The Quest for an SSL alternative to Alliant

[M_Smart007]

@MrPepperoni, you can go with a lower amount, but they are usually not longer term.

Longer term will benifit you more down the road, because it will stay "open" longer.

But you may only need short term? .. You will have to decide that?

Personally I went with a 5 years SSL. But I paid it off after I got a $25K Penfed Unsecured PL and paid it down.

It will report for 5 years.

[AllZero]

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@MrPepperoni wrote:

Hi guys, before I decide what loan amount to choose, I need your advice...
So, basically, I am taking SSL to thicken my profile, so it is no longer a thin file.
I can go and get a car loan in December (not sure if I should because I will be able to buy in cash) or to get CSP card. No other goals for next 6 months. So, the second post in this thread says:
"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. Once he is approved for his "real" loan (e.g. the car loan) the SSLT will have done its work."
So, taking this loan is basically making a gift to CU and paying them interest, but the less loan amount I get the less I pay in interest. And it looks like for my purpose (to make profile thick and potentially get a car loan or hier tier card) I don't need to got with like 10k, or even 3k SSL, do I understand it right? So, even 500-1k will work ? I am just not a fan giving my money to a CU for basically loaning money to myself lol.

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https://www.ssfcu.org/loans-and-credit/personal-loans/share-secured-loan#enterzipcode

SSL shows 3.10% APR. Typically, SSL APR are low. Whatever is the remaining balance, the APR will apply to. In actuality, it's not that much interest paid, especially, if you paid it down to 9% utilization.

[Anonymous]

Anyone know the max amount of time it can take for NFCU to release pledge funds after pay down, dw did an ssl on Wednesday took until Friday to show up paid down to 8.4% payment posted yesterday funds still not released, hasn't reported anything either usually their loan dept reports almost instantly or at least did for the sons auto loan I'm thinking it's probably mucked up over there due to covid etc

[Anonymous]

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@Anonymous wrote:

Anyone know the max amount of time it can take for NFCU to release pledge funds after pay down, dw did an ssl on Wednesday took until Friday to show up paid down to 8.4% payment posted yesterday funds still not released, hasn't reported anything either usually their loan dept reports almost instantly or at least did for the sons auto loan I'm thinking it's probably mucked up over there due to covid etc

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For releasing SSL funds after making a payment, I wouldn't count non-business days since I believe the funds release may be done manually or at least require a manual review. I was approved for NFCU SSL last week on Wednesday, it showed on online banking on Thursday. Thursday I paid it down to <8.9%, which posted on Friday. The funds were released in the early morning hours of Saturday while I was sleeping (I woke up & checked) – which to me is a sign that someone approved it Friday but the system waited until the day was over at midnight to process it. I moved the released funds from my Savings to my Checking, then scheduled an external transfer for Monday to get the funds out of NFCU. The external bank received the funds on Tuesday (today).

With that being said, COVID-19 could have something to do with it – a CSR had mentioned that previously.

[Anonymous]

@MrPepperoni  Prepaying your loan at SSFCU does not directly reduce your loan term. It postpones your next payment date. However, it appears that the minimum monthly payment stays unchanged, and that may reduce your actual loan term eventually.

For example, my 10-year (120-month) SSL at SSFCU has a small remaining principal balance. My next payment due is far away (about 100 months from the opening date). With the monthly minimum payment amount, the remaining balance will be paid off in just a few months after the next due date. So unless the system automatically lowers the minimum monthly payment, my calculation shows that the loan will be paid off in about 104 months in total, i.e. about 8.6 years instead of 10 years.

[MrPepperoni]

okay, giving you an update guys! 
So, I already joined DCU even tho I applied 2 days after I applied to SSFCU.
I am having difficulties with SSFCU because they ask something I can't provide.
So, they are asking for 2 forms of ID from the below list:

      -   Driver's License

      -   Photo State Issued Identification Card

• US Passport Book or Card
• Photo Handgun License
• Military Identification
• Alien Registration Card I-551*
• Mexican Passport *
• Photo Mexican Matricula Consular Card (must be issued by the local consulate)*

      * Not acceptable for US Person

Well, I provided my DL and Employment Authorization Document (issued by Federal Govmnt).
They came back saying that DL is good, EAD Card is no bueno because it's not on the list they provided above.
I do not have I-551 Card (its an actual Green Card) yet because I am pending for it and waiting for my interview in line (already almost 2 years...line is just VERY long....). Also, I am not Mexican so I can't provide a Mexican Passport (even tho I don't get how this would work but other county passports are not !? what?). And also all other docs on the above list - I simply do not possess any of those docs.
Any thoughts? @Anonymous I think I was reading your posts, are you Australian? How did you satisfy SSFCU requirements? 

[Anonymous]

@MrPepperoni  I don't recall ID being an issue at all. We went to a branch in person, and I'm fairly certain I did not bring my passport - just my wallet. So in addition to the D/L, they probably just used one of my credit cards as the secondary ID. I'm not 100% sure because I opened my account a year ago.

Did they say they do not accept non-Mexican foreign passports?

[MrPepperoni]

@Anonymous so they just called me and yes. It's impossible for me to join because I don't have a green card yet (I am pending for it) and because I am not US or Mexican citizen. I need to provide one of those docs...going in to a branch personally will not help they said. 

[Anonymous]

@MrPepperoni probably a recent change then. I don't have any of those documents you mentioned other than the D/L. The only other thing I can think of is probably because I opened my account in UT?

[Anonymous]

I looked a bit, but I could not figure out how to search just this thread to see related discussions. Becuase of that, I am assuming that no one has explored Teacher's FCU options. I will message them now. So far, they have a low interest rate (2.5+savings rate) and long periods available (as much as 10 year). I will explore further.