@Anonymous wrote:There doesn't seem to be a lot of data here on these so thought I'd leave some info to help someone else.
Sooo. Got unexpected news on the home improvement front. Thought I needed one thing, but oh no, of course not. Needed like 6 things, all linked together, to the tune of 35K. Gotta love old houses. Have a healthy emergency fund, but not that healthy. NFCU is my go-to these days, so applied for a home improvement loan. You have to apply for these over the phone, but they do have much longer terms, up to 15 years. They want to know what the money is for and what repairs/upgrades you are doing. Applied for the full 35K, 8 year term. Gent on the phone said the preapproval came back fast so it looked like I was good to go, but it was referred over to underwriting for a few questions. Applied at 4:30pm.
At 8pm, got a secure email. They countered with a 20K loan for 5 years at 17.85% If I wanted to accept it, log in and esign. I didn't have my login at home, so figured I'd log in from work in the morning and accept. At 8:20 am, phone was ringing with customer service wanting to help me finish up my loan if I still wanted it. Verbally accepted, told them I'd log in from work and esign there. That it could fund into my NFCU checking account, and set up auto payments from there as well. Payments are $510/month.
Within 10 minutes of esigning, loan was fully funded into my NFCU checking account. They pulled TU at 743. Self employed, 62K income, no POI, though they may already have it on file from prior transactions. The "Price of Credit' letter they sent me had my TU score on it, but not their NFCU internal score. Been a member for 2 years, have a checking, savings, cash rewards and platinum accounts. Platinum is a 0 balance, cash rewards $3,800. Cash rewards sees lots of use and large payments, far over the minimum. Platinum pretty much sits there unused. I opened it for a 0% balance transfer, but they didn't give me a high enough limit to be of much use in that department.
Yes, the interest is high and I could have gotten a better rate elsewhere. But I like Navy. They made this loan super easy. And it goes towards establishing history with them. Worth the extra % in my book. I could have also taken out a HELOC, but lenders can't AVM my property value so it would have been a full appraisal, and I didn't have time for that. Also, it would have required finding time to actually clean my house. lol Repairs were somewhat urgent, so this was the best solution for me, at this time.
Really great NFCU experience overall. 10/10 recommend.
Best,
-TGG
Thats great, im all for giving Navy ones business if one can, even at higher rate. As long as you can afford it, good for you. Lol , heck you indirectly help me when they keep giving us members big increases
. Spend on