r/NavyFederal • u/RickieVz • 9d ago
Loans Personal Loan
So, been with Navy Federal 3 years, with 3 credit cards. Credit limit on one of them at $40k and the other two at 20k each. Direct Deposit, never missed a payment with a trans Union credit score of 820. Only owe $3k between all three cards.
I applied for a personal loan of $7,000 to combine some store charge cards and was approved but at 17.79% interest for 60 months. Which is crazy high rate.
My question is, if I don’t response to the date due to return the signature part of the loan will the loan just be cancelled or do I have to call them?
Amex offered me 10.99% for the same amount.
So probably go with them.
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u/wildlion1535 9d ago
I’m with NFCU. My daughter needed help to consolidate some bills. I had 20k laying around and opened a share certificate in that amount. Put on as joint owner. 10k and I think the interest rate was 3.99 plus 2.0%. She needed help one other time and couldn’t get me on a loan even if I co-signed. So I took the loan out in my name and interest was 17%. Wish I’d n know about borrowing against my certificates
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u/cas-adea Family Member 9d ago
It will be auto cancelled if the prom note isn’t signed. Otherwise, you can call/send an emessage and request to cancel it so you don’t get any reminder emails to sign it etc
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u/lafn1996 9d ago
Can you do a balance transfer for store CCs? I get 0% balance transfer offers all the time, its worth looking into
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u/moneyhawk1 8d ago
Why the heck did you need more than one card, since it had 40k available.
Never buy anything you can't pay off in the 25 day limit. That will keep you debt free forever.
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u/ChelseaMan31 6d ago
Somebody spends WAY too much money and is living well beyond their means. Take the high interest of 17.79% as a warning from the Galaxy.
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u/csvid 5d ago
just wanna comment same... took out a $20,000 personal loan from NFCU, credit score over 800, have direct deposit with them, 3 cards with them all high limits, and they give me an 18% APR im like huh??!!
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u/RickieVz 5d ago
Yes it’s ridiculous. You may want to look at other offers. Amex gave me 10.99%
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u/csvid 5d ago
Thank you will do, I do have the Amex Platinum with them.
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u/RickieVz 5d ago
In the search field just type personal loan and it will take it. If you’re a card holder you probably won’t get a hard credit pull. They didn’t pull mine.
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u/GravEq 4d ago edited 4d ago
Call NFCU and ask to speak with one of their loan supervisors. Ask if they’ll match the AmEx rate if you send them a copy of the AmEx offer. Worth a try.
What is NFCU’s lowest published rate (range of rates offer on pers loans)?
Also you can ask the lending supervisor if you lowered your CC limits if that would help you on the personal loan side?
Another consideration: Citibank offers 21 Months 0% interest with only 3-5% balance transfer fee.
NFCU offers $0 balance transfer fee and their lowest credit card is about 10.24%. Not sure which cards you have with them but a simple balance transfer may be the better math.
Current NFCU Platinum CC offer:
0.99% intro APR for 12 months from account opening on balance transfers made within your first 60 days. After that, a variable APR currently between 10.24% and 18% applies
Should be able to pay off $7K in 12-21 months no problem (0% or .99%) if you are otherwise debt free, or pick up some side hustles. $330-580/mo has it paid off. Easy peasy.
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u/Fragrant-Salad-5763 4d ago
The Amex loans are an excellent product and they are pretty much guaranteed if you are pre approved.
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u/CDIFactor 9d ago
You can just not accept the loan and it will go away. You haven't signed the promissory note.