I was in the market for a personal loan since I will need extra cash soon and saw the low rates for PenFed. I realize they are somewhat of a hit or miss based on posts here, but I wanted to join a credit union. Since I have no experience with Credit Unions, I am not sure if what is happening is common or there is a problem. Last Friday, I did the soft pull preapproval requesting $10k for 3 years. It came back with a preapproval of $20k. Since I only needed $10k, I accepted their terms (which at 10.99% I thought was a bit high, but better than the lowest rate Citi offers on my PLOC). I then uploaded my tax returns (I am self employed) for 2 years along with my ID and SS. I called several times early in this week on the status and was told 24-48 hours. Then on Wednesday, I was told that I needed to upload my 2019 tax return (which I had done on the day I applied). Once again saying 24-48 hours. Nothing since.
My concern is that they need additional information that the csr's do not know what it may be and it is holding up the approval. I was going to call and ask to speak to a manager in an attempt to find out if this is the case. Any thoughts from the PenFed experts out there. Is this normal for a new member?
Thank you.
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