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PenFed pre-approved personal loan via snail mail

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Has anyone had any experience using taking up this offer?  Was it painless?  Hp/sp?

 

I received a 2-page mailer from them.  The application is no more than a convenience check, with an extra box where you check-off the monthly terms desired.  I'm slightly considering taking them up on this offer to consolidate higher interest debt, but I'm a bit weary of doing so.  I'm concerned that if I try to deposit this at my bank, they'll just look and laugh.  Or they'll take it, and the check wont be honored and all that fun stuff that comes along with it.

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1 hour ago, misterq said:

Has anyone had any experience using taking up this offer?  Was it painless?  Hp/sp?

 

I received a 2-page mailer from them.  The application is no more than a convenience check, with an extra box where you check-off the monthly terms desired.  I'm slightly considering taking them up on this offer to consolidate higher interest debt, but I'm a bit weary of doing so.  I'm concerned that if I try to deposit this at my bank, they'll just look and laugh.  Or they'll take it, and the check wont be honored and all that fun stuff that comes along with it.

will it save you money? enough to justify the hassle and the AAoA hit of the new tradelines?

 

will you run-up the cards again or learn to PIF?

 

inquiries don't matter so don't fret "hp/sp"

 

 

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2 hours ago, hegemony said:

will it save you money? enough to justify the hassle and the AAoA hit of the new tradelines?

 

will you run-up the cards again or learn to PIF?

 

inquiries don't matter so don't fret "hp/sp"

 

 

It will cut about 5% APR over 30 months.  My AAoA is already somewhat low to begin with, ~2 yrs with 15yr oldest.

 

I was considering the PenFed offer to pay off a higher interest loan, and also to set some funds aside for a pending security deposit in a couple months.  I was going to use the security deposit that get back from my current place to pay down the principle.   My cards are okay.  I'm at ~10% util and I PIF all except one that's currently in a 0% SUB until late 2021.

 

I was just curious about the actual process of attaining a loan via convenience check through PenFed.  I've never seen this before, and I find it strange to be offered something like this with a relatively large limit.

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No experience from which to comment.  However, I consider PenFed reliable and would anticipate you'd encounter anything unexpected in taking advantage of the offer.

 

Before depositing the check, however, I encourage you to check out https://www.lightstream.com/

 

A division of SunTrust Bank, they offer installment loans for a variety of purposes at rates that I've found to be fairly competitive.  If you're within their service area (which is diverse), I've found them great to work with.

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I did an auto loan through PenFed about 10 years ago and they did something similar there.  I received what was essentially a blank check with a place to write in the VIN of the vehicle and check boxes for a 36, 48, or 60 term.  It did state that the maximum value was $25K and the accompanying message was that if the check value exceeded the value of the auto, they could refuse the check.  It struck me as strange, but I did call them and verify, and since it was a new car, I was told that there would be no issues with the value.  The dealership took the check, called the number on it for verification, and sold me the car.

 

I know it's different than a unsecured personal loan, but it is similar.

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