@PayAndProsper wrote:@Streetervillelady ah. That's interesting. Would you mind linking that page where you read it? I did a search for it and couldn't find it. Maybe I'll give them a call myself to verify.
I gained a reputation for giving good credit advice and would like to know if there have been any changes in the PenFed SSL policy. I wouldn't want to be steering anyone wrong.
PenFed does not publish details of their SSL anywhere, you need to call them for information.
@Horseshoez that has always been my understanding, but @Streetervilleladyclaims to have seen on a PenFed FAQ that they explicitly said it's not offered. Rather than just flat out say she is mistaken, I just asked her to link to where she saw it.
Things change, policies change. Or... Maybe it was just something misinterpreted. Either way, I am interested in clearing it up.
@PayAndProsper wrote:@Streetervillelady ah. That's interesting. Would you mind linking that page where you read it? I did a search for it and couldn't find it. Maybe I'll give them a call myself to verify.
I gained a reputation for giving good credit advice and would like to know if there have been any changes in the PenFed SSL policy. I wouldn't want to be steering anyone wrong.
@PayAndProsper No disrespect intended. My answer came from the PenFed site at: https://www.penfed.org/frequently-asked-questions#loans (Do I need to use collateral for a personal loan?). That was not detail enough so I did a Google search and saw the same answer (a little more detail) from another personal finance site. Also NFCU lists the SSL on their site as a loan option at: https://www.navyfederal.org/loans-cards/personal-loans.html (Personal Loan Options)
@Streetervillelady oh no, you didn't come off disrespectful at all. Don't worry. I just wanted to see the information you were referencing. Thank you for sharing!
I see the issue. While many consider SSLs a type of personal loan, they are also often-categorized as a separate type of "borrowing" product called "Secured Loans," "Secured," or "Credit-builder."
I see how you interpreted the response on the PenFed link, but they were specifically referring to their unsecured personal loans. They weren't saying that secured loans were not offered, but rather that collateral was not necessary to take out their advertised (unsecured) personal loans.
NFCU does in fact list the SSL on its site. I had not seen that before! Thanks for sharing; it's good to know! It's also nice to see they offer a general guide around the relation between principal and term of the loan on the site itself.
It does appear, though, that there is still no option to actually apply via the app or the website. I had to call in to do mine.
Thanks again for the links!
@DrOld wrote:A lot of good info here. Can I confirm that penfed,
Offers ssl,
Has a term of loan amount \ 25 months, and
Maintains original term after prepay to 8.9%. ?
The last point being the jackpot!
Thanks for all the data.
Yes.
