Pros Explained

• Broad range of loan amounts: Navy Federal issues loans between $250 and $50,000, so you can borrow for a variety of needs.
• Potential for lower-than-average APRs: Navy Federal’s interest rates start at 8.99%, which is lower than the average APR for all personal loans with a 24-month term.
• Extended terms available on some loans: Depending on the type of loan you apply for, you could take advantage of extended loan terms. Unsecured home improvement loans have terms as long as 180 months, giving you more manageable monthly payments.

Cons Explained

• Must be a member to qualify for a loan: You need to be a member to get a loan from Navy Federal Credit Union. Unfortunately, membership isn't open to the public. You must be a military veteran, current service member, Department of Defense employee, or a close relative of one of these people.
• High late fee: Several personal loan lenders don't charge any late fees, which is why Navy Federal Credit Union's fees are surprising. Its late fee is $29, which is higher than what some other lenders charge.
• No loan pre-qualification tool: Most lenders allow you to check your rates and loan options with just a soft credit inquiry, which doesn’t impact your credit score. But that’s not an option with Navy Federal. You must apply and undergo a hard credit check to view your loan options.

Types of Personal Loans Offered🍒 by Navy Federal Credit Union

Navy Federal’s personal loaℱns can be secured or unsecure🅺d.

Its unsecured loans can be used for personal expenses, home improvements, or debt consolidation. Home improvement loans come with repayment terms as long as 180 months, but you’ll pay a higher APR for longer terms.

Your collateral for a secured loan can be your Navy Federal savings account or 澳洲幸运5官方开奖结果体彩网:certificate (similar to a certificate of deposit). All Navy Federal loans have fixed