I need SSL LOAN info(please)

Anonymous · ‎03-17-2021

So here is where i am at...

I have NFCU i want to do a SSL loan.. I see people talking about the amounts and terms(60 months) and paying it down to below 9%.

My question . i know that the Cu won't do a $500 ssl for 60 mo.

I seen a post where they talk about $5010 or $3510...have no clue what the $10 has to do with it but..and does it matter on the terms...is 36 mo or 48 mo.. ok also or is it all just about the loan being at the 9% for the score formula max benifits...

I am looking to do a $3000 loan for at least 36-48 months.. Then pay back $2730...so balance is 9%. Then setting an auto pay for like $5 a month(to keep active) until final payments start up..

Can do more in the amount of the loan if needed

Anonymous · ‎03-17-2021

@AllZero can post the thresholds for principal / loan term length

The gist is NFCU only lets you do longer terms if you put in more money

So >$3000 for a 60 month loan, otherwise it'll be shorter.

They may also give you a shorter term loan if you only do it a hair above $3000, which is why a bit more than that is recommended.

It's all about your open installment loans being at or under 9% in total/aggregate to get the boost.

AllZero · ‎03-17-2021

I would recommend reading the below from CreditGuyInDixie
Adding an installment loan -- the Share Secure technique
The Quest for an SSL alternative to Alliant

From SouthJamaica
NFCU SSL

From adrianaesque
Approved NFCU SSL - with detailed steps (May 2020)

Here are two institutions that have SSL which you can pay in advance to 8.9% utilization without shortening loan term:
NFCU - membership restrictions.
SSFCU - geofence.

AllZero · ‎03-17-2021

https://ficoforums.myfico.com/t5/Personal-Finance/The-Quest-for-an-SSL-alternative-to-Alliant/m-p/55...

@spikeman768wrote:
I just spoke with a rep in the loan dept at NFCU, and I was told the following:

- Membership step: there is a soft pull (she spent a few minutes researching this)
- Loan application step: there is a hard pull
(from posts I've read elsewhere, experiences may vary in regards to whether or not they do them or what type and when)

Here is some SSL limit/threshold info for others so it can reduce phone calls:
$250-$500 - max 6 month term
$501-$1000 - max 12 month term
$1001-$1500 - max 18 month term
$1501-$2000 - max 24 month term
$2001-$3000 - max 36 month term
$3001+ - max 60 month term

Before I had even asked asked about the 60 month term, she told me that the 60 month term criteria can vary and final term approval will be left to the discretion of the loan officer on the consumer lending team who is approving the loan and setting the details of the loan. She said, "For instance, if a person decides to borrow, say, $3,050, the loan officer may choose to set the loan to a 36 month term. I have seem them do that sometimes. It is up to their discretion."

I asked if there is a certain amount which would ensure a 60 month term, and she said that could vary and is left to the loan officer to decide.

I updated these details in the online shared spreadsheet, "Credit Union Share-Secured Loan (SSL) Info":
(the main info is in the "CU list - Good SSL Offers" tab at the bottom of the spreadsheet)
https://docs.google.com/spreadsheets/d/1C86xZUbOlPK1XBSt9cutKQ8rU8ZwRAiVbpqHWA4J-tg

-Spike

AllZero · ‎03-17-2021

@Anonymous wrote:
@AllZero can post the thresholds for principal / loan term length

👍

Anonymous · ‎03-17-2021

AllZero my hero..thank you..

Ok i got it so... $3500...so not too obvious..

Anonymous · ‎03-17-2021

Thank you ..Dumbee

just wanted to clarify before i messed it all to @&%!

AllZero · ‎03-17-2021

@Anonymous wrote:
AllZero my hero..thank you..
Ok i got it so... $3500...so not too obvious..

@Anonymous You are welcome. Do what every amount and term that you feel comfortable with considering what will be held back of the 9% holding. If not seeking auto or mortgage, I would recommend getting the 5 year SSL.

Anonymous · ‎03-17-2021

Now i have to add funds to my NFCU acct...

Can i transfer the whole amount from another partner Cu or are there limits?

AllZero · ‎03-17-2021

@Anonymous wrote:
Now i have to add funds to my NFCU acct...
Can i transfer the whole amount from another partner Cu or are there limits?

@Anonymous If you are doing a ACH push from your partner CU to NFCU, then the constraint would be whatever is the daily limit from the partner CU.