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PenFed Personal Loan Pre-approval Letter

Frequent Contributor

PenFed Personal Loan Pre-approval Letter

Anyone have any experience with PenFed personal loan pre-approvals? I've had an account with them since last April but have yet to log in and find any pre-approval offers like some have reported. Instead, I recently received a letter in the mail (and a follow-up e-mail) telling me I've been "pre-approved" for a personal loan for "up to $25,000" with an included "personal loan draft check."

 

Even though it's not one of the PenFed pre-approval offers from their website, would their pre-approval be a SP? Anyone have any experience getting a letter like this from PenFed?

Current as of 03/27/16:
-myFICO scores: EX: 783 | EQ: 775 | TU: 748
-inquiries: EX: 6 | EQ: 2 | TU: 3
-accounts: BofA Secured Rewards Visa ($3k) | AMEX Everyday ($15k) | BofA Auto Loan ($15k), Eddie Bauer ($1300) | PenFed Visa Rewards ($7.5k) | PenFed PLOC ($10k) | CareCredit ($6k) | Amazon ($6k) | PayPal Credit ($7.5k) | Discover ($17k) | Marriott ($7.5k)
-AAoA: 2y5m
Message 1 of 19
18 REPLIES
Valued Member

Re: PenFed Personal Loan Pre-approval Letter

Hi Ares 19:   I received the same pre-approval with check in the mail with up to 25,000 at a specific interest rate.  It is a legit offer.  I took it for 9000.  Soft pull, money was in my penfed checking before sundown.   Three days later signed promissory note and returned.  Good to go.  If you need it go for it.  It was the easiest, quickest loan I ever did.  Did it just a week ago.  It is a targeted personal loan offer.  Great with no hard pull.  Let us know if you pull the trigger.  It sounded too good to be true to me but I called Penfed to varify and they said it is legit.

Sniggy 20, Penfed member for 3 Yrs. Checking, Savings,promise card, car financed, and now personal loan.

Message 2 of 19
Community Leader
Super Contributor

Re: PenFed Personal Loan Pre-approval Letter

Very interesting. What interest rate did you get? Both of you, if you don't mind. Thanks in advance.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 3 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter

Thanks sniggy20. I was thinking about going for it to pay off my revolving accounts. I'll let you guys know soon if I go for it.

 

Musiclover, my offer was for 9.99%.

Current as of 03/27/16:
-myFICO scores: EX: 783 | EQ: 775 | TU: 748
-inquiries: EX: 6 | EQ: 2 | TU: 3
-accounts: BofA Secured Rewards Visa ($3k) | AMEX Everyday ($15k) | BofA Auto Loan ($15k), Eddie Bauer ($1300) | PenFed Visa Rewards ($7.5k) | PenFed PLOC ($10k) | CareCredit ($6k) | Amazon ($6k) | PayPal Credit ($7.5k) | Discover ($17k) | Marriott ($7.5k)
-AAoA: 2y5m
Message 4 of 19
Valued Member

Re: PenFed Personal Loan Pre-approval Letter

Music lover my offer was for 12.99% because of my high util.

Sniggy 20

Message 5 of 19
Community Leader
Super Contributor

Re: PenFed Personal Loan Pre-approval Letter

Thank you both for your responses.


Daily Drivers: Penfed Platinum Rewards; NFCU GoRewards; Discover.. Fico 8: EX: 758; TU: 746; EQ: 762
Message 6 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter


sniggy20 wrote:

... Soft pull, money was in my penfed checking before sundown.   Three days later signed promissory note and returned.


I just got one of these offers in the mail.  I guess you deposited the check into your Penfed checking at a local branch?

I don't have a Penfed branch anywhere in my state.  Promissory note arrived in US Mail?


Message 7 of 19
Valued Member

Re: PenFed Personal Loan Pre-approval Letter

CJ7, this is Sniggy 20.  Closest branch is 250 miles at Ft. Hood.  I filled out the check and mailed it overnight with a return receipt to the mailing address in Omaha Nebraska. 

Congrats on receiving the offer.  The pre-approval seems like they are few and far between but the offer is as good as gold. Don't forget to fill out the  boxes at the top of the check  (length of time for repay, etc.).  Should be soft pull and good for 90 days because I talked with a customer service rep. and with the same soft pull got a $26,000 CLI on my 3 year old Promise card for a total credit line of $34,000.  Penfed is the greatest.   Good luck CJ7.

Sniggy 20

Message 8 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter


sniggy20 wrote:

 

and with the same soft pull got a $26,000 CLI on my 3 year old Promise card


Wow that's awesome!  I've actually been looking at that Promise card...

Thanks for the info!


Message 9 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter

I also got a letter from PenFed

 

Rate  is 9.99% on mine as well. I've been a member of penfed since 2010 though I've used them as a CU, I never had any cards with them.

 

I won't take them up on their offer because I  don't have a need for a loan like this at the moment. 

 

FWIW, my NFCU card is 8.24% and IS a full 25K, so really no need! Smiley Happy

Message 10 of 19