NFCU SSL Minimum Deposit Required?

[Anonymous]

Hello, 

I've been instructed not to ask the bank, so here I am asking y'all MF'ico'ers. 

I cannot afford to deposit $3,010 for a 5 year ssl, what other options do I have? I do not want to do anything less than two years. What are the minimum requirements for 2, 3 and 4 year ssl's? 

[AllZero]

You deposit $3010. Once your SSL is open, you pay down to 8.9%. Meaning you get back $2742.11

Only thing tied up will the balance.

ETA. You can do a shorter term with less money but that kind of defeats the purpose of the long term SSL.

6 months $250
12 months $500
Not sure sure on 2, 3, 4 year terms.

[Anonymous]

In your case, I would hold off until you’re about 2-3 months from a big application and go for the 12 month one. You won’t get the lasting benefit but you’ll get the benefit for that time it’s open.

I did a BT to checking offer from Disco to open mine. $3500 taken, just got my statement and I had to pay $4.14 in interest (I paid it all off over the course of the month before the statement was generated). Sometimes you have to be creative to get things done.

[Anonymous]

@513credit this is the fourth time you’re trying to figure out how this works. This technique isn’t for you.

[Anonymous]

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@Anonymous wrote:
@513credit this is the fourth time you’re trying to figure out how this works. This technique isn’t for you.

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I completely understand. I was asking a new question. 

[SouthJamaica]

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@Anonymous wrote:

Hello, 

I've been instructed not to ask the bank, so here I am asking y'all MF'ico'ers. 

I cannot afford to deposit $3,010 for a 5 year ssl, what other options do I have? I do not want to do anything less than two years. What are the minimum requirements for 2, 3 and 4 year ssl's? 

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You don't need to have $3010, you just need to borrow it for a couple of days. You put it in savings, take out the SSL, which puts 3010 additional into your savings, and then you pay the SSL down from the savings. And you can withdraw everything but $200 or so from the savings account.

E.g. you deposit 3025 into savings account

       take out 3010 SSL -->  3010 deposited into savings, so savings balance is 6035, secured by 3010 loan

      take 2750 from savings to pay down loan to 235 balance

     you've got available 3000 or so in savings with which you can then pay yourself back