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Navy Federal Credit Union Personal Loan Compare rates from participating lenders with Fiona Insider’s Rating A five pointed starA five pointed star
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Regular APR 8.99% to 18.00% Loan Amount Range $250 to $50,000 Minimum Credit Score UndisclosedBusiness Insider's personal finance team compared Navy Federal Credit Union personal loans to the best personal loan companies and found it to a standard offering.
Navy Federal Credit Union (NFCU) is a credit union that serves the military community and their families. It offers various financial products, including personal loans. It offers competitive rates, low fees, and flexible terms, primarily catering to active duty, retired, and former military personnel and their families.
It offers an impressive range of loan amounts, especially for borrowers who only need a small sum of cash. However, there are stringent membership requirements that make the credit union inaccessible to some borrowers. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
This review will cover rates, terms, benefits, and drawbacks to help readers make an informed decision.
NFCU offers loan amounts ranging from $250 to $50,000, with loan terms of 12-60 months. However, in the case of home improvement loans, terms can reach up to 180 months.
Navy Federal Credit Union offers an impressive range of loan amounts, especially for borrowers who only need a small sum of cash. However, there are stringent membership requirements that make the credit union inaccessible to some borrowers. For example, if you're not a military member or the family of a military member, you likely won't be eligible.
The current APR range as of September 2024 is 8.99%—18.00% variable APR, and the rate you receive is based on creditworthiness, loan purpose, and other factors. You won't encounter any origination fees or prepayment penalties with NFCU personal loans, but you can expect a $29 late payment fee per each missed or late payment.
Unlike other credit unions, you need to be a member of Navy Federal to apply for and receive a personal loan. You're only eligible if you are active military member or a veteran, as well as an employee or retiree of the Department of Defense. Family members of any of the aforementioned groups are also eligible.
You can get a personal loan from Navy Federal in all 50 states. Navy Federal allows you to apply with co-borrower, which may help you get a better rate if your co-borrower has a great credit score. You can fill out your application online and get your rate within several minutes. If you're looking for a debt consolidation loan or home improvement loan, you'll have to apply over the phone or in person.
Navy Federal doesn't make its minimum credit score to be eligible for a personal loan public — though in general, a higher credit score will secure you a lower rate.
Unfortunately, you can't apply for a loan with Navy Federal without the credit union generating a hard credit inquiry. A hard inquiry gives a lender a complete view of your credit history, but might negatively affect your credit score. Other lenders allow you to check your rates without impacting your credit score.
After you accept the loan, your payments (or lack thereof) will show up on your credit report. Consistent payments can help boost your credit score, while late or missing payments may lower your score.
1. Become a Navy Federal Credit Union Member. You can only take out a loan from Navy Federal Credit union if you're a member. To become a member, you or a family member must have ties to the armed forces, Department of Defense, or National Guard.
2. Decide which method to use to apply. Navy Federal Credit Union allows you to apply for a personal loan online, by phone, or in person. Online applications are typically the fastest.
3. Submit your information and apply. You'll enter your name, Social Security number, income history, proof of income, and other information that Navy Federal will use to determine if you're qualified for a personal loan.
4. Review the offer and sign off on your loan. Navy Federal will offer a loan with an interest rate and term based on your creditworthiness if you qualify. Be sure to carefully review the offer and make sure you're able to afford the payments before agreeing to it.
5. Receive your funds. Navy Federal Credit union says in most cases you can get your money the same day you're approved for a personal loan.
With a range of 8.99% to 18.00%, offers a minimum loan amount than what you can get with PenFed, which as a range of 8.99% to 17.99%. Navy Federal's APR range of 8.99% to 18.00% is comparable to PenFed's range of 8.99% to 17.99%.
Navy Federal has more strict membership requirements than PenFed, as you only qualify if you or a family me ber are an active military member, veteran, or employee or retiree of the Department of Defense. You can join PenFed if you've served in the military or worked at a qualifying association or organization. You can also join by opening a savings account with a $5 minimum deposit.
Alliant advertises APR range that starts at 10.49%, higher than Navy Federal's lowest rate. Alliant doesn't disclose a maximum interest rate for its personal loans. You can borrow anywhere from $1,000 to $50,000 from Alliant, compared with loan amounts ranging from $250 to $50,000 at Navy Federal.
Becoming a member of Alliant is relatively easy. You can so so by making a donation to Foster Care to Success. That compares with much stricter membership requirements for Navy Federal.