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Self Lender?

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New Contributor

Re: Self Lender?

With NFCU you have to be a member correct? I called and they asked me if I was in the service or a family member, which I do not. So I could not join. I had to go the Self Lender way... I have McCoy and Fairwinds near me and do not know if they have the program.

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Message 31 of 34
Established Contributor

Re: Self Lender?


@Colombiana79 wrote:

With NFCU you have to be a member correct? I called and they asked me if I was in the service or a family member, which I do not. So I could not join. I had to go the Self Lender way... I have McCoy and Fairwinds near me and do not know if they have the program.


Yes at NFCU you must be a member and have a military family member to join.  I am sure there are other CU's that do this.  They all have secured savings loans, the question is whether making a big early payment shortens the term of the loan.

 

Questions to ask a potential local CU

 

1. Is a portion of my savings released as I pay down the loan?  (you might not want one that acts like a CD where they hold all funds until the final payment...  most people don't anyway)

 

2. Will the term be shortened if I make more than one payment at a time?  (Ask in such a way that does not inform them that you are going to pay 92% of the balance on day one)

 

There was another CU that everyone was flocking to that ended up changing their terms so that the loan term would shorten after a large payment. They were innundated by calls from people here asking directly the question (If I pay 92% up front, will the loan term stay at 60 months?)...  that ended that option at that CU in a few weeks time.  In other works, don't freak them out!

 

A side note...  My daughter was going to purchase a car with cash after a total loss accident.  I had her get a loan at a CU for 100% and then pay down 92% of the balance on day three.  Her next payment on that 48 month term loan is now 3.5 years out!  My little brat has a FICO score 175 points higher than me at 19 YO!  (Thanks to my advice... Smiley Happy

 

McCoy has what seems to be a nice potential secured card as well as a share secured loan (3.5%)

 

Fairwinds has the highest rate for a share secored loan I have ever seen!  18.00%

 

 


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Message 32 of 34
New Contributor

Re: Self Lender?


@spiritcraft1 wrote:

@Colombiana79 wrote:

With NFCU you have to be a member correct? I called and they asked me if I was in the service or a family member, which I do not. So I could not join. I had to go the Self Lender way... I have McCoy and Fairwinds near me and do not know if they have the program.


Yes at NFCU you must be a member and have a military family member to join.  I am sure there are other CU's that do this.  They all have secured savings loans, the question is whether making a big early payment shortens the term of the loan.

 

Questions to ask a potential local CU

 

1. Is a portion of my savings released as I pay down the loan?  (you might not want one that acts like a CD where they hold all funds until the final payment...  most people don't anyway)

 

2. Will the term be shortened if I make more than one payment at a time?  (Ask in such a way that does not inform them that you are going to pay 92% of the balance on day one)

 

There was another CU that everyone was flocking to that ended up changing their terms so that the loan term would shorten after a large payment. They were innundated by calls from people here asking directly the question (If I pay 92% up front, will the loan term stay at 60 months?)...  that ended that option at that CU in a few weeks time.  In other works, don't freak them out!

 

A side note...  My daughter was going to purchase a car with cash after a total loss accident.  I had her get a loan at a CU for 100% and then pay down 92% of the balance on day three.  Her next payment on that 48 month term loan is now 3.5 years out!  My little brat has a FICO score 175 points higher than me at 19 YO!  (Thanks to my advice... Smiley Happy

 

McCoy has what seems to be a nice potential secured card as well as a share secured loan (3.5%)

 

Fairwinds has the highest rate for a share secored loan I have ever seen!  18.00%

 

 


Thanks for the advise and when I call the CU I am going to ask those questions. I would have went in blind before. I already opened a Self Lender just a few days ago since I could not qualify for Navy. Since I don't have open installments on my report till now I wonder if opening a second one would hurt me?

Credit One Bank - CL $1900
Walmart Store Card - $5000
Discover It - CL $4700
Macys Red Card - $11000
Lowes Advantage - CL $27000
Chase Freedom Unlimited - $7900

>

Message 33 of 34
Regular Contributor

Re: Self Lender?

who still does the share saving secure loan? and WORKS well? (non military) 

Message 34 of 34
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