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PenFed Personal Loan Pre-approval Letter

Regular Contributor

Re: PenFed Personal Loan Pre-approval Letter

Do you have to deposit it into a Penfed account? Based on the paperwork that came with mine, which had very little information, it looked like you could use it like any check and deposit it in any account, Penfed or not. Now I'm hesitant to try that.

 

There are no Penfed branches anywhere near me and I do almost all my banking online. Do you think I could deposit to my Penfed savings with the mobile deposit if not to a non Penfed account?

Message 11 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter


MS00000000 wrote:

Do you have to deposit it into a Penfed account? Based on the paperwork that came with mine, which had very little information, it looked like you could use it like any check and deposit it in any account, Penfed or not. Now I'm hesitant to try that.

 

There are no Penfed branches anywhere near me and I do almost all my banking online. Do you think I could deposit to my Penfed savings with the mobile deposit if not to a non Penfed account?


It sure looks to me like you can deposit it like any regular check at your choice of banks.  But I personally wouldn't touch those funds until

I'd received the promissory note that apparently follows, regardless of if a hold is placed.


Message 12 of 19
Valued Member

Re: PenFed Personal Loan Pre-approval Letter

+1

 

Sniggy20

Message 13 of 19
Frequent Contributor

Re: PenFed Personal Loan Pre-approval Letter

I to got the pre-approval but at a 14.99%. I have until Oct 31st to accept offer. I may hold off hoping for a better rate in the future but it will be hard with this offer dangaling in my face...lol

Message 14 of 19
Regular Contributor

Re: PenFed Personal Loan Pre-approval Letter

Mine was 12.99% but even at 14.99 it still beats most of my credit card rates. It's still sitting on my table, staring at me, but it is very tempting. It would mean saving money, forced payoff of debts, and being debt free sooner. Very very tempting.
Message 15 of 19
Valued Contributor

Re: PenFed Personal Loan Pre-approval Letter


Ares19 wrote:

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%.


Just received 1 of these  and my offer was for 17.99%, I'm thinkin'..............

 photo QS visa_zps7zokw2wl.jpg photo QS visa_zps7zokw2wl.jpg photo Venture One_zpsigvttrlz.jpg photo Sony Visa_zpsxoradr1b.jpg photo USC Reward_zpslcvjfxmq.jpg photo Penfed Promise_zpsdg1y2dw2.png photo NasaFcu_zpswac3zwcu.jpg photo America_zpsuwx8rzdm.jpg photo LA-Kings-card_zpslbkyeqsz.png photo Barclay_zpslqv3i4tl.jpg photo BBVA_zpsqrhh7omh.jpg
 photo nfcu debit card_zpsprkh98jw.png photo nfcu visa siggy_zps0gjgyxje.png/ photo nfcu goReward card_zpsixhh1qcp.jpg photo sdfcu platinum card_zpspilihdiv.png  photo penfed reward cash_zpsyckxjc7y.png photo alliant visa_zpsaf4udfx0.jpg photo Citi Secured_zpsypzxi0jm.png photo fnbo platinum_zpsxfub6esb.png photo marvel-credit-card_zpsfkvc3ux5.png photo golden 1 CU_zpslhgxynjv.pngBurned AECitiChase
Message 16 of 19
Valued Contributor

Re: PenFed Personal Loan Pre-approval Letter


sniggy20 wrote:

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

Sniggy 20


That perhaps explains my offer of 17.99%.....My overall util is around 25%.

 photo QS visa_zps7zokw2wl.jpg photo QS visa_zps7zokw2wl.jpg photo Venture One_zpsigvttrlz.jpg photo Sony Visa_zpsxoradr1b.jpg photo USC Reward_zpslcvjfxmq.jpg photo Penfed Promise_zpsdg1y2dw2.png photo NasaFcu_zpswac3zwcu.jpg photo America_zpsuwx8rzdm.jpg photo LA-Kings-card_zpslbkyeqsz.png photo Barclay_zpslqv3i4tl.jpg photo BBVA_zpsqrhh7omh.jpg
 photo nfcu debit card_zpsprkh98jw.png photo nfcu visa siggy_zps0gjgyxje.png/ photo nfcu goReward card_zpsixhh1qcp.jpg photo sdfcu platinum card_zpspilihdiv.png  photo penfed reward cash_zpsyckxjc7y.png photo alliant visa_zpsaf4udfx0.jpg photo Citi Secured_zpsypzxi0jm.png photo fnbo platinum_zpsxfub6esb.png photo marvel-credit-card_zpsfkvc3ux5.png photo golden 1 CU_zpslhgxynjv.pngBurned AECitiChase
Message 17 of 19
Valued Contributor

Re: PenFed Personal Loan Pre-approval Letter


andykin456 wrote:

I to got the pre-approval but at a 14.99%. I have until Oct 31st to accept offer. I may hold off hoping for a better rate in the future but it will be hard with this offer dangaling in my face...lol


I'm at 17.99% and thinkin'..................Have until 1/31/2017.

 photo QS visa_zps7zokw2wl.jpg photo QS visa_zps7zokw2wl.jpg photo Venture One_zpsigvttrlz.jpg photo Sony Visa_zpsxoradr1b.jpg photo USC Reward_zpslcvjfxmq.jpg photo Penfed Promise_zpsdg1y2dw2.png photo NasaFcu_zpswac3zwcu.jpg photo America_zpsuwx8rzdm.jpg photo LA-Kings-card_zpslbkyeqsz.png photo Barclay_zpslqv3i4tl.jpg photo BBVA_zpsqrhh7omh.jpg
 photo nfcu debit card_zpsprkh98jw.png photo nfcu visa siggy_zps0gjgyxje.png/ photo nfcu goReward card_zpsixhh1qcp.jpg photo sdfcu platinum card_zpspilihdiv.png  photo penfed reward cash_zpsyckxjc7y.png photo alliant visa_zpsaf4udfx0.jpg photo Citi Secured_zpsypzxi0jm.png photo fnbo platinum_zpsxfub6esb.png photo marvel-credit-card_zpsfkvc3ux5.png photo golden 1 CU_zpslhgxynjv.pngBurned AECitiChase
Message 18 of 19
Valued Contributor

Re: PenFed Personal Loan Pre-approval Letter

Another thing to consider: If you are planning to pay off credit cards with the PenFed Personal Loan, your FICO will likely increase. The scoring models treat Installment Debt (auto loan, personal loan) differently (more favorably) than revolving (credit card) debt.

 

This will really be true if you drop your revolving utilization below 9% (say you currently have 50% utilization and pay off the card to below 9%). Plus. if the interest rate is lower than what you are paying...

 

 

Message 19 of 19