PENFED Personal Loan approved!

[pizza1]

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@Anonymous wrote:

Congratulations! Happy for You!)

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Thank you Careyp! 

[Anonymous]

Well, that ROCKS! 

[12njoy]

Congrats

[NYFan63]

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@pizza1 wrote:

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. 

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Thanks pizza1 - these are good data points.  I was pre-approved a few months ago and turned it down but now am in need of a PL as i have built up some of my balances on m CC's - ugh...and want to reduce my monthly outflow. 

I will apply in the next couple days and provide feedback.

[NYFan63]

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@pizza1 wrote:

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. 

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Congrats pizza1

[sueblue34]

As long as you have a fico9 in the 700 range they will approve you for anything

[Anonymous]

Just spoke with penfed today about a personal loan (have had my truck with them 2 yrs)

Looking for $20k

fico9 714

$102k/POI

$800/mo debot (on report)

only bads from 2013

How does the loan show up on your report? Installment or revolving?

thanks

[tcbofade]

It's an installment loan, not a revolver and it reports properly.

(It reports as an installment!)

[Revelate]

@pizza1 

Since you've had this loan a while, and since from the original post you appear to be paying it down early, if you're using extra regular payments (specifically not principal only ones) can you see whether or not Penfed pushes the payment date out into the future by a substantial amount or if it doesn't move at all or is capped at something like 3 months like DCU or First Tech is.

Thanks!

[pizza1]

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@Revelate wrote:

@pizza1 

Since you've had this loan a while, and since from the original post you appear to be paying it down early, if you're using extra regular payments (specifically not principal only ones) can you see whether or not Penfed pushes the payment date out into the future by a substantial amount or if it doesn't move at all or is capped at something like 3 months like DCU or First Tech is.

Thanks!

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@Revelate , So Sorry for the late reposnse. PF pushes the payment out if you pay more than the loan payment amount, and so far I havent seen a cap that I know of. The good thing about paying ahead or more, and that the payment due date is pushed farther out, you can skip a payment if needed.