Penfed...

Mike K

TCG Elite Member
Apr 11, 2008
13,214
2,586
After years of hearing [MENTION=22]syP[/MENTION] talk about Penfed and having an account sitting dormant I finally tried using it. All I can say is wow.

For private party purchases through my credit union in Chicago I would have to give my lady all the details of the car, have her fill out the paperwork, go in and sign it and then do the transaction at the credit union so I could give her the title and give the person who's car I'm buying the money.

But living in LA I can't do that because she needs the title before she can issue the loan. So with the FX35 I had to buy it out of pocket, wait for the title to come and then go through the process with her. I figured PenFed would be even worse but the rates are laughably low.

I Was Wrong

I went on a couple weeks ago to check out the process. I was about to bite on that Cayman so I figured I'd apply for a loan. I think it was 2%. That's free money in my book. So here I am thinking I'm just applying for approval. Two days later a check shows up. Seriously, I never even spoke to a human. I just got a check and instructions for adding them as a lien holder to the title. That was it. Oh yeah, and I had to sign one piece of paper and return it to them. The process was so easy that I didn't even realize I applied for the loan.

So today I called and explained that I thought I was applying for the loan. I wasn't actually ready to get it. They canceled it on the spot. Easy peasy.

So just now I'm looking at something that I'm floating on my line of credit and I'd like to get it off of there because the bank doesn't like you to use a line of credit for long term debt. It's 25k that I'd been spreading over two years.

So I popped on there and decided to see how easy it would be to just get a loan and remove it from my line of credit. Keep in mind this is a no collateral loan. I'm basically telling them to give me 25k for booze and hookers. Literally 30 seconds later the loan is approved and they say the check will be sent out tomorrow.

I don't know what the credit requirements are for them but I have a modest 720 score. If you qualify though, the rates are super cheap and the process is easier than easy. Do it.

I'm canceling my credit union accounts next time I'm back in Chicago.
 

Rent Free

TCG Elite Member
Jan 26, 2015
24,427
20,277
Nowheresville North Dakota
Ive always dealt with my local credit union in Grand Forks. When I was out in Washington D.C for 2 years a cleaned up a fuck ton of financial mess from being single income house hold for a bit after baby #1 then knocked down a bunch of odds and ends I had killing my score. In the 2 years I was out in DC my score went up over 110 points Im low 700's now.

I have no idea what this bank is you speak of apparently not a credit union?

Also Ive had better luck with my credit union than USAA which surprised the hell out of me I expected USAA to beat the credit unions rates..... Not even close credit union was 4% less when we got the wifes Navigator last year.

Apparently I need to look into other banks too? Hell like you said at 2ish % screw spending some of my own savings for the Jamaica or where ever trip when I get back from Afghanistan. If Im taking less than a 4% hit fuck it my money can stay in my accounts!

So basically the 2 I have now is Credit Union and USAA.

So far its CU > USAA in term of service and much easier to work with. I get same 1 or 2 people to deal with at the CU. USAA who the hell knows every day is different. I hate that!
 
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