Hi All,
I don't often get personal loans but I recently did and wanted to share the DP's for those on the hunt for one. PenFed did confirm you only pay interest on the open balance so the finance charges listed below would only apply if I actually took the full 60 months to pay it off. If you pay it off earlier then there's no prepay penalty and the finance charges reduce to match the time it took you to pay it off.
PenFed Personal Loan:
- $20,000
- Term 60 Months
- APR 7.99%
- Total Finance Charge $4,166
- Monthly Payment $402
- No collateral, signature only
Data Points:
- Member since 2015
- No checking relationship
- Share Savings has $5
- Open Auto Loan with PenFed for $38,000 opened back in late 2016 @ 1.99%, current balance $18k
- (2) Credit Cards with PenFed
- $5,000 Platinum Rewards, opened in 2015
- $43,900 Pathfinder Amex, opened in 2018
- Pulled EQ9 - 786
- Income $112k, no other open personal loans, total credit card lines just north of $550k
I love Credit....Crack
but man this post depresses me. Thanks for sharing though
but man this post depresses me. Thanks for sharing though
AverageJoesCreditt wrote:
I love Credit....Crack
it's definitely hit or miss with PenFed, I think I lucked out and seem to be on their good side, but I know better. No bank is ever a friend lol
