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Pen Fed Personal Loan...blank check...

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Super Contributor

Pen Fed Personal Loan...blank check...

Ummm....todays mail brought a suprise.  Smiley Surprised

 

I am preapproved for a personal loan from PenFed.  Blank check attached.  Up to $25k.

 

It can't really be that easy, can it?

 

 

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 1 of 48
47 REPLIES 47
Community Leader
Senior Contributor

Re: Pen Fed Personal Loan...blank check...

Yes it can! I get these often but the APR varies 12.99 to 17.99. I’ve used it once and paid it off early. Super easy! 

 

AMEX Platinum, Gold, Reserve & SPG | PenFed PR VS | NFCU FS VS | Discover IT | Citibank DC WEMC l Capital One Venture VS | Nordstrom VS l Banana Republic LUXE V I Lowes I Macys I Wayfair I
Message 2 of 48
Super Contributor

Re: Pen Fed Personal Loan...blank check...

Thank you YOUNG lady.  (PM sent)

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 3 of 48
Super Contributor

Re: Pen Fed Personal Loan...blank check...

Somebody tell me why this is a bad idea...

 

Even with the high APR, a $25k personal loan to pay off credit cards will save me nearly $400 per month at first glance.

 

I'm missing something, I just can't see what it is...

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 4 of 48
Valued Contributor

Re: Pen Fed Personal Loan...blank check...

Did not know Jag is a lady all this time. Smiley Surprised

 

There is really no downside if APR is lower than your current CC APR with 0 origination fee.  Got the same letter today (3rd one this year) with 6.49% APR.  Smiley Tongue

Message 5 of 48
Super Contributor

Re: Pen Fed Personal Loan...blank check...


@oldman87 wrote:

Did not know Jag is a lady all this time. Smiley Surprised

 

There is really no downside if APR is lower than your current CC APR with 0 origination fee.  Got the same letter today (3rd one this year) with 6.49% APR.  Smiley Tongue


Indeed she is.  (She's also roughly my age...)

 

Thus far, I've only done the rough math and paying off various CC accounts would save me $374 per month.  The vast majority of them have higher interest rates... like 20-25%... some of them may be similar to the loan tho... I'll have to look.  Thank you for the thought.  Smiley Happy

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 6 of 48
Community Leader
Super Contributor

Re: Pen Fed Personal Loan...blank check...

Tcbo, if this loan can make your life easier or help simplify your credit, saving you money as well, i would do it. Best part of this loan is once its paid off so is that debtSmiley Happy. Good luck on your decision. I was supper happy to get my PL from Amex . Even though i may pay a little interest , i also look at it like im strengthening my credit and bettering my relationship with Amex for the future.

Best of luckSmiley Happy
#ChaseCreditCardHobby Enthusiast
2022
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Message 7 of 48
Valued Contributor

Re: Pen Fed Personal Loan...blank check...

As long as you have a realistic budget, solid repayment plan and not run up your CC balance again on top of the loan, it's a no brainer.
Message 8 of 48
Community Leader
Super Contributor

Re: Pen Fed Personal Loan...blank check...

Yes great point Oldman87Smiley Happy. No point if one runs up their cc's again.
#ChaseCreditCardHobby Enthusiast
2022
!
Message 9 of 48
Super Contributor

Re: Pen Fed Personal Loan...blank check...


@AverageJoesCredit wrote:
Tcbo, if this loan can make your life easier or help simplify your credit, saving you money as well, i would do it. Best part of this loan is once its paid off so is that debtSmiley Happy. Good luck on your decision. I was supper happy to get my PL from Amex . Even though i may pay a little interest , i also look at it like im strengthening my credit and bettering my relationship with Amex for the future.

Best of luckSmiley Happy

I believe that it can simplify my credit and save me some dollars.  I didn't get the rate that YOU got you lucky son of a fish, but it's lower than the credit card interest rates. 

 

Offer is good through 30 November, so I might just sit on it for a week or so.

 

 

10/01/19 Fico 8: EX 717, EQ 721, TU 742.

Zero percent financing is where the devil lives...
Message 10 of 48
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