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SSL Share Secured Loan Technique

Subexistence
Established Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@dmFICO8 wrote:

@Subexistence wrote:


Could you explain how you got offered the 10 year loan term? I'm interested in the 10 year loan term using $3k but from my understanding, not everyone gets it.


Penfed requires the deposited fund for the SSL has been in the account for 30 days, and $25 minimum monthly loan payment.

No chex or credit check for SSL, 100% approval.

Penfed offers SSL terms up to 144 months (12 years).

At current 2.05% (.05 + 2) interest rate, $3000 can get a 132 month (11 year) SSL, $3200 can get a 144 month (12 year) SSL.

 

If the rep doesn't know Share Loan or Share Secured Loan, mention credit builder loan that borrows against a savings account, mine didn't know when I mentioned share secured loan, later she figured out it was credit builder loan.

 

I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due:  $--.--" in a web browser and "Minimum Payment Due:  $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.


Rep told me max I can do is 142 months which is 11 years and 10 months so that's what I'll aim for. I'll put $3600 and wait 30 days to see if it works.








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Current Score:Ex08-795,Eq08-807,Tu08-787,EX98-761,Eq04-742
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Message 11 of 19
beets18
Valued Member

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Data points:

  • 12/1/2021 - I opened and deposited $3,105 into my PenFed savings account.
  • 1/3/2022 - I called and asked for a "share loan". I was asked how much and how long. I answered $3,100 and 120 months. The rep did the calculation and said that comes to $29.26/mo and it was okay.
  • 1/4/2022 - the share loan appeared in my account, and the money was deposited into my PenFed checking account. First due date listed as 2/28/2022.
  • 1/5/2022 - I paid $100 towards the loan as a test, next due date still showing 2/28/2022. I will wait until tomorrow to see if it advances.

 


@hAr1x wrote:

I then paid it down to 8.9% (in $500 intervals). Now my next payment due date is Nov 2029 (postponed 8 years)


Do you recall if the payment date advanced immediately after you made the payment?

 


@dmFICO8 wrote:

I opened a $3000 11-year SSL in September this year, it has been shown "Minimum Payment Due:  $--.--" in a web browser and "Minimum Payment Due:  $0.00" in app, it was like that even for first October payment after the loan was set up and before I made any payment. Balance and due date are reflected correctly after payments. I wonder if anyone else is like that, minimum due amount is always $--.-- or $0.00.


When I hover over "Minimum Payment Due" on desktop, it says the next payment amount is determined approximately 22 days before the due date, so as of now I also see "$--.--" since my first payment is not due until February. I assume you will always see "$--.--" until years from now.


Message 12 of 19
beets18
Valued Member

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Update - I tried paying off another $500 and the payment date only advanced one month, so I figured something was off. I called PenFed and asked how long the term was, and it was only 10 months. They said they would be able to fix it to the correct 120 month term, so I will wait and see if my next payment date correctly updates. They're not sure how this happened, but I would suggest for anyone else to call into PenFed as soon as your share loan appears and ask them to verify the term.


Message 13 of 19
dmFICO8
Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@beets18 wrote:

When I hover over "Minimum Payment Due" on desktop, it says the next payment amount is determined approximately 22 days before the due date, so as of now I also see "$--.--" since my first payment is not due until February. I assume you will always see "$--.--" until years from now.


Thanks, I didn't notice there is tooltip.

Message 14 of 19
dmFICO8
Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@beets18 wrote:

Update - I tried paying off another $500 and the payment date only advanced one month, so I figured something was off. I called PenFed and asked how long the term was, and it was only 10 months. They said they would be able to fix it to the correct 120 month term, so I will wait and see if my next payment date correctly updates. They're not sure how this happened, but I would suggest for anyone else to call into PenFed as soon as your share loan appears and ask them to verify the term.


Did your loan contract show that everything was correct? When I opened the loan, maybe member savings was the only account I had, rep told me sending paper check was the only option, couldn't deposit the money to my savings, so I had my loan agreement and paper check sent to me in an envelope. Since your payment was sent to your checking, unless you saved the loan document (I believe you signed digitally), you won't be able to check the terms. Other way to check is to wait until the loan gets reported, it is reported at last day of month, but your loan is not reported yet.

Message 15 of 19
beets18
Valued Member

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

@dmFICO8 I have not received any paperwork yet. I double checked my email, secure messages, and statements/loan docs section. When I called in today they said they'll send new paperwork, so I guess I will receive the incorrect loan documents first then a few days later the corrected ones.

 

So probably wise for new users to wait until they receive the docs, wait until it shows up on their credit report, or just call in and ask them to verify the term.

 

Since it's a manual correction, I'm not positive the first payment date is going to shift from my already made payments, but even so I should be able to push it out 5+ years. I will report back though.


Message 16 of 19
beets18
Valued Member

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

I just wanted to post an update, so far my next payment date is 5/2022 after paying off $1,000 of the loan. I am guessing that due to the manual correct of the term length that it's not going to re-adjust my next payment date automatically. I did try making just a $30 payment and still no dice. Perhaps I will wait until 22 days before the next payment is due in May to try again. My guess is at that point it will re-calculate the minimum payment and prepayments should work.


Message 17 of 19
Creditplz
Valued Contributor

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed

Has anyone looked into ArrowheadCU SSL?. 

has a 120 month duration... it's just a credit union that I helped build one of their offices in 2017?. Opened a savings & cc back then and haven't touched it minus $20/yr 

 

also just a question, when the SSL is paid off 95%.. the bank returns the deposit?. Or holds it till maturation of the SSL?. 

Message 18 of 19
beets18
Valued Member

Re: SSL Share Secured Loan Technique SUCCESSFUL with PenFed


@beets18 wrote:

I just wanted to post an update, so far my next payment date is 5/2022 after paying off $1,000 of the loan. I am guessing that due to the manual correct of the term length that it's not going to re-adjust my next payment date automatically. I did try making just a $30 payment and still no dice. Perhaps I will wait until 22 days before the next payment is due in May to try again. My guess is at that point it will re-calculate the minimum payment and prepayments should work.


Update: PenFed is not willing to correct the mistake, so I'm stuck with a 10 month share loan. Only option is to pay off the current loan, open another, and hope they do not make the same mistake.

 

I think I will pay off all but $50 of the current one and try again.


Message 19 of 19
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