PenFed Personal Loan Pre approved Check

Anonymous · ‎08-15-2017

Good evening everyone!

I received a letter (with a blank check attached) from PenFed today that states I've been preapproved for a $25K personal loan. The APR is 9.99% and it expires September 30, 2017.

Does anyone have experience with these checks?

Anonymous · ‎08-16-2017

@Anonymous wrote:
Good evening everyone!

I received a letter (with a blank check attached) from PenFed today that states I've been preapproved for a $25K personal loan. The APR is 9.99% and it expires September 30, 2017.

Does anyone have experience with these checks?

Yes, they work just fine and if you deposit them they'll send you the promissory note to sign and send back once the check clears your bank.

Anonymous · ‎08-16-2017

@Anonymous wrote:
@Anonymous wrote:
Good evening everyone!

I received a letter (with a blank check attached) from PenFed today that states I've been preapproved for a $25K personal loan. The APR is 9.99% and it expires September 30, 2017.

Does anyone have experience with these checks?
Yes, they work just fine and if you deposit them they'll send you the promissory note to sign and send back once the check clears your bank.

Okay. Thanks Irish!

SarahJo · ‎08-24-2017

I received one as well, glad the question was asked

Is this something PenFed sends periodically? I've been a member for years but just recently started putting the accounts to use.

Present Day...Equifax: ???, TransUnion: 777, Experian: 781
Sept. 2016...Equifax: 652, TransUnion: 608, Experian: 597

Anonymous · ‎08-24-2017

@SarahJo wrote:
I received one as well, glad the question was asked

Is this something PenFed sends periodically? I've been a member for years but just recently started putting the accounts to use.

Yes, they will send them periodically if your credit report stays the same or gets better.

Anonymous · ‎08-24-2017

Wow I received one the other day. I thought it was just marketing. Don't need it though.

Anonymous · ‎08-25-2017

@SarahJo wrote:
I received one as well, glad the question was asked

Is this something PenFed sends periodically? I've been a member for years but just recently started putting the accounts to use.

Do you have any credit products with them SarahJo? I just have a savings account.

On the back of your paperwork does it say which credit bureau they pulled? They used Experian for me.

Anonymous · ‎08-25-2017

@Anonymous wrote:
Wow I received one the other day. I thought it was just marketing. Don't need it though.

Which CB did they use?

Anonymous · ‎08-26-2017

@Anonymous wrote:
@Anonymous wrote:
Wow I received one the other day. I thought it was just marketing. Don't need it though.
Which CB did they use?

Use for what?

Anonymous · ‎08-26-2017

@Anonymous wrote:
@Anonymous wrote:
Wow I received one the other day. I thought it was just marketing. Don't need it though.
Which CB did they use?

They soft pull EQ quarterly. It would be unlikely that they will HP your bureau if you accept. More than likely you are also pre-approved for this loan (and other products) on your online account management. Sending a physical check is their way of reminding you that you are pre-approved.