Personal Loans » Personal Loan Lender Reviews » Navy Federal Personal Loans Review 2024
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Navy Federal Personal Loans Review 2024

Navy Federal Credit Union offers personal loans with competitive rates, fast funding, and flexible terms for military members and families.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024
The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.
Author: Baruch Mann (Silvermann)
Baruch Mann (Silvermann)

Writer, Contributor

Experience

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
Interest Rates Last Update: June 3, 2024

The banking product interest rates, including savings, CDs, and money market, are accurate as of this date.

We earn a commission from our partner links on this page. It doesn't affect the integrity of our unbiased, independent editorial staff. Transparency is a core value for us, read our advertiser disclosure and how we make money.

Navy Federal Credit Union offers personal loans with competitive rates, fast funding, and flexible terms for military members and families.

APR

7.49% - 18.00%

Loan Amount

$250 - $50,000

Term

12 - 60 months

Min score

N/A

Navy Federal Credit Union offers personal loans with competitive rates, fast funding, and flexible terms for military members and families.

navy federal credit union logo

APR

7.49% - 18.00%

Loan Amount

$250 - $50,000

Term

12 - 60 months

Min score

N/A

Our Verdict

Navy Federal Credit Union offers personal loans to its members, with amounts ranging from $250 to $50,000. These loans can be used for various purposes like home improvements, vacations, weddings, or consolidating debt. One unique aspect is that Navy Federal provides both secured and unsecured personal loans.

Secured loans require collateral, such as a savings account or certificate of deposit, while unsecured loans do not. The credit union offers competitive interest rates starting at 8.99%, with the potential for rate discounts for active-duty military members.

Applying for a Navy Federal personal loan is straightforward, but you must be a member to qualify. Membership is open to active-duty military, veterans, Department of Defense employees, and their families. The application process can be done online, over the phone, or in person at a branch.

Once approved, funds can be deposited into your account as quickly as the same day. Navy Federal does not charge origination fees or prepayment penalties, making it a convenient and flexible option for borrowing money.

What Do You Need To Apply?

Before applying for a personal loan with Navy Federal Credit Union, it's important to understand the requirements and documentation needed for the application process.

  • Credit Score Requirements: While Navy Federal doesn't disclose specific credit score requirements, a higher credit score typically improves your chances of approval and may qualify you for better terms.

  • Income Requirements: Navy Federal considers your income when evaluating your loan application to ensure you can afford the monthly payments. However, specific income thresholds are not publicly disclosed.

  • Co-signers and Co-applicants: Navy Federal allows co-applicants on personal loans, but not co-signers. A co-applicant shares equal responsibility for loan repayment and can help improve approval odds.

  • Membership Eligibility: To apply for a personal loan, you must be a member of Navy Federal Credit Union. Membership is open to active-duty military, veterans, Department of Defense employees, and their families.

  • Additional Documentation: You'll need to provide personal and financial information, including your desired loan amount, repayment term, employment details, contact information, and Social Security number. If applying with a co-applicant, their information will also be required.

Navy Federal Repayment Options

Here's what you need to know about loan repayment options with Navy Federal Credit Union:

  • Payment Options: Navy Federal offers various payment methods, including online payments, automatic transfers, phone payments, and in-person payments at branches. This flexibility allows you to choose the most convenient option for you.

  • Missed Payments: If you miss a payment, Navy Federal may charge a late fee of $29. It's essential to contact them immediately to discuss your situation and explore options for bringing your account current.

Navy Federal Personal Loan Pros & Cons

Navy Federal, like other lenders, has its own pros and cons that borrowers should think about before applying.

Pros
Cons
Flexible Loan Options
Membership Requirement
Fast Funding
No Prequalification Option
Extended Repayment Terms
Late Fee Charges
Competitive Interest Rates
Lack of Disclosure on Credit Score Requirements
No Origination Fees
Limited Accessibility
Joint Applicants Allowed

Navy Federal offers both secured and unsecured personal loans, providing borrowers with versatility to meet their financial needs.

Home improvement loans allow for repayment terms of up to 180 months, providing borrowers with manageable monthly payments.

Navy Federal offers competitive interest rates starting at 8.99%, potentially saving borrowers money over the life of the loan.

Navy Federal does not charge origination fees on personal loans, helping borrowers save on upfront costs.

With the possibility of same-day funding, Navy Federal ensures quick access to funds once your loan is approved.

Navy Federal permits joint applicants on personal loans, providing an opportunity for individuals with limited credit history to qualify.

