URGENT Personal Loan Help!

[Tuck831]

In a pickle and need some advice...

I've been a Navy Federal member since February 2020. I have about $19k total ($18k in savings) with them. I took out a Pledge loan in April for $12,500 for a term of 1 year. The loan was almost immediately paid down ~93%. It currently has a balance of $700. I used a Pledge loan to build a good relationship with them in hopes of applying for a credit card through them to get a high limit.

My Transunion credit score (what I'm seeing Navy goes by) is 752. (Edit: I saw a post saying they use Equifax for loans...my score is 726).

I need to either pull out my savings or apply for a personal loan of roughly $20-25k.

What should I do? Should I pay off my Pledge loan completely first? Should I apply for a higher amount and hope they counter offer with the amount I need? Any solid advice?

I'm also a member of NASAFCU. Not sure if that's a better option or if there is a better company I should apply for a loan with.

Thanks!

[CreditCuriosity]

If your scores are what you say they are you can get much better personal loan rates than NFCU if that is what you need.  It is up to you whether you want that 19k in cushion in savings or use it to pay whatever you need the 20-25k for.  If you are looking for a personal loan many CU's or banks offer WAY better rates.  Sweat spot is 36 month terms usually.. Lightstream aka suntrust depending on loan(type) is around 4-6% assuming good/excellent credit and they pull EQ.   Other lenders out there as well if looking for a personal loans with around that rate or a bit higher.  I would not suggest NFCU for a personal loan.  Credit cards yes, loans no.

[Tuck831]

Thank you @CreditCuriosity.

So you're saying stay away from NFCU because of the higher interest rates?  Any other lenders you can suggest? I'm looking into all of this now.  Thank you!!

[CreditCuriosity]

If you DTI(debt to income is good) and your FICO is good.  Start as mentioned with lightstream.  As mentioned 36 months is usually best terms for any personal loan.  Yes NFCU stinks when it comes to interest compared to many other companies that offer personal loans.  I have had personal loans from PenFed 12.99 (wouldnt suggest due to rate and NFCU is higher than that) then re-did the personal loan with Lightstream when found out of them at 5.95% for 36 months for debt consolidation loan and money was wired into bank account same day.  Rate is lower or can be lower if like home improvement or auto depends on reason of loan.  SOFI is another company that has better personal loan rates, but can't touch lightstreams rates.  Don't use companies like Marcus, prosper, etc are usually have origination fees and their rates are higher.  Can search this sub-forum you are in of other companies as well and see what rate people got.  5-10 is common and a decent rate anything about 10+ isn't so good.  Your score in the 720+ range assuming DTI is decent and income you should certainly get in the 5-10 rate.

[Tuck831]

Sounds great. Thanks @CreditCuriosity for your advise!!

[SouthJamaica]

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@Tuck831 wrote:

In a pickle and need some advice...

I've been a Navy Federal member since February 2020. I have about $19k total ($18k in savings) with them. I took out a Pledge loan in April for $12,500 for a term of 1 year. The loan was almost immediately paid down ~93%. It currently has a balance of $700. I used a Pledge loan to build a good relationship with them in hopes of applying for a credit card through them to get a high limit.

My Transunion credit score (what I'm seeing Navy goes by) is 752. (Edit: I saw a post saying they use Equifax for loans...my score is 726).

I need to either pull out my savings or apply for a personal loan of roughly $20-25k.

What should I do? Should I pay off my Pledge loan completely first? Should I apply for a higher amount and hope they counter offer with the amount I need? Any solid advice?

I'm also a member of NASAFCU. Not sure if that's a better option or if there is a better company I should apply for a loan with.

Thanks!

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Me, I would use my savings rather than take out a loan, but different people have different attitudes.  To me, having savings paying .25%, while I'm paying interest of 10%, is not having savings at all.

[Anonymous]

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@Tuck831 wrote:

In a pickle and need some advice...

I've been a Navy Federal member since February 2020. I have about $19k total ($18k in savings) with them. I took out a Pledge loan in April for $12,500 for a term of 1 year. The loan was almost immediately paid down ~93%. It currently has a balance of $700. I used a Pledge loan to build a good relationship with them in hopes of applying for a credit card through them to get a high limit.

My Transunion credit score (what I'm seeing Navy goes by) is 752. (Edit: I saw a post saying they use Equifax for loans...my score is 726).

I need to either pull out my savings or apply for a personal loan of roughly $20-25k.

What should I do? Should I pay off my Pledge loan completely first? Should I apply for a higher amount and hope they counter offer with the amount I need? Any solid advice?

I'm also a member of NASAFCU. Not sure if that's a better option or if there is a better company I should apply for a loan with.

Thanks!

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I've seen people on here getting PL from Pen Fed for 30K with interest rates in single digits.  Anyone can be a remember with them

[ZeroAPR]

I got a personal loan through First Midwest Bank... they were easy to work with... looks like they serve like 25 states or so... website says "Our unsecured Express Personal Loan has fixed APRs as low as 5.16%. Borrow from $5,000 to $35,000 for up to seven years with no collateral."