Wednesday afternoon I went to a NFCU branch, app'd for a SSL, and was approved.
Requested the loan funds to be deposited in my chk acct, but Thursday came, and there was no loan funds pending to be posted on my chk acct.
Sooo.... Friday morning came, and my loan was not showing on the app, the $5k loan funds were not showing on my chk acct (not even as pending transaction), but the $5k in the Shares Savings acct were frozen because they didn't show as available balance...
At 2pm I paid them a visit, and the greeter could not find any info of my loan in the system, so she put me on the waiting list for a branch rep.
When I was finally called by one of the branch reps (after 1/2 hr, while the branch was empty of customers...), she told me "they" have been trying to "fix the situation". What situation? My loan was nowhere to be found, even though it was filed by the branch manager... The loan app was digitally in the limbo. They could see the loan app documents, the loan number, the approval, the amount... but it didn't process to the point of release funds.
Well, apparently the issue was that my name on the loan, and on the driver license was not exactly the same as my name on the account. So, "it got lost". 🤦🏻♂️
New docs were signed with the name corrected, but the app needed to be pushed manually, not to trigger another HP. Cool...
1/2 hr. more, and finally was pushed, and the loan funds showed on my chk acct.
A few minutes ago, a push notification from the app alerted me of the loan being posted.
But something odd happened. It showed a different amount than the one provided in the documents.
It showed $5,000.00 with no interest (which was supposed to be $293.39 / at 2.25%).
So, I concluded that this is the loan's principal balance.
Then, on the Payment section it showed the amount if I were to pay it off in full ($5,001.84)
Went to the Details section, and it also showed the amount if I were to pay it off in 14 days ($5,006.14).
I went with my original plan of paying 91.9% ($4,822.28) of the full loan amount with interest ($5,293.39)...
...and the loan's principal amount instantly changed to $179.56, the date for my next payment was pushed to 05/14/2025, with a minimum pymt amount of $30.37.
However, I would like to establish an automatic recurrent monthly payment for the remaining 59 months.
$5,000 (Amount loaned)
$293.39 (Interest)
$5,293.39 (Full loan amount, including interest)
$4,822.28 (91.9% of the full loan amount / today's payment)
$477.11 (8.9% of the full loan amount, including interest)
$477.11 ÷ 59 months = $8.0866
$8.09/mo. for 58 months + $7.89 on the last month.
Hopefully my personal experience with this process, the visuals, and the math, help other newbies when app'ing for a NFCU SSL.
AU:
according to excel, the math is a little fuzzy.
$293 in interest is accrued if paid according to the predefined repayment schedule.
| rate | nper | pv | =pmt(rate,nper,pv) | =cumipmt(rate,nper,pv,start,end,type) |
| 2.25 | 60 | 5000 | −88.19 | −291.20 |
with such a large payment made up front, interest is only accruing on the $179 balance now, about a cent a day until another payment is made, then interest accrues on that new lower balance...
| =2.25%/365*5000 | 0.31 |
| =2.25%/365*179.56 | 0.01 |
if payments of $8.08 continue, the loan will be paid off in 23 months.
| rate | pmt | pv | =nper(rate,pmt,pv) |
| 2.25 | −8.08 | 179.56 | 22.72 |
with current balance what should be paid monthly is $3.22.
| rate | nper | pv | =pmt(rate,nper,pv) | =cumipmt(rate,nper,pv,start,end,type) |
| 2.25 | 59 | 179.56 | −3.22 | −10.28 |
maybe I'm wrong...
@SlideOrInsert wrote:according to excel, the math is a little fuzzy.
$293 in interest is accrued if paid according to the predefined repayment schedule.
rate nper pv =pmt(rate,nper,pv) =cumipmt(rate,nper,pv,start,end,type) 2.25 60 5000 −88.19 −291.20
with such a large payment made up front, interest is only accruing on the $179 balance now, about a cent a day until another payment is made, then interest accrues on that new lower balance...
=2.25%/365*5000 0.31 =2.25%/365*179.56 0.01
if payments of $8.08 continue, the loan will be paid off in 23 months.
rate pmt pv =nper(rate,pmt,pv) 2.25 −8.08 179.56 22.72
with current balance what should be paid monthly is $3.22.
rate nper pv =pmt(rate,nper,pv) =cumipmt(rate,nper,pv,start,end,type) 2.25 59 179.56 −3.22 −10.28
maybe I'm wrong...
👏🏼😳
Love it, love it, love it!
This is why everyone should share their experiences with as much details as possible, specially newbies like me!
I didn't even knew the terms "accrued" and "accruing" existed. And, thx to your explanations and visuals, I can start scratching the surfaces of how they work.
Thank you for rescuing me from those depths!
I have an SSL I opened in 2019 with NFCU and did the same to immediately pay it down to < 8.9 percent of balance.
Rather than try to factor it all out I just pay $1.00 a month.
When I started the process my next due payment was like May 2024 with a payment amount of like $54
Each month that same next due payment amount goes down $1 which is currently $41 given that I have followed this procedure for about 13 months.
@satio wrote:I have an SSL I opened in 2019 with NFCU and did the same to immediately pay it down to < 8.9 percent of balance.
"Rather than try to factor it all out I just pay $1.00 a month."
When I started the process my next due payment was like May 2024 with a payment amount of like $54
Each month that same next due payment amount goes down $1 which is currently $41 given that I have followed this procedure for about 13 months.
This is a good plan, and it is what I was roughly doing before I received an unsecured Penfed loan and closed the Navy SSL.
I did pay mine down to like 8.5% as to not be flirting with the threshold.
Penfed I paid down to $100.00 from $25K ..
