PenFed Personal Loan

[ryder32244]

Hey guys, 

Apolgies if this is not the right page, but I dfidnt see a loan forum. Wonder if anyone can tell be about the PenFed Loan? I saw a preapproval link so I just applied as it says no hit to my credit to see my terms. Came up with this, but I dont see any details on how this works. Any insight would be appreciated. I mean I know how a loan works, but anything I should know before I really consider this? I know the intrest rate is high, but I have been meaning to start a small business and this may help. I actually only need about 5k of it. 

Your approved requested loan amount:  

$35,000

CLOSEST OFFER

LOWEST TOTAL INTEREST

ESTIMATED MONTHLY PAYMENT

$760.81

$3,093.19

RATE / APR

10.99%

10.99%

LOAN TERM

60 Months

12 Months

ESTIMATED TOTAL INTEREST

$10,648.60

$2,118.28

[Anonymous]

Interesting offer. Let's hope it's seamless for you. Good luck!

[Anonymous]

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@ryder32244 wrote:

... Apolgies if this is not the right page, but I dfidnt see a loan forum ...

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btw, this is the place for personal loans. You found it. 

[Winesnoblv]

I was preapproved for $20,000, but only needed $10,000. You need to apply as with any other loan.

In my case, since I had no relationship with them and I am self-employed, I needed to upload tax returns along with SS card and utility bill.  

It was a hp on EQ.  There were issues with them reading my tax returns due to their system.  I had to resubmit my 2019 tax return.  Once they were reviewed, I was approved for the $10,000 I requested at the interest rate quoted.   My only complaint is that they mail you a check and do not direct deposit it into your bank account.  Not sue if having a PenFed checking account would make difference, since I do not have a checking account with them.

Good luck if you decide to apply.

[Shooting-For-800]

Better than my 14.99% preapproval.

Congrats!

[Anonymous]

Based on my experience, if it's a business loan and you only need $5k out of $35k, there are good reasons to accept 7x's your need in loans and there are good reason not to do that and only take what you need.  There are also good reasons to look for a Line of Credit - which PenFed has.  In that case, you have $35k available, but only use $5k and not pay interest on $35k unless you need it and can put it to good use.  The Line of Credit may require a checking account.

Either way, the interest rate in the offer will probably depend on the loan amount - you might not get 10.00% if it's "only" $5k - it could be higher; same thing with the term.  

Congrats on your approval and best of luck!

[Anonymous]

How long Penfed took to approved? I had a personal loan before with them and paid them less than 5 years, now i need another personal loan, to start my business and i need 45k, i only saw 35k, they requested proof of income and i just submitted. finger cross to me.

[Anonymous]

Have you heard from Penfed yet?

Submitted POI Friday as a new member for a personal loan. It's been 2 full business days and haven't heard back. Customer service says they rec'd paystubs and 1-2 business days is typical. Thank you.