Hey there peeps! Just posting this for some data points for anyone interested...
I decided to try my hand at a PL from PF. I had several things I was wanting to use it for, and honestly didnt really need the loan (too impatient to wait it out), and just didnt want to tap into savings, or float on a CC or a PLOC, since both report as "revolving". Plus, I just paid my car off, and wanted another loan reporting, along with my school loan. I was approved for the loan last week, and just getting around to posting it.
It was a super easy process! I applied late one night, went to review, and next morning bright an early super nice lady from lending calls me, asking me some questions on what I was wanting to use it for, and I told her. I just plugged in a "number" in the app process when it asked how much i wanted to request, and I said $24k! Go big or go home right? Anyways... she called me back again like 15 min later, and said ok, here are the terms, if you're ok with them, then we will process it today, and put your check and loan papers in the mail!
And that was that. Done...here are a few stats....
---PL approved for $24k, NO POI, UNSECURED, Individual (no co-signer) loan, income $74k.
---12.9% / 60 mo term (plan to pay off in 24 or less)..I actually think this is pretty comparable to Discover Loans, Prosper, or Sofi.
---Used my CR from August from a CLI denial, lol...EQ 716 FICO 09, at least 50 Inq, 20+ new accts last 2 yrs.
---have savings, CC $5k, PLOC $5k with them.
---BK7 from 2013, paid tax lien from 2013, 6- IIB accts still showing.
I dont mind floating them some interest for a bit, all the while I build my internal score with them, and more payment history. All in all...super easy, and was a pleasant experience.
congrats! those are not bad terms at all
That is awesome!
I keep getting pre-approval letters for various loans (Discover et al) and now that Penfed has switched to FICO 9 and I'm cleanish on EQ, or good enough to be north of 800 on that score, well...
May be some paths in the future where it makes sense to get one for me beyond playing reindeer games.
Thanks Pizza. Something to certainly consider as might be looking at it sometime next year depending on what I would like to get done and simply don't want to dip into savings or pay cash for as cash is king and don't mind paying a bit of interest if it makes sense during the time and circumstance.
PF declined my line of credit app , 713 Equifax
Sorry to hear that... Which LOC was it for? The PLOC or CLOC?