Only members of Navy Federal Credit Union are eligible for personal loans, limiting access to borrowers who meet membership criteria.

Navy Federal does not offer a prequalification process, requiring borrowers to undergo a hard credit check to view loan options.

A $29 late fee is charged for missed payments, which can add to the overall cost of the loan if not promptly addressed.

Navy Federal does not disclose specific credit score requirements, making it difficult for borrowers to gauge eligibility.

Navy Federal's membership eligibility criteria restricts access to personal loans for individuals who do not have ties to the military community.

Customer Experience

Customer reviews of Discover Personal Loans are mixed. While the company has a high rating on its own website, external platforms like Trustpilot and the Better Business Bureau show more varied feedback. Positive reviews often highlight the convenience of the application process and quick approval times.

However, negative reviews may mention issues with customer service, loan terms, or dissatisfaction with the overall experience.

Navy Federal Credit Union
iOS App Score
4.9
Android App Score
4.3
BBB Rating
N/A
Contact Options
phone, chat, secure messaging, branches

You can reach Navy Federal Credit Union's customer service through various channels, including phone, chat, secure messaging, and in-person at branches. Customer service representatives are available 24/7 via telephone at 888-842-6328.

Additionally, you can access live chat on the Navy Federal website during certain hours, send secure messages through your online account, or visit a physical branch for assistance.

What Else You Should Know?

Before applying for a personal loan with Navy Federal, it's important to understand additional factors that could impact your borrowing experience:

Yes, you can pay off a Navy Federal loan early without incurring any prepayment penalties.

This gives borrowers the flexibility to save on interest by paying off their loan ahead of schedule.

The funding time for Navy Federal Credit Union's personal loans can be quite fast, with the possibility of receiving funds on the same day of approval.

This expedited funding process allows borrowers quick access to the funds they need to address their financial needs promptly.

If you miss a payment on your Navy Federal personal loan, the credit union may charge a late fee of $29.

It's crucial to communicate with Navy Federal as soon as possible if you anticipate difficulty making a payment. They may offer special options or assistance programs to help you manage your payments during challenging times.

What Can a Navy Federal Personal Loan Be Used For?

Navy Federal personal loans can be used for various purposes, such as:

  • Debt consolidation: Combining multiple debts into one loan for simpler payments and potentially lower interest rates.
  • Home improvements: Financing renovations, repairs, or upgrades to your home.
  • Auto repairs: Covering unexpected vehicle repair or maintenance costs.
  • Medical bills: Paying for medical expenses, including treatments, procedures, or prescriptions.
  • Vacation expenses: Financing travel, accommodations, and other vacation-related costs.
  • Wedding costs: Funding wedding ceremonies, receptions, or related expenses.

However, the Navy Federal does not allow personal loans to cover postsecondary education expenses.

Who Should Consider Applying?

Navy Federal Credit Union's personal loans offer various benefits and features tailored to specific groups of individuals. Here are some types of borrowers who should consider applying for a personal loan from Navy Federal:

  • Military Members: Active-duty military personnel, veterans, and their families may benefit from Navy Federal's membership perks, competitive rates, and flexible loan terms, catering to their unique financial needs and circumstances.
  • Homeowners: Individuals planning home improvement projects can take advantage of Navy Federal's extended repayment terms of up to 180 months for home improvement loans, allowing for more manageable monthly payments.
  • Individuals Needing Quick Funds: Those in need of fast access to cash may appreciate Navy Federal's fast funding options, with funds potentially deposited into their account on the same day of approval, providing timely financial relief.
Picture of Baruch Mann (Silvermann)

Baruch Mann (Silvermann)

Baruch Silvermann is a financial expert, experienced analyst, and founder of The Smart Investor.  Silvermann has contributed to Yahoo Finance and cited as an authoritative source in financial outlets like Forbes, Business Insider, CNBC Select, CNET, Bankrate, Fox Business, The Street, and more.
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When it comes to choosing personal, student or car loans, we make sure that we evaluate all of the different products and services that are available for the lender we review. 

The Smart Investor’s selection of loan providers for inclusion here was made based on key areas we evaluated: loan types and loan products offered, fees, and APR. We also considering customer satisfaction and reliable external ratings such as J.D power/Trustpilot.

Cutting fees is now table stakes in the personal and student loans market. In addition, the most valuable loan products tend to offer a deep bench of options that meet a wide array of customer needs. These include a diverse range of loan amounts and terms, as well as loan structures. We also make sure that you’re going to save money by cutting down on the APR that goes along with the loans offered.