Penfed Personal Loan Check in the mail.

[Anonymous]

PenFed has been sending me preapproved personal loan checks for the past 3 quarters.
Emails etc. Stating that I have been preapproved for a personal loan.
All that I need to do is fill out the check for the amount that I need, up to $25,000 and deposit into my local bank.
Well, I didn't really give it any thought over the last several months, but a couple of days ago I decided to go ahead and fill it out for $18,000 to pay of some of my credit cards with higher interest rates than the loan.
I am now just waiting for the check to clear to my checking account.
My bank said that after 2 buisness days, it will be available to me.

[Anonymous]

Well cool! I guess. What are the terms? How long have you been with them? Fico scores? etc., with more being better (informative). 

[Anonymous]

I was told that the paperwork for the loan is coming by U.S. mail.
You have the option to choose your loan payment period up to 60 mos.
Interest rates will vary depending on your credit score.
I have only been with them maybe 12 mos.
I only opened a savings account with $5.
No other relationship other than the savings account with 5 bucks.
No hard pull...approved for the loan with their internal soft pull.
My scores are around 680

[Anonymous]

Wow -- good stuff. Thanks for informing us & please do update when you learn more. 

[Anonymous]

The check just cleared my bank this morning and is available to me.
I just paid off 2 Chase carda. Will pay off more later today.

[marypoppins70]

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@Anonymous wrote:
The check just cleared my bank this morning and is available to me.
I just paid off 2 Chase carda. Will pay off more later today.

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That's awesome! I have been with PenFed for only 1.5 months - opened a savings account and apped and was approved at that time for a Pathfinder Rewards AMEX.  I hope to eventually get a personal loan like you did to consolidate some debt too.

[Anonymous]

Sure thing.
They will start sending you loan offers based on your credit report from soft pulls.
Dont worry, you will get them if you have a pretty clean file.

[Anonymous]

Oh wow!! That's a big help I bet! Congrats on the loan approval.

[SomewhereIn505]

Congrats OP!

I received one but was concerned about any HP they would do.

[Time2letgo]

Congrats OP