Pen Fed Signature Loan Pre-Approval - how solid is it?
I used the tool for $15k, and it came back for pre-approved up to $25k at 16% interest. I only need $15K (want to consolidate credit cards), so I proceeded with the app and it's in review after requesting POI, which I assume is normal.
Just getting DPs, I guess, if anyone else has been pre-approved and later denied?
Re: Pen Fed Signature Loan Pre-Approval - how solid is it?
It would depend if it passes the POI 'sniff' test. If it does, then you can be approved for the requested amount or countered to a lower amount (or declined).
Re: Pen Fed Signature Loan Pre-Approval - how solid is it?
Recently approved for a loan and they seem to request POI and loan deposited in a week. It took 7 days as they are all working from home but gotta love PenFed. I didn't get $25k so your scores must be better than mine. Good luck! Keep us updated on the process and response time
Re: Pen Fed Signature Loan Pre-Approval - how solid is it?
Did you cold app or were you preapproved? My fico 8 is around 680, fico 9 about 710.
@Anonymous wrote:
Recently approved for a loan and they seem to request POI and loan deposited in a week. It took 7 days as they are all working from home but gotta love PenFed. I didn't get $25k so your scores must be better than mine. Good luck! Keep us updated on the process and response time
Would it pass the sniff test as long as it's the exact salary I put on the app? I didn't inflate or anything.
This is really up to their UW department to determine the final outcome, so it's fairly possible it went for an additional review (versus instant approval) to determine whether the submitted POI supports the full $15K given other internal criteria or considerations such as DTI + your overall profile, etc.
Fingers crossed it's a good outcome. Keep us posted.
I used the tool for $15k, and it came back for pre-approved up to $25k at 16% interest. I only need $15K (want to consolidate credit cards), so I proceeded with the app and it's in review after requesting POI, which I assume is normal.
Just getting DPs, I guess, if anyone else has been pre-approved and later denied?
Really up to UW. The pre approvals aren't solid. I was pre approved, applied for it sent them my info and they came back saying I had too much outstanding credit on my credit cards.
