PenFed Conditional Approval

[Anonymous]

I used the prequalify tool to check rates   For a personal loan I was approved for both 15k and 20 k.  It now says conditional approval.  Is this normal verbiage before you complete the process or is this an indication they are going to need additional information like poi.  My income is from overseas employment so I am guessing the documents I do have are not going to be acceptable

thanks

[AllZero]

Congratulations on your conditional approval!

[Anonymous]

Hello!  Would you mind sharing the link to the prequal tool?

[Anonymous]

Could I ask if you were approved for 15k and 20k on two separate loan applications for a total of 35k, or did they offer you either 15k or 20k?

I was instantly approved for 20k a couple weeks ago. I wanted a bit more than the 20k minimum, and I applied for a second loan. I was pre-approved for up to 15k this time, but I selected a lower amount. Instead of instant approval and loan documents, it went under review. Then a few days later it was denied completely.

I'm trying one final time tonight, submitted an application. Lowered the amount a bit more and lowered the term to 48 months. Was hoping that would allow the automated system to approve it, but it was sent under review again.

[Anonymous]

I applied for 15k and they came back with conditional approval for 15k or I had the option of choosing 20k.   I was afraid if I asked for a higher amount I would be declined.   Good luck hope they come back with an approval.  Keep us posted

[Anonymous]

I would call PenFed the system may be thinking you are applying for 3 separate loans.  Have them cancel the applications you do not want and process the just the one application.   I read in a previous thread all the pending applications could prevent approval.  Good luck

[AverageJoesCredit]

I would caution trying two different loan amounts at once. Ive done this and received 2 separate hps even though they should have known i was applying one loan. They would not take off the extra hp either. Their system can be a headache  imo. 

[RootDet]

the biggest problem is they are between system upgrades, so you get a different experience depending on what system you happen to land on.