PenFed second Personal Loan Question

[Anonymous]

Hello all,

I recently joined Pen Fed and opened a primary savings account and checking. Although I was not approved for a Promise Visa, I was approved for a 1500 personal loan and 500 overdraft protection OLOC. I realized that I wish I had asked for 5k (I only asked for 1500). My question is which should I do:

1. Pay off 1500 loan with the 60 days of initial hard pull and request a larger personal loan (does paying of the 1500 perhaps increase my chances?)

2. Ask for an additional loan for 3500 (can you have multiple personal loans and how is that looked at by PenFed?). 

The forums have really helped and I've searched for this topic but found nothing.

[tcbofade]

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@Anonymous wrote:

Hello all,

I recently joined Pen Fed and opened a primary savings account and checking. Although I was not approved for a Promise Visa, I was approved for a 1500 personal loan and 500 overdraft protection OLOC. I realized that I wish I had asked for 5k (I only asked for 1500). My question is which should I do:

1. Pay off 1500 loan with the 60 days of initial hard pull and request a larger personal loan (does paying of the 1500 perhaps increase my chances?)

2. Ask for an additional loan for 3500 (can you have multiple personal loans and how is that looked at by PenFed?). 

The forums have really helped and I've searched for this topic but found nothing.

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How recently did you join Penfed?

Yes, you can have two personal loans, but if you're under six months, I doubt that they'll approve at this time.

Good luck!

[Anonymous]

Hey .... Thanks for that info! My membership is less than a momth old so I dont think they'll let me have 2 personal loans at the same time. I wonder if anyone has attempted to pay off early and reapply, especially within the 60 (or 90) day initial hard pull?

[tcbofade]

Yes.  And no.

Paying them off early (drastically early...) does not build the love with Penfed.