The Quest for an SSL alternative to Alliant

[Cookiegrabber]

I can attest to the PenFed SSL letting you push up the payment date 2 months although I think their terms said they want at least $25/month (current date is 3/27/19, next payment due date is 6/7/19). I fear to test beyond the 2 month mark after messing up at DCU last year.

Current Balance:  $50.00 

Minimum Payment Due:  $--.--
Due Date:  06/07/2019

If anyone wants to try, PenFed's SSLs didn't come with any sort of credit check as of last year.

[Anonymous]

I'd love to see a bold test of Pen Fed, going from 100% to 8% in a single payment.  Then see how far that pushes the date back.

[SouthJamaica]

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@Anonymous wrote:

CUs/Banks that work for sure (though they may not be perfect)

Navy Federal Credit Union
Score: 99% chance this will work (recent datapoint here)
Advantages:
*  Offers a true SS loan, early paydown while keeping it open, etc.
Disadvantages:
* Navy may require a hard pull to join (mixed reports on this)
* Navy has more challenging criteria to join, but some people have found a way to circumvent this.  (E.g. a dead grandfather who was in the army)
* A 60 month loan has a large minimum loan amount ($3000)

Alliant Credit Union (unsecured loan option)
Score: 99% chance this will work
Advantages:
*  Works basically just like a Share Secure loan as far as early paydown

*  The early paydown essentially negates any problem with the interest rate
Disadvantages:
*  Hard pull (we expect on Equifax)
*  People with low scores may be rejected

Reminder: If a person is preparing to buy a car in the next 10 months (to take one example) the 60 month term has no real benefit.  His needs will be fully met with a small $500 loan and a 12 month term.   Such a borrower should still execute the full SSL Technique as described by folks here on the forums, which means paying the loan to under 8.9% in month 1.

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@Anonymous, are you sure the Alliant unsecured loan doesn't accelerate term of loan with early payments? I came across this on their website:

What Is The Impact Of Making Extra Payments On My Debt?

Over the course of a loan amortization you will spend hundreds, thousands, and maybe even hundreds of thousands in interest. By making a small additional monthly payment toward principal, you can greatly accelerate the term of the loan and, thereby, realize tremendous savings in interest payments.

[Revelate]

@Anonymous 

First Tech CU does not work, like at all.

USBank appears to work for my autoloan: pushed it ahead to 2/2020 which is about right given it was roughly a 10 month payment instead of paying 4/2019 that I made.  Actually a little further than that, 0.00 due 2/2020 to be specific heh.

[MP15_556]

I opened a SSL with Mobiloil FCU this afternoon. No HP to apply (HP required for membership) I took out a $2,500 loan with a 60 month term. After I got home I logged in to my account and paid the loan down to 8% and my next payment due date went to 05/2023. I do not have an open installment loan so I am hoping for a score boost.

Edit: Membership requires residency in southeast Texas in 8 specific counties, all east of the Houston area.

Once the loan reports to the CBs I will post an update.

[Anonymous]

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@MP15_556 wrote:
I opened a SSL with Mobiloil FCU this afternoon. No HP to apply (HP required for membership) I took out a $2,500 loan with a 60 month term. After I got home I logged in to my account and paid the loan down to 8% and my next payment due date went to 05/2023. I do not have an open installment loan so I am hoping for a score boost.

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I was so happy to see this!  It sounded like at last we had a CU outside of NFCU that worked.  Then I read the eligibility requirements tojoin the CU and saw that you had to be a resident of a small handful of counties in one state.

Is there any way around that?

[MP15_556]

Sorry to get your hopes up, I had made a previous post regarding this CU and the residency requirements before I finalized my loan. I should have included that information in the new post.

[Anonymous]

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@Anonymous wrote:

When paying the loan online, you're given an option of how you want the payment to be applied.  Click the first radio button that says, "Minimum amount due: $X.XX (Due on xx/xx/xxxx)."  You'll need to make repeated payments of the minimum amount due.  Every time you make such a payment, the due date for the next payment gets pushed back a month.  It'll take you a few minutes to make all those small deposits, but it's worth it.  I did more than a year's worth before coming back here to post about it.

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Thanks for the info. I'm opening a 120-month joint SSL with SSFCU. Can I make a larger prepayment or do I have to do the "minimum amount due" option reptitively? I'm worried if I need to pay it down to 9%, I will have to make over 100 such transactions - which may trigger an alarm.

[Anonymous]

I opened a 10-year joint-SSL at SSFCU today with the minimum balance of $10,000. No HP to join the CU, no HP for SSL application, either.

The application was instantly approved. The loan officer was concerned that prepaying the loan too early could cause the loan size to be reported to the CRAs incorrectly. However, I didn't want to pay the extra interest so paid the loan down to $500 anyway.

The next payment due is immediately pushed from June 2019 to July 2027 (i.e. 8 years and 1 month). However, the next payment amount remains unchanged (~$97). Unless the system later updates the monthly payment amount, I think the loan will be paid off around 8 years and 6 months instead of 10 years.

Will report back once the account shows on CRs.

[Anonymous]

SSFCU membership is also rather restricted. But residents of TX, CO or UT seem to be eligible.

Does anyone know if one could use a mail forwarding service (or a friend’s address) in one of those states to become a member and then “move” to one’s actual address?