PenFed Personal Loan approved! Is this for real?

Dk62270 · ‎06-14-2023

I decided to try my luck today with a $12K personal loan to pay off a higher interest card and my remaining IRS debt of $4800. Did the pre-approval tool and said I was pre approved for up to 40K but I dont need that much. Anyway they pulled EX. Not sure which version they use but my EX 08 is a 749. I have no baddies of any kind. 4% util and a mortgage and student loans and $4800 in CC debt. Much to my disbelief it was instantly approved. 10.24 % for 60 months altho I plan on paying it off sooner. I couldve gotten 9.24 if I wanted to shorten the term. Is this a bad rate in the current climate or is this considered an ok rate for a personal loan? After I was approved the system prompted me to esign right then and there and it said my funds would be deposited in my account in 1-2 business days. I mean is this for real? They just approve a loan like that and deposit the money into your account within a day or two? I wouldve thought they wouldve asked for docs but I guess not? I also thought they pulled EQ for all their products. I do have 2 Penfed cards I have had since 2019 or 2020 and one has a $17.5K limit one has a $7500 limit; Both have zero balances and I have never asked for nor gotten a CLI on either card.

coreyb80 · ‎06-14-2023

Congrats on the approval! I would definitely try for a CLI at this point as it may render good results.

Dk62270 · ‎06-14-2023

@coreyb80 wrote:
Congrats on the approval! I would definitely try for a CLI at this point as it may render good results.Quote

Wont they then pull my EQ report? I thought that is what they used for CC's.

CreditMagic7 · ‎06-14-2023

Congratulations!

Creditwiser · ‎06-14-2023

Congrats on your approval ! Interesting they pulled EX. For DP, what state do you reside in ?

slickwidit · ‎06-14-2023

congrats on the approval!

"Achieving your goal is great and everything.. But The journey is where all the amazing stuff happens" *Slickwidit*
Score goals - 800+ (85 points away)

Spotsy · ‎06-14-2023

Congrats on the personal loan! The rate is not bad at all considering the term length of 60 months. PenFed is pretty quick with their personal loans and since you had the esign docs all done as well...probably a done deal to see your money in a couple days.

PenFed is also known for using the same credit bureau report for up to 30 days. I would get those CC balances paid off and let the bureaus update to maximize your CLI request results if you decide to try for one. There is no guarantee they won't pull credit again though...and remember you only have 30 days to potentially use the same credit report for the CLI request.

FICO 8: TU:840 / EQ:840 / EX:836 as of 2/09/2025

NoMoreDebt · ‎06-14-2023

Congratulations on your Approval

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SOCKDRAWER/ PAYPAL CREDIT LINE $1700/NFCU FLAGSHIP $40,000 CL/ NFCU MORE REWARDS $40,000/ WELLS FARGO AUTOGRAPH $8200/APPLE CARD $6500/DISCOVER IT $3000 SL/CITI COSTCO ANYWHERE VISA $6000 SL

Dk62270 · ‎06-14-2023

@Creditwiser wrote:
Congrats on your approval ! Interesting they pulled EX. For DP, what state do you reside in ?

I am in Florida

M_Smart007 · ‎06-14-2023

@Creditwiser wrote:
Congrats on your approval ! Interesting they pulled EX. For DP, what state do you reside in ?

@Creditwiser, @Dk62270 & @Spotsy ,

They pull Experian for Personal Loans and Equifax for credit cards. (The Experian pull could be State dependant?),

and I do not believe I have ever seen anything other than an Equifax pull for credit cards ..(Unless I missed something?)

They used to pull EQ for loans, when I took one out to have an open Installment loan report for credit mix.

So they would NOT re-use the Experian Loan HP for a Credit Card CLI/Increase. IME

But ....You could always call PenFed to confirm? .and be 100% certain.

ETA: @Dk62270 , Congrats on your Loan Approval!

2nd Edit: I have asked The Moderator's to move to personal finance thread.