NFCU Shared Secured Loan

[Anonymous]

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

[AllZero]

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@Anonymous wrote:

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

---

1. $3001 is minimum for 60 months. Yes.

2. Give it a day or two after account open. Then you can pay it down.

See links:

NFCU SSL 

How do shared secured loans work? 

[Anonymous]

It really depends on what your intent is. Are you looking for the long term score boost. It's essentially like a secured credit card in the sense that you give them money, they give you back money, and charge you a teeny amount of interest. Sorry if this wasn't answering your question or was restating something you already knew. 

[Anonymous]

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@AllZero wrote:

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@Anonymous wrote:

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

---

1. $3001 is minimum for 60 months. Yes.

2. Give it a day or two after account open. Then you can pay it down.

See links:

NFCU SSL 

How do shared secured loans work? 

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@AllZero, have you heard if anyone has been denied with SSL? I still have baddies, around 5 CO and the money that I will use for my SSL is also the money I'm going to use to pay off my COs. Thanks in advance.

[AllZero]

@Anonymous if none of those CO are to Navy, then you should be okay. I haven't read of any denials due to CO.

[M_Smart007]

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@Anonymous wrote:

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@AllZero wrote:

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@Anonymous wrote:

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

---

1. $3001 is minimum for 60 months. Yes.

2. Give it a day or two after account open. Then you can pay it down.

See links:

NFCU SSL 

How do shared secured loans work? 

---

@AllZero, have you heard if anyone has been denied with SSL? I still have baddies, around 5 CO and the money that I will use for my SSL is also the money I'm going to use to pay off my COs. Thanks in advance.

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Should not be a denial as it is secured.

[M_Smart007]

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@AllZero wrote:

@Anonymous if none of those CO are to Navy, then you should be okay. I haven't read of any denials due to CO.

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I don't believe Navy even pulled My credit for the SSL.

[M_Smart007]

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@AllZero wrote:

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@Anonymous wrote:

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

---

1. $3001 is minimum for 60 months. Yes.

2. Give it a day or two after account open. Then you can pay it down.

See links:

NFCU SSL 

How do shared secured loans work? 

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Good stuff @AllZero 

[AllZero]

@M_Smart007    hooyah

[SouthJamaica]

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@Anonymous wrote:

Hi,

Newby here. But I had been reading for a while. I'm planning on taking a shares secured loan with NFCU but I want to understand more about how to do it. So here's my dilemma:

1. Can I open a $1,000 for 60 months then pay off 90%.
2. When do I pay the 90%? At the time I apply for the loan or on my first payment?

I apologize if this has been asked around the forum, you can just comment the link so I can read through. Thanks in advance.

---

1. As @AllZero pointed out, minimum for 60 months is $3001.

2. You don't pay 90%, you pay 91%, so you're no higher than 9%.

3. You can pay it off the same day if you want, or the day after.