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The Quest for an SSL alternative to Alliant

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Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

Ahhh.... thanks so much for noting the $75 fee for Wells Fargo.  I now remember that I ruled them out a long time ago for that reason, but clearly forgot that I done that.

 

OK, so let's eliminate WF.  Fortunately Revelate mentioned that he has loans at USAA, Wells Fargo, and USBank (and perhaps a fourth called DS?) and that he has tested the prepayment aspect (with all four pushing the due date way into the future). 

 

So perhaps he'll chime in here and let us know exactly what loans he has at the other three banks, whether they are open or closed, secured or unsecured, what type (personal, mortgage, auto, etc.), when they were opened, what term they had, and whether a single massive payment did indeed push the due date far into the future.

 

Then we'll be able to choose one that would be right for you to test.

Message 321 of 357
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

The latest update is that Revelate has tested four banks/CUs (though unfortunately not for SSLs, as we initially hoped for).

 

USAA

Alliant

Wells Fargo Dealer Services (the auto loan arm of Wells Fargo)

USBank

 

We can rule out WF as a practical SSL solution because of the high orig fee they charge, which few people will want to pay.

 

I am fine with someone testing Alliant's unsecured loan just to be sure.  (It's been mentioned as an alternative to Navy Fed in post #2 of this thread for a while.)

 

Also fine with someone testing USbank's unsecured loan:

https://www.usbank.com/loans-credit-lines/personal-loans-and-lines-of-credit/premier-loan.html

 

Also fine with someone testing USAA.  Revelate believes based on his experience that they offer CD-secured loans.  

 

It looks like we are not in fact closer to finding any additional institutions that do Share Secured Loans compliant with the SSLT -- though as I mention above I'll be happy to hear what people find about the non-SSL possibilties above should they execute an actual test.

 

I am still mildly encouraged by the recent SSFCU result (post #308) and have added it as a third option in post #2 of this thread.  It sounded to me like a person who even visits those three states once can likely open an account if he does it in branch.   

Message 322 of 357
Senior Contributor

Re: The Quest for an SSL alternative to Alliant

Interesting that SSFCU works. Beware that there have been some reports of reps that didn’t know what they are doing who do a HP when setting up a SSL. Their draconian systems are incredibly frustrating to use as well but if you don’t have NFCU as an option, SSFCU is passable as a secondary. I imagine that they will shut this down quickly when people start taking advantage of them though so get it ASAP if you want it.

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Message 323 of 357
Community Leader
Super Contributor

Re: The Quest for an SSL alternative to Alliant

It is CRUCIAL that people not call SSFCU and ask customer service reps about the product or (even worse) the technique itself.  We have seen CUs get skittish and change their policies or pull the SSL product outright.

 

If a person really has serious questions about how to implement the SSL technique at SSFCU we can create a thread here about it.  It's really pretty simple though.  Open a savings at SSFCU, deposit a bunch of money, wait till it becomes available, apply for the SSL, wait a few days after you get the loan money, pay it down to 8%, and then set up an autopay for a small quarterly amount (e.g. $2).

Message 324 of 357
Senior Contributor

Re: The Quest for an SSL alternative to Alliant

Yeah I wasn’t suggesting that they call and ask a bunch of questions, the thing is that SSFCU may ask a bunch. SSL has to be applied for over the phone or in branch and SSFCU loves to grill you. The people in branch tend to be incredibly rude by the way so if you can avoid going into the branch, I would do so. The phone reps are nothing to write home about but they at least don’t tend to be outright rude or pushy. 


Scores 1/2019:
Scores 6/2019:

Hover over my cards to see my limits!
Goal: Garden... and garden... and garden.
Message 325 of 357
New Member

Re: The Quest for an SSL alternative to Alliant

In our limited experience with SSFCU, everyone we met at the branch was very friendly. The SSL application was very easy and approved and funded on the spot. I don’t recall them asking any strange questions. We just told them we wanted the SSL to improve our credit profile. I do know that this branch was formally a FFFCU and they were acquired by SSFCU back in 2011.
Message 326 of 357
Established Member

Re: The Quest for an SSL alternative to Alliant

Now we only need to find that online university classes we can register for in order to qualify for membership. Smiley Wink

 

I mean:

"You live, work, worship, attend school, volunteer, or your business is located in Texas, Colorado, or Utah."

 

Certainly there must be some way to qualify for this. Any churches or charities you can volunteer for from another state? Smiley Wink

Message 327 of 357
Regular Contributor

Re: The Quest for an SSL alternative to Alliant


@ChocolateFactory wrote:

Now we only need to find that online university classes we can register for in order to qualify for membership. Smiley Wink

 

I mean:

"You live, work, worship, attend school, volunteer, or your business is located in Texas, Colorado, or Utah."

 

Certainly there must be some way to qualify for this. Any churches or charities you can volunteer for from another state? Smiley Wink


Excuse my humor if this ends up being a TOS violation, but we can always set up a non-profit or LLC of some sort and create a board of directors. Such board will provide Credit Profile Analysis - since the organization is incorporated in Texas, Colorado or Utah, everyone can be eligible!

 

Just kidding, too much work. 






Message 328 of 357
Moderator

Re: The Quest for an SSL alternative to Alliant


@ChocolateFactory wrote:

Now we only need to find that online university classes we can register for in order to qualify for membership. Smiley Wink

 

I mean:

"You live, work, worship, attend school, volunteer, or your business is located in Texas, Colorado, or Utah."

 

Certainly there must be some way to qualify for this. Any churches or charities you can volunteer for from another state? Smiley Wink


Ironically enough, I'm in the Southeast and back in the 90s I took online telecom courses at Aims Community College in Greeley (Colorado) so it's not as far-fetched as you might think.  Smiley Wink

Message 329 of 357
Established Member

Re: The Quest for an SSL alternative to Alliant


@ChocolateFactory wrote:

Wow, congratulations!

I envy you. Smiley Very Happy Neither Alliant nor NFCU let me join - we really need a third alternative now. Smiley Wink


Which criteria couldn't you meet for NFCU? I ask because I'm researching the same path for myself... 

Rebuild start: 5/15/19

Message 330 of 357