$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term

Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan.  She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term.  I have seem them do that sometimes.  It is up to their discretion."

I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.

I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":

(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg

-Spike

[AllZero]

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

From SouthJamaica
NFCU SSL

From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)

Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.

[AllZero]

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@folks19 wrote:

Can someone please explain the process of applying for a SSL with NFCU? My questions are:

Where do I apply?

What is the minimum amount I can borrow? For what term?

Is there a HP when I apply?

Can I still prepay the loan without shortening the term?

Do the funds become available to me as I make payments, or do I need to wait until the loan is paid in full?

(I know there's a lot on the topic in this forum, but please try to help me here in this thread and avoid 'linking' me unless there's a specific thing in the link, as it can be hard looking through long threads, and I'm looking for the most up-to-date information.)

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Apply with NFCU if eligible for membership.

See links.

SP, no HP.

Yes.

[folks19]

Thanks @AllZero . Although that information was from over 2 years ago, it was still helpful. If you have any recent DPs, let me know.

[AllZero]

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@folks19 wrote:

Thanks @AllZero . Although that information was from over 2 years ago, it was still helpful. If you have any recent DPs, let me know.

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Current data points apply. There has been no reported change to NFCU SSL that I am aware of.

[folks19]

NFCUs website now says:

• $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

It doesn't give any information regarding minimums for a loan less than 61 months, or perhaps the minimum term is 61 months. I need some very recent DPs here.

[AllZero]

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@folks19 wrote:

NFCUs website now says:

• $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

It doesn't give any information regarding minimums for a loan less than 61 months, or perhaps the minimum term is 61 months. I need some very recent DPs here.

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Terms 60 months and under posted up thead.

There was a discussion recently in regards to +61 months. You are in uncharted  territory with that long of a term.

[M_Smart007]

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@folks19 wrote:

NFCUs website now says:

• $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

It doesn't give any information regarding minimums for a loan less than 61 months, or perhaps the minimum term is 61 months. I need some very recent DPs here.

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Hi @folks19 , It would probably best serve you to call NFCU and speak to a CSR, about The less than 61 month SSL.

Customer Service: 888-842-6328

[folks19]

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@AllZero wrote:

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@folks19 wrote:

NFCUs website now says:

• $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

It doesn't give any information regarding minimums for a loan less than 61 months, or perhaps the minimum term is 61 months. I need some very recent DPs here.

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Terms 60 months and under posted up thead.

There was a discussion recently in regards to +61 months. You are in uncharted  territory with that long of a term.

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To clarify, I'm not looking for a 61+ term loan. I'm just wondering if they still offer loans with shorter terms since there was no information on the website.

I saw your post with the terms and amonts, and it was very helpful, but I'm still waiting to hear if anyone has any recent DPs they can share. That's it, and I hope that clarifies.

[folks19]

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@M_Smart007 wrote:

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@folks19 wrote:

NFCUs website now says:

• $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

It doesn't give any information regarding minimums for a loan less than 61 months, or perhaps the minimum term is 61 months. I need some very recent DPs here.

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Hi @folks19 , It would probably best serve you to call NFCU and speak to a CSR, about The less than 61 month SSL.

Customer Service: 888-842-6328

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I will call eventually, but I want to first have as much information as possible.