Penfed LINE OF CREDIT?

[youdontkillmoney]

Is PenFed still opening personal lines of credit accounts, on their webpage there is no button to click to apply although it is shown (there are buttons to apply for overdraft line of credit and personal loans though)?

[FireMedic1]

I also have the same no apply button. The picture shows a padlock/chain. Must mean we're locked out. Did you try the check rate link?

https://www.penfed.org/personal-loans 

[youdontkillmoney]

I just tried the "Rate" link and it says "Fixed rates as low as 7.74% APR*"

I also tried the link "Learn More" and it brings me to an error page "Page not found 404" error.

I can call PenFed and ask the customer service but don't feel too strongly about it since I got a $25,000 LOC from them several years ago but zero balance currently.

I was just curious maybe they paused or no longer offering them temporarily.

[arifjk]

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@youdontkillmoney wrote:

Is PenFed still opening personal lines of credit accounts, on their webpage there is no button to click to apply although it is shown (there are buttons to apply for overdraft line of credit and personal loans though)?

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for LOC, you have to call their loan department to apply. They would do a soft pull first to see if you are having a pre-approval. They will come back with the amount and the rate. Though it is saying that it's a fixed rate, it is actually a fixed rate starting from 7.74%. It is not a fixed rate AT 7.74%. However, they would deny you if you have a total exposure of unsecured credit line of $50k already - well, at least that's what happened to me - TWICE, though I got the pre-approval both times. 

Let us know if you are going through with this. 

[Namaste7]

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@youdontkillmoney wrote:

Is PenFed still opening personal lines of credit accounts, on their webpage there is no button to click to apply although it is shown (there are buttons to apply for overdraft line of credit and personal loans though)?

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The fixed rate personal LOC is not shown when I logged in today. Interesting 🤔 

[SouthJamaica]

Today I got a marketing email from PenFed, promoting overdraft lines of credit of $300 and up, with a fixed rate of 17.99% APR.

[Revelate]

Hrm, they haven't touched my own  PLOC with them which I picked up back in 2015 and never really used.  I suppose I should go look at interest on it currently but surprised it's still open  if Penfed may be exiting the market on them.

Admittedly it's probably another sign of belt-tightening in the financial markets / by financial institutions.  

ETA after checking their online portal, that doesn't seem to have gone up all that much since I think it was either 10 or 11% when I got it when rates were very very low:

• Interest Rate:  12.50%

[Anonymous]

Do not see anything on the PenFed website about the thread subject.