Awesome. I was currently in the process of trying out SDFCU but they seem to be taking their sweet time reviewing my member application. I might have to sign up for Ideal CU in the near future. You mentioned that a $5000 minimum is required for the 60 month term, but what are the minimums for the 36 or even 24 month terms?
Edit: During the application process for Ideal, I tried using my ZIP code and it won't let me continue since I'm outside of their service area, despite it saying that anyone in the US is eligible through the $5 donation.
The URL I gave earlier....
does appear to state clearly that you can join via that $5 donation. I encourage you to give Ideal a call Monday, explain that you'd like to join the CU and open a savings account, but that the online process is not recognizing the $5 donation option.
I would not mention the SSL strategy when you talk to the rep Just work on getting your savings account set up and document carefully (for the benefit of the folks here on the forum) what they do to resolve the donation issue. It's important for us to gently help them get that fixed so that we can do a write-up of the approach.
Be sure not to rush the SSL app. Wait until your savings account is fully set up, and that you have all the necessary funds in the account ($10 more than what the loan amount is for) and those funds are marked as available.
Hey, guys, thanks for your posts regarding these SSLs. I'm new here, my credit reports are blank, and I was going to get an SSL on top of the Discover secured card I just got approved for, but a lot of pros and cons were jumbled up in my head until I found these threads today. CreditKarma, Nerdwallet, etc.'s articles are of absolutely zero help regarding shared secured loans.
I have an ongoing SSL application for $200 over 10 years, approved by the loan rep. They'll need departmental approval as well, though, so I'll post details once my own safety is assured.
My real contribution today is a list of personally researched (via website) credit unions that can be joined for free or with a modest donation to their designated nonprofit. The vast majority have Share Secured Loans (either under Personal Loans or in their Rates page), but minimums are usually not mentioned. Average APR is roughly the interest you earn on their savings account + 3%, so probably about 3.5-4%.
Sorry about the poor formatting - the forum forced me to remove all tables.
Name / External Cost to Join / Eligibility:
Langley FCU $5.00 Various
Hanscom FCU $12.00 Burlington Players
Premier Members CU $0.00 Impact on Education
Chevron FCU $20.00 Contra Costa County Historical Society
Hiway FCU $10.00 Minnesota Recreation and Park Foundation
Kinecta FCU $10.00 Consumers Cooperative Society of Santa Monica
Redstone FCU $5.00 Land Trust of North Alabama
Justice FCU $38.00 National Sheriff’s Association
Affinity Plus FCU $25.00 Affinity Plus Foundation
Heartland CU (KS) $0.00 Profession
Self Help CU $5.00 Center for Community Self-Help
US Senate FCU $0.00 American Consumer Council
Great Lakes CU $0.00 Not listed - let us help
Melrose CU $0.00 Open membership
Andrews FCU $0.00 American Consumer Council
Garden Savings FCU $8.00 American Consumer Council
Finex CU $10.00 East Hartford Friends of the Library
McGraw Hill FCU $10.00 VOICE Foundation
Pen Air FCU $3.00 Friends of the Navy-Marine Corps Relief Society
Southeast Financial FCU $5.00 Autism Tennessee
Consumers Credit Union $5.00 Consumers Cooperative Association
Here is my update to the mythical $200 10-year SSL -- it's a myth. So far, for $200, anyway, at DCU.
Despite being approved by the initiation rep, the finalization rep called it nuts. He said he couldn't provide a 10-year term, not for a $200 loan. Which I guess we all know is logical. He then offered a 1-year term before noticing my bummed out tone and offered 2 years, which I gladly took. Payment has been set at $8.65/mo. for 24 mos, 3.5% APR, for a total interest amount of $7.50-ish.
Now regarding CreditGuyInDixie's method for paying down 91.1% and keeping an 8.9% balance for the remainder of the term, I think I'll have to test it myself (slowly), unless there are other volunteers wanting to join? The loan finalization guy couldn't tell me anything about it, and referred me to the regular information line. Information lady asked the loan people and reported to me that it was not possible, that if I prepay on the loan it'll come due early and my loan would close once it's all paid. But I'm not sure they're right, because of this:
- Initial balance $200. $8.65 is due on 5/24/2018.
- I paid $8.65 --> $8.65 is now due on 6/24/2018.
- I paid $8.65 --> $8.65 is now due on 7/24/2018.
That's what's happening to my account page every time I pay. I'm not willing to test it further yet as I definitely don't want to close my loan acct in 2 months flat, but it certainly looks like there's a chance it's going to work the way we want it to, doesn't it?
DCU typically does permit prepayment, but only for three months in advance. You can confirm that by paying two more months and seeing if it does in fact extend the due date two more months beyond what it has done thus far. If it does, then DCU has started permitting much further prepayment.
Continue following this thread and see if we can find some good 60-month options that permit paydown to 8%. The three we currently have listed are all good.
I paid it 3 more times, and the next due date has been pushed back every time. It's now at 10/24/2018. Looking good so far?
I would've joined Navy Federal but my military experience is non-US; Ideal -- I don't have that kind of money to put into a secured loan; Alliant doesn't support my "state" code of MP. Meh. This is why I have that candidate list of 20 CUs -- they all support the state code in their applications.
EDIT: I DID IT FOR SCIENCE.
Paid all but $17.80, $8.65 at a time. My next due date is 1/24/2020. I just hope someone doesn't manually change it down the line.
Great news... we may have another winner. Until now the received wisdom has been that DCU only permitted up to the first three months of prepayment.
Yeah, if it stays this way, it looks like a great option for people with not a lot of money to put into a secured loan, people like me. Those with more saved can put in a bigger amount and ask for a longer term. I'll definitely be keeping watch for any abrupt changes to my loan term so I could maybe open up another one ASAP if this one backfires.
Also, about DCU, it's been really easy to reach them from my experience this past week EXCEPT for loan finalization. That department seems understaffed. Reps are nice and professional enough, although maybe not the most knowledgeable.