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so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

Sbrooks1
Valued Contributor

so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

 
Message 1 of 9
8 REPLIES 8
AllZero
Mega Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

Congratulations on your approval!

 

Not knowing any data points of your profile, I would say single digit APR is good. It's better than double digit APR.

Message 2 of 9
Credit_Flavours
Regular Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

Congrats on the approval!

 

8.5% is better than good in this economy for an unsecured loan. So I'll just take the win. If you don't mind the HP though you could try with DCU or Lightstream but if you're sensitive to your AAoA as I am, I'll probably take it now and try for a refinance/new loan 6months down the line with either of the aforementioned. Just my 2 cents

 

Congrats again.




Message 3 of 9
Sbrooks1
Valued Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

UTI at less than 10 , fico they pulled was  TU


@Credit_Flavours wrote:

Congrats on the approval!

 

8.5% is better than good in this economy for an unsecured loan. So I'll just take the win. If you don't mind the HP though you could try with DCU or Lightstream but if you're sensitive to your AAoA as I am, I'll probably take it now and try for a refinance/new loan 6months down the line with either of the aforementioned. Just my 2 cents

 

Congrats again.



768, not sure I am happy with the rate

Message 4 of 9
AverageJoesCredit
Mega Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

An 8.5 % apr from Penfed is pretty good from them imo. But if you arent happy with the apr dont settle. Maybe someone else is willing to give at lower rate. With good income your score will be more powerful. 

Message 5 of 9
M_Smart007
Epic Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

"so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or no"

 

Not the absolute lowest APR for Penfed, but I would say darn good! .. Congrats to SO!

Message 6 of 9
CreditCuriosity
Moderator

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

Decent but other lenders can beat that rate with that score in most cases.  Better than places like Marcus, lending club, etc etc..Not an awful rate, but places like lightstream can beat it.

Message 7 of 9
RSX
Valued Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

it's not too bad at all

 

Extra payments also offset the total interest you will pay

so if you add an extra $25-50 per month it should be fine

 

 

Dec 16/2019. EX. 721. EQ. 723. TU 746
Dec 29/2020 EX. 729 EQ. 723 TU 746
Sept 9/2021 EX. 734 EQ. 737 TU 746
Inq. EX 5 EQ 2 TU 5 - - CC 4x24, 3x12, 0x6
Amex BCP $32k - Apple GS $17k - BMW/Elan $9k - Cap1 QS $16.7k - Chase Amazon $13.6k - Chase Bonvoy Boundless $10k - Chase United Club Infinite $26k - Citi DC $14.5k - CreditUnion1 $9k - DiscoverIT $23k - HSBC Gold - $13k - Penfed Gold - $12.5k - USBank Cash+ -$24k - HSBC LOC - $13.5k - PenFed LOC - $20k
Message 8 of 9
Sbrooks1
Valued Contributor

Re: so approved for 20000 personal loan at pen fed at 8.5 over 5 years , good deal or not

I have not tried Lightstream, did pre for Prosper and LC and was a higher rate.  I went ahead with it but maybe when I get the CC paid way down might try lightstream to pay this one off.

Message 9 of 9
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