@Jeffster1 wrote:I agree completely with @SouthJamaica . I'm somewhat surprised that your rep didn't offer to open a savings account for you. Back when I got my NFCU SSL, I already had checking and savings accounts with NFCU, but my rep opened a separate savings account just for the proceeds of the loan. This was at the suggestion of the rep. I paid 91.1% back the very same day the funds went live.
@SouthJamaica was so helpful when I was asking on here about opening the SSL. I am forever grateful.
I was actually expecting to be encouraged to open a checking account but that didn't happen (which is just as well, since I don't want one). If the check arrives Monday that'll be fine with me, especially considering I was expecting it to be mailed standard USPS anyway.
The rep was friendly, but I suspect that she's either new or maybe just not a "phone person," since at times I had to lead the discussion a bit (which was awkward since as the person asking questions, I "don't know what I don't know," so to speak). Once we got to the nuts-and-bolts of actually submitting for the loan there were no issues, though.
Anyway, I want to stress that the experience was positive, and the interaction was pleasant. If NFCU had an online option for the SSL app I would have done it a couple of years ago (I avoid calling like the plague) and I don't want anything I've shared here to discourage others who might have a similar feeling about calling. If you need an installment loan for credit reporting purposes, make that call! 
For what it's worth, after the initial hold I was probably with the rep for maybe 5 minutes total, it was that fast.
A few (belated) updates...
The check did indeed come on Monday, and I deposited it later that same day. The next day (once I saw the deposit post) I initiated an ACH pull payment from the NFCU website. Everything settled, and I now have a loan balance of ~$250 with the next payment due March 2028. 
Some observations that might be helpful to others:
- If you request a check disbursement, the check they send is not a cashier's check, and the signatures necessary aren't the usual. They send an instruction sheet on how to endorse it and I admit there's a temptation to put is aside, but if the check isn't endorsed correctly they won't honor it. On the front there's a place to sign noted "Signature of the borrower," on the back you'll need to endorse in the usual place to cash the check, then again on the back at the bottom you'll need to sign agreeing to be bound by the terms and conditions on the promissory note... it's this third signature that could be easy to miss.
- Once the payment posted, it took an additional day for the funds in my share/savings account to be released.
- In the document package there was a small blue slip that said, "Free Federal Express - Thank you for choosing Navy Federal for your consumer loan needs. This Federal Express package was sent to you at no charge." Since my brother's car refi checks were also sent to him via FedEx, I'm assuming most loan checks must be sent via FedEx, which is nice.
Today I started getting alerts from all the usual credit monitoring services (although notably not myFICO) that I have a new account reporting, and yep, it's the NFCU loan. I likely got in just under the wire, since it's reporting the balance after my payment, which is what I was hoping for (thanks, @SouthJamaica!)
The only FICO score update I have (with the new loan) is from Experian, and my FICO 8 held steady at 830. I'm hoping for similar behavior from the other two bureaus.
Thanks to everybody who shared their knowledge and expertise who made this possible!
@Jeffster1 wrote:I'm happy thet it began reporting at the "paid-down" amount!
Me too! Thanks to you and the others for prompting me to do the payment right away, or else it would have reported with the entire balance!
I owe you all a beverage of your choice!
@UncleB wrote:
@Jeffster1 wrote:I'm happy thet it began reporting at the "paid-down" amount!
Me too! Thanks to you and the others for prompting me to do the payment right away, or else it would have reported with the entire balance!
I owe you all a beverage of your choice!
Root beer would be good
@SouthJamaica I'd be simply ecstatic if you'd help me do this. I don't understand the process. I have $5,000 set aside to set this up...but how? I am currently tied up with a credit builder loan with Credit Strong and I want to shut it down it's 13 months old and far too costly. I'm looking to go the NFCU SSL route but I don't follow what it is I'm to do.
@butterpecan, the process for both NFCU and PenFed is virtually identical:
- Open your account with a savings account (if you haven't already done so)
- Fund the savings account with say, $3,006 (some folks say greater than $3,000 available dollars allows for longer terms)
- Let the money age in the savings account for at least 30 days
- Call Customer Service and set up your SSL (neither NFCU or PenFed will allow you to set up the loan online)
- Customer Service will ask you for amount ($3,001 for this example, leaving $5.00 for your membership "fee") and the term you want; my informal tally suggests most folks opt for 60-months, which is the option I chose as well
- Customer Service will ask you how you want the money loaned to you paid; do you want it sent to you in a check or put into another account
- I opted for the PenFed SSL because they have a "Premium Savings" account with a MUCH higher interest rate than anything NFCU offers short of a CD.
- Once the money is paid into the account of your choosing (or once you've deposited the check whereever you want the money), pay the SSL down to under 9% (using the $3,001 for 60-months example above, pay it down to $250), this will push your next due date out approximately 4.5 years into the future
Keep us posted on your progress.
@butterpecan wrote:@SouthJamaica I'd be simply ecstatic if you'd help me do this. I don't understand the process. I have $5,000 set aside to set this up...but how? I am currently tied up with a credit builder loan with Credit Strong and I want to shut it down it's 13 months old and far too costly. I'm looking to go the NFCU SSL route but I don't follow what it is I'm to do.
Deposit $5000 in the savings account.
Call up and apply for a share secured loan for $5000 payable over 60 months.
When the loan is set up the $5000 loan proceeds will be deposited into your savings account.
Then pay down the loan to a $450 balance, using the extra money in the savings account.
Then make tiny payments over the next 59 months or so.
