PenFed Personal Loans

[Anonymous]

I couldn't find a personal loans thread only CC, Auto, Student, and Mortgage?

Anyway, are you allowed multiple Signature Loans with Pentagon? How many Active Signature Loans are you allowed at one time?

[K-in-Boston]

I've moved your thread over to Personal Finance.  A description of each subforum can be found here: https://ficoforums.myfico.com/

This Personal Finance board is your place to discuss personal finance topics that don't fit in the other boards. Things like: retirement, banking, budgeting, personal loans, and credit card debt.

[Anonymous]

Thank you @K-in-Boston!

[K-in-Boston]

No problem!  According to this post from @tcbofade back in July, you are allowed to have a second unsecured loan from PenFed up to a maximum combined total of $25,000 (and of course subject to their underwriting).

[tcbofade]

I believe that the total is now $20k, but you can still have more than one loan.

[abbafan]

Why not go for their Personal Line of Credit (PLOC)? The advantage of it over the loan is that you can use it over and over again versus a loan where once you pay it off it goes away.

Also, another big advantage of a ploc over a loan is that it uses a simple interest whereas a personal loan (or a credit card) use compound/amortized interest. You'd just be paying less finance charges. This is the reason why a PLOC with, let's say, a 13% interest rate will always be better than a cc or a personal loan with a 8% or 9%. It's the way the interest is calculated. Watch Velocity Banking videos by Denzel Rordiguez on YouTube.