Penfed Personal Loan Check

frank784 · ‎05-28-2018

Received a personal loan check in the mail from Penfed for up to $25K at 12.99%. Called up and it is legit as stated and no credit pull. The person on the phone didn't seem to know much about them so I am calling back tomorrow but does anyone know if there is a way to reduce the interest rate?

I'm currently 751 on my penfed credit card website. I have been with them since July of 2017 and started with a $10K CL and am now up to $15K (had an offer for a no credit check increase).

I am currently about 5% utilization on CC and have about $75K in credit lines amoung several cards. Income is approximately $140K.

12.99% interest seems high to me for a personal loan. Looks like 6.49% is the lowest they offer in general.

Thanks in advance.

Anonymous · ‎05-28-2018

Not sure if there is a way to lower the rate. But in my case I didn't cash the first one they sent because I felt the rate was a little high. Bout 3 or 4 months later I got one with a much lower rate.

1st one was 12.9. 2nd one was for 6.49. Can't guarantee you the same results, but just wanted to provide you with my situation.

frank784 · ‎05-29-2018

Anyone done a hard pull to see if they would lower the rate?

Anonymous · ‎05-29-2018

I just recieved on as well at 12.9% and i'm actually going to use part of it to help with some family med expenses. I plan on paying it back over the next 6 months so the rate doesn't bother me much. I'm sure it would be a HP to try to get a lower rate. Essentially a new application..

Anonymous · ‎06-01-2018

Not necesarily a HP if you've done a HP for any reason with them during the previous 90 days. It will be a HP if none have been made during that time. Otherwise, they will use that same HP for your app. That said, they are using the FICO9 model which can be a mixed bag depending on your profile. I'm showing 703-718 on my FICO8 reports and Penfed has me at 675 FICO9. Only baddie in my profile is an unpaid First Premier collection that's about 6years old. From what I've read here, their minimum score for a PL is 650 FICO9.