For someone without an installment loan...

[Swatch]

Can they do Self or another credit builder and pay it down to 8.9% but pay it for many months?

Is SSL really better? Why?

I'm trying to learn more about the differences. Self doesn't HP while the SSL does.

[dragontears]

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@Swatch wrote:

Can they do Self or another credit builder and pay it down to 8.9% but pay it for many months?

Is SSL really better? Why?

I'm trying to learn more about the differences. Self doesn't HP while the SSL does.

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The "trick" with a SSL loan is the ability to pay it down and keep the account open for the original term (please note not all lenders that offer SSL does this). Any loan, secure or not that allows that works. Last I heard, Self will not "push out" the payment and therefore paying down a large portion of the loan will not keep the loan open for the original term, instead the term is shorten with the payment due the following month 

[FireMedic1]

If you can get into NFCU. Theres where the real SSL sits. No HP. Your borrowing your own $. Just closed mine out due to a new SUV. It was set for 3 yrs. Anyone in the family in the military? And theres PenFed also.

[Horseshoez]

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@Swatch wrote:

Can they do Self or another credit builder and pay it down to 8.9% but pay it for many months?

Is SSL really better? Why?

I'm trying to learn more about the differences. Self doesn't HP while the SSL does.

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My PenFed SSL did not include any kind of a pull at all, HP or SP.

[Swatch]

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@Horseshoez wrote:

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My PenFed SSL did not include any kind of a pull at all, HP or SP.

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Wow!

I want the 8.9% benefit and this post said you can't get that with PenFed. Are they wrong?

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Just-took-out-a-share-secured-loan-from-PenF...

Edit: I found other posts by Horseshoez which said PenFed pushes the due date forward, so I guess I'm not worried about this anymore. Also I read a post about them not listing it on their website. I am going to apply soon, I think I am going to transfer the money before applying, even though it might not make any difference.

Also it doesn't seem to be on their site? Personal loans are there but no mention of secured?

[Horseshoez]

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@Swatch wrote:

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@Horseshoez wrote:

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My PenFed SSL did not include any kind of a pull at all, HP or SP.

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Wow!

I want the 8.9% benefit and this post said you can't get that with PenFed. Are they wrong?

https://ficoforums.myfico.com/t5/Rebuilding-Your-Credit/Just-took-out-a-share-secured-loan-from-PenF...

Edit: I found other posts by Horseshoez which said PenFed pushes the due date forward, so I guess I'm not worried about this anymore. Also I read a post about them not listing it on their website. I am going to apply soon, I think I am going to transfer the money before applying, even though it might not make any difference.

Also it doesn't seem to be on their site? Personal loans are there but no mention of secured?

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They don't list SSLs on their site, I just called a customer service agent and she set it up with no issues; she was very knowledgable regarding how the SSLs worked and what I needed to do to get it started.