NFCU SSL Monthly/Quarterly Payment Question

[LeoTheDOG]

Howdy,

So i took out a $4000 NFCU SSL

Paid down to 8.9%

now the balance remaining is about 350 something.. i just need to do monthly or quarterly payemnts now? says next minimum payment is in 2025 now.

thanks

[M_Smart007]

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@LeoTheDOG wrote:

Howdy,

So i took out a $4000 NFCU SSL

Paid down to 8.9%

now the balance remaining is about 350 something.. i just need to do monthly or quarterly payemnts now? says next minimum payment is in 2025 now.

thanks

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Hi @LeoTheDOG , Congrats on your Navy SSL

A few ways to do it, You can set it up for $2 a month auto-pay.

I used to just log in and pay $1.00 every 3 months or so.

(I am sure you might get other opinions on this)

Just make sure to not let inerest build up and push you over 8.9%

I had paid mine down to less than 8% as to not be playing next to the 8.9% threshold.

I no longer have a NFCU SSL,  have a $25K Penfed Peronal  loan paid down to $100.00

[Anonymous]

So, satisfy my curiosity.  Why so large a loan?  What is the point benefit for $25k vs. your average $3001-or-2-or -10 SSL?   Does Penfed offer longer term loans, i.e.  lengthen the push-out the more you (pseudo) borrow on an SSL?   I noticed at NFCU you could push it out to 15 years if over $30k.  Does Penfed offer an escalating scale of amount = time?  I'm unfamiliar with them.

P.S.  - meant to say earlier, congrats on your epically epic status.  😁