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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?

 

 



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
09/01/20 Fico 8: EX 704, EQ 711, TU 733.
09/05/20 Fico 9: EX 705, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 1 of 48
47 REPLIES 47
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Moderator

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! 

 

Got some pruning to do... No more new cards!
Message 2 of 48
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Super Contributor

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

Thank you YOUNG lady.  (PM sent)



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
09/01/20 Fico 8: EX 704, EQ 711, TU 733.
09/05/20 Fico 9: EX 705, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 3 of 48
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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...



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
09/01/20 Fico 8: EX 704, EQ 711, TU 733.
09/05/20 Fico 9: EX 705, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 4 of 48
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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
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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



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
09/01/20 Fico 8: EX 704, EQ 711, TU 733.
09/05/20 Fico 9: EX 705, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 6 of 48
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Community Leader
Mega 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
Message 7 of 48
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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
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Community Leader
Mega Contributor

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

Yes great point Oldman87Smiley Happy. No point if one runs up their cc's again.
Message 9 of 48
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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.

 

 



09/25/20 Mortgage scores: EX2 712, EQ5 710, TU4 no idea.
09/01/20 Fico 8: EX 704, EQ 711, TU 733.
09/05/20 Fico 9: EX 705, EQ 700, TU no idea...

Zero percent financing is where the devil lives...
Sitting in the garden behaving myself. #noinqs2020
Message 10 of 48
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