@MichaelMyer wrote:I read on another myFico post that PenFed offers a secured loan product but I don't see it on their website. Does anyone know if they still offer it or if not, which other bank or credit union does?
PenFed does not offer secured personal loans. Navy Federal Credit Union does.
@MichaelMyer wrote:I read on another myFico post that PenFed offers a secured loan product but I don't see it on their website. Does anyone know if they still offer it or if not, which other bank or credit union does?
Yes they offer share secured loans -- loans secured by savings account. They just don't promote it on their website. You have to call up.
@MichaelMyer escribió:I read on another myFico post that PenFed offers a secured loan product but I don't see it on their website. Does anyone know if they still offer it or if not, which other bank or credit union does?
@MichaelMyer Yes, PenFed most certainly has share secured loans (SSLs) as part of their product offering. You have to do it by phone. Just a heads up, any funds that you will be looking to secure will have had to have been deposited in your share savings account with them for at least 30 days prior to the request for an SSL, the last I checked. The reps are friendly and helpful, though. They'll give you all of the information you need if you give them a call.
@Streetervillelady escribió:PenFed does not offer secured personal loans. Navy Federal Credit Union does.
@Streetervillelady PenFed actually does offer SSLs, as well.
@MichaelMyer It's also worth noting that the PenFed SSL actually offers more bang for your buck in terms of the term of the loan than the NFCU SSL. That's objective. I actually have the NFCU SSL.
Check out this thread (and do a quick search on the forum for PenFed SSL):
Just to confirm the correct information presented in this thread and to correct the incorrect information:
- PenFed definitely offers an SSL; this is an absolute fact
- Whether the NFCU or PenFed SSLs are the best is probably something which changes from month to month as each financial institution adjusts their offerings
- Any differences between the NFCU and PenFed SSLs are not worth arguing about, they are extremely similar products
- If one is elegible to join NFCU then it is your call which FCU you join, if not, PenFed is the go-to SSL for most folks
- PenFed does not advertise their SSL offering on their web site; in my case I called and a very helpful associate walked me through the process, absolute piece of cake
I would argue that the PenFed SSL is objectively better when looking at terms because the same $3,000 that gets you a 5-year SSL with NFCU gets you a 10-year SSL with PenFed.
PenFed has a policy where you must borrow at a minimum of $25 per month of the desired term. Hence $3,000/$25= 120 months = 10 years.
I don't think this is something that fluctuates back and forth depending on the month. It is pretty consistent, again, objectively.
I agree with everything else that you wrote, though.
Edited to add:
Neither NFCU nor PenFed advertised their SSL on their respective websites, the last time I checked.
@PayAndProsper wrote:
@MichaelMyer escribió:I read on another myFico post that PenFed offers a secured loan product but I don't see it on their website. Does anyone know if they still offer it or if not, which other bank or credit union does?
@MichaelMyer Yes, PenFed most certainly has share secured loans (SSLs) as part of their product offering. You have to do it by phone. Just a heads up, any funds that you will be looking to secure will have had to have been deposited in your share savings account with them for at least 30 days prior to the request for an SSL, the last I checked. The reps are friendly and helpful, though. They'll give you all of the information you need if you give them a call.
@Streetervillelady escribió:PenFed does not offer secured personal loans. Navy Federal Credit Union does.
@Streetervillelady PenFed actually does offer SSLs, as well.
@PayAndProsper Thank you for the correction and further information. My answer actually came from the FAQ section on the PenFed site. We are so fortunate to have this site as a resource.
@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.