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PenFed Personal Loan

ryder32244
Valued Member

PenFed Personal Loan

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
Message 1 of 6
5 REPLIES 5
James_A
Valued Contributor

Re: PenFed Personal Loan

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

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Message 2 of 6
James_A
Valued Contributor

Re: PenFed Personal Loan


@ryder32244 wrote:

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


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

Starting Score: (5/24/2018) -- FICO 08 EXP: 643; FICO 08 TU: 642; FICO 08 EQ: 677
Current Score (3/12/2021): FICO 08 EXP: 748; TU: 755; EQ: 773
2020 Goal Score: 760 across the board


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Message 3 of 6
Winesnoblv
Regular Contributor

Re: PenFed Personal Loan

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.

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Message 4 of 6
Shooting-For-800
Senior Contributor

Re: PenFed Personal Loan

Better than my 14.99% preapproval.

Congrats!

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Message 5 of 6
wealthbuilder99
New Member

Re: PenFed Personal Loan

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!

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Message 6 of 6
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