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Everything You Need to Know About Navy Federal Pledge Loan - YouTube
Channel: Money Growth Project
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what's up money growers jacob back here
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with another video coming to you guys
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today to talk to you about the good
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old-fashioned navy federal pledge loan
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right that's secured loan that there's a
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it's not as popular topic online as i
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would say their credit cards are
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maybe their next most popular topic
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though navy federal's pledge so we're
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talking about that today ways you can
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use that to your advantage uh things you
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need to know when it comes to this
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pledge loan you know we're going to talk
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about the details a lot of the high
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points a lot of the faq type stuff that
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people have and other stuff that you
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know i didn't know going into this that
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i was able to learn when i uh applied
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for my loan in person which we're going
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to talk about that experience as well
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and the whole thing you can expect so
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we're going to be going about talking
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about this what you need to know really
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from beginning to end when it comes to
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how to get set up with a navy federal
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pledge loan so guys go ahead and
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subscribe the channel if you haven't
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done so yet because man oh man this
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channel is growing well so i gotta say
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thank you
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to everybody who subscribed so far you
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guys are absolutely awesome this channel
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has been growing great it's been so good
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and like i'm feeling good now seeing the
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growth of this channel it's like in the
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beginning there's a while where i wasn't
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sure if i even wanted to keep doing this
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but i am glad i stuck with it the more
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and more people that join that comment
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they're like hey you know dude i saw
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that tip you gave um i tried this or i
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called any fellow ass about this or
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whatever the case was like yeah actually
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this worked or hey you know i'm glad you
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mentioned this because i checked on this
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and uh you know whatever it is when i'm
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able to give something like that and
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people are able to just put it into
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action and use it right away that makes
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me feel good i like seeing that people
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say hey man you've earned a subscriber
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like that's the stuff i love seeing i
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enjoy seeing people do well and you know
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i'm glad that the information i'm able
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to give is helpful to people and also i
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appreciate when you guys share your own
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information down below because sometimes
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as you guys know um you get told
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different things by different reps and
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different people and also people have
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very different experiences in the world
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of credit okay the way something works
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out for me may not be the way it works
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out for you and vice versa okay you know
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i saw
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remember seeing all these people getting
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this all these great credit limits with
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a late night hack with navy federal i
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tried that didn't work for me so i'll be
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it okay there's lots of other options in
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the world of credit and finance and that
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kind of thing and one of those options
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we're talking about today is a very good
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one
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is the pledge loan with navy federal or
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i think the official name is the uh
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savings secured loan is what they
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actually call it with navy federal so
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blogs will just say the pledge loan
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right with them if you say you want to
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get the pledge one they're gonna know
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what you're talking about so we're gonna
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go over some of the high points you need
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to know when it comes to this now the
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big thing to know what most people are
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probably concerned about is their credit
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check when you do this the answer is no
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there's zero credit check when you do
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this pledge loan why because it's your
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own money it's a secured loan
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so similar in the concept of like a
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secured credit card how the secured
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credit card is backed by your own money
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same thing with the secured loan numbers
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when i asked you to ask the uh um
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well actually you guys shouldn't say
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bankers are not a bank but the employee
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working there uh who when i did the
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application process for the loan asked
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about that he wasn't quite able to give
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me like a great answer on why a secured
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credit card they do actually give you
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you are going to get a hard check a hard
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credit incurred if you apply for like
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the unrewarded secured credit card with
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them that's going to be a hard check um
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or a hard inquiry on your credit report
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but the if you use your own money like
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for a secured loan like a pledge one
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it's not so hey how to make all those
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rules but hey you know nonetheless you
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have an option to use a good quality
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product like this to help do several
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things for you
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for your financial picture
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so it is your own money all right so
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that's the whole thing it is your own
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money that you're doing uh or that when
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you open this up it's going to be your
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own money it's not you know
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it's secure it's not unsecured okay now
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the only there's only two ways you can
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open this loan up right now um and i
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thought you could actually do this
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online you can't do it online i thought
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you could do it on the app so that's the
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one actually one employee who works in a
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federal told me uh you can do it on the
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app you can't do it on the app not as of
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right as of making this video in the
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future that is one thing i was told they
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are working on so right now the only
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options you have to open the pledge one
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either over the phone or at a branch in
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person that's it okay i didn't mind him
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at the branch in person
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um that's what i did okay so go in there
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um you're gonna apply for it in person
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uh it takes like 24 hours maybe even a
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little less to show up on your bank
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account when you do it but you're going
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to go in there you can obviously give
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them your id you're going to show them
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your account right they're going to um
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you know they as long as you're at least
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250 250 available they can go ahead and
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do the loan so the minimum deposit is
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250 bucks
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up to
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i've heard different limits even talking
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to the guy who've been there for like
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five plus years i thought twenty
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thousand was a limit for one i thought
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fifty thousand was another i think they
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even have like you know depending on
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what you want to do even like special
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circumstances even so they have a pledge
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load if you want to buy a vehicle uh is
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what he told me so it's kind of cool
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sometimes you get to talk to people on
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the ground level and see the different
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experiences they have so he the employee
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himself can even give me like an actual
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cap on it which you can do because i get
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he was like well i guess if you got the
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cash for like you know you can kind of
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do whatever you want but the minimum is
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250 to get your from the door with the
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pledge on 250. the minimum time to pay
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it back is six months
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now if you want to pay back early you
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can
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but the minimum time to pay this back is
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six months up to again i thought it was
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up to five years of the maximum and
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again even i talked to the gentleman um
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there he goes he wasn't quite sure
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because i think you know maybe he's seen
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some like special circumstances that
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that kind of thing he thought was up to
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seven years but again could be dependent
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on circumstances so
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minimum six months but you know if you
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want to go a year two years three years
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it is up to you also you do not have to
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pay it um you know you can set up your
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monthly payments you don't have to pay
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the same amount every single month you
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could pay a huge chunk up front which is
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what a lot of people do
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they'll you know say they want to take
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out a loan for
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um say there's a ten thousand dollar
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loan you have ten thousand in cash you
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wanna take a ten thousand dollar loan
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you're gonna pay it back over five years
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you know the people will pay off like 9
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000 of that in the first month and
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they'll pay the last thousand off over
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the next you know four years and 11
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months they'll just do it that way so
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they get 90 of the money back plus every
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single month they have the reports the
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credit bureaus if they're making this
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on-time payment uh for the loan
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most of which is already paid back and
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they're gonna have five years of
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positive payment history after their
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credit report so that's where a lot of
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people like to do that so that's one of
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the reasons why people do it because it
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could be great for building credit lots
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we like to do it to help build their
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credits the way to build credit just
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using the cash you already have without
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having to worry about any kind of hard
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inquiry now another thing that could be
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great for is building a relationship
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with navy federal that's a big one
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building a relationship with navy
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federal because they like it when you
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use their products okay banks credit
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unions french institutions in general
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they're going to like when you do use
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their products so the pledge loan is one
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that the navy federal definitely gives
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some weight to that if you decide to use
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that product they have so it's cool use
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the credit cards you know maybe you have
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a
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cd with them as well but you like a
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pledge though that's something they do
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like to seize that you have that pledge
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loan it's another product there's that
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they're offering you take advantage of
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it so now you have a mix between a
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credit card or two a pledge one with
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them again maybe some other
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checking account an auto loan or
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something else like that you're just
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showing that you have a mix of products
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with them that you're using that they
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offer
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and also you can have more than one of
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these at a time so you can have more
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than one pledge loan at one time if you
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want so remember it's your money so if
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you want to divide it up you know say
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you do have 10 grand again you want to
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do one loan for 10 grand uh pay off that
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9 000 the first month and then you know
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you could take that 9 000 open up
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another loan for 9 000
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uh you can pay off 8 000 of that in the
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first in the first month you know now
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you're gonna have about well you're
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gonna need to pay back a thousand
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dollars on each of those two loans now
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but now you got two loans reporting so
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two loans that were so ten thousand
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dollar loan a nine thousand dollar loan
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both reporting you know maybe you said
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your automatic payments and every single
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month you've got two loans now reporting
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a ten thousand to nine thousand and you
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got
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what five years on each of those if you
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were to use the example from earlier of
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on-time payments so again those are just
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strategies people like to use it's up to
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you you can you have flexibility with
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this good thing to know too with this
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loan there's no process fee there's no
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origin an origination fee no
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documentation fee no prepayment penalty
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fees penalties all that kind of stuff
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that you oftentimes get with the big
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banks and big financial institutions
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credit unions oftentimes do they just
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don't have or if they do have them
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they're going to be a lot lower in this
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case maybe federal they just don't have
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them so all those fees and things you're
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used to seeing lots of times with big
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banks or other big lenders you don't
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have to worry about that with navy
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federal when it comes to the pledge loan
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now the interest rate on the pledge zone
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is two point two five percent but really
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it's two percent that's what the guy
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explained to me he goes really he goes
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it's actually two percent because he
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says money in the shared savings account
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will actually earn point two five
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percent interest so yes it's two point
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two five percent interest rate but your
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money's earning 0.25 percent so 2.25
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minus 0.25 is 2 percent flat so that was
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this thing was because it's really goes
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it's that actual interest rate it's a
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real interest rate of 2 percent even
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though it's technically
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2.25 so those are some things to keep in
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mind when it comes to
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um
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having a pledge with maybe federal those
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are you know really just kind of the
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whole long and short of it doesn't take
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real long to open up again you can do it
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over the phone if you don't have one
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near you i would you know i would like
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to go into the going to the branching to
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talk to someone just be advised though
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if you are going to go into the branch
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and do it with a um one of the employees
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there it's it can be very much luck of
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the draw because they don't take
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appointments so you know if you get
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there when they open like 9am that's
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your best bet or else you go in there
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you know maybe you go in their lunch
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time during the week you want to see
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someone and there's like four or five
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people ahead of you i mean there's no
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time limit on when they talk to someone
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when they're sitting with them so you
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could be there for an hour plus so if
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you are going to go in the inside the
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actual branch to speak with someone
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probably best to do it in the morning
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right as they're opening around 9am is
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the best thing you can do because
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they're not going to take an appointment
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so nonetheless you can do it that way or
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you can do it over the phone it's up to
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you but these are really to give you a
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quick rundown and a quick synopsis of
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what you can expect when it comes to
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pledge though this is what i have for
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you if there's anything i miss please
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put down the comments section below i
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love it when you guys chime in and share
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other stuff that i've missed or
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experiences you've had or things like
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that i really do appreciate that because
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it helps people watching it helps new
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people and helps me as well so thank you
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for being so awesome that's gonna be it
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for this video until next time keep
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growing your money
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