Navy or Penfed still work for SSL technique?

[Upbeatstreet]

I’d like to open an SSL (see thread below), I couldn’t find any very recent examples searching the forums - does anyone know if this technique still works at PenFed or NFCU?

https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

[ZackAttack]

Have you tried searching on NFCU or PenFed website for any more info?

If you check on NFCU https://www.navyfederal.org/loans-cards/personal-loans.html it is called "Savings Secure Loan" on the details of what you are looking for.

[FireMedic1]

Welcome @Upbeatstreet 

Yes it still works. Heres the NFCU link from the your link. @SouthJamaica laid it out perfectly. I had one till I got an auto loan. And in the old days was my first SSL was with Alliant. Then they caught on to us and nerfed it.

[Upbeatstreet]

@ZackAttack There's a lot about this SSL technique that banks don't put online, that can only be found out from testing.  (For instance PenFed doesn't list SSL on their website even though they do still offer it).

So I'm hoping to hear if anyone has tried this SSL technique recently?  Thanks

[GZG]

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@Upbeatstreet wrote:

I’d like to open an SSL (see thread below), I couldn’t find any very recent examples searching the forums - does anyone know if this technique still works at PenFed or NFCU?

https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

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it definitely still works at NFCU, and there's been DPs with it also working with PenFed as well. 

Ideally with NFCU, you do a 5 year SSL for around $3000. Minimum is probably $3001*, but DPs have said to do $3001 or something like $3100 or $3200 

Have the money in your savings with NFCU, call them up ask for a 5 year SSL for that $3000 amount, confirm it will be 5 years for that amount and it takes about 24 hours. 

Pay it off to 9% and the due date will be pushed back several years

[FireMedic1]

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@GZG wrote:

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@Upbeatstreet wrote:

I’d like to open an SSL (see thread below), I couldn’t find any very recent examples searching the forums - does anyone know if this technique still works at PenFed or NFCU?

https://ficoforums.myfico.com/t5/Personal-Finance/SSL-Share-Secured-Loan-Technique/td-p/6371294

---

it definitely still works at NFCU, and there's been DPs with it also working with PenFed as well. 

Ideally with NFCU, you do a 5 year SSL for around $3000. Minimum is probably $3000, but DPs have said to do $3001 or something like $3100 or $3200 

Have the money in your savings with NFCU, call them up ask for a 5 year SSL for that $3000 amount, confirm it will be 5 years for that amount and it takes about 24 hours. 

Pay it off to 9% and the due date will be pushed back several years

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Yep over $3001. I paid $1 every other month for activity @Upbeatstreet 

[Fico82]

I can confirm that ssl is working for me . Currently have one with nfcu. 👌

[Upbeatstreet]

Based on everyone's helpful responses, I successfully got the NFCU membership (phew!), and I'm setting up the SSL for $3001 60 months, as we speak...

Thanks all for the intel!  

[Upbeatstreet]

Quick update: it worked perfectly, thanks everyone 

[FireMedic1]

Congrats @Upbeatstreet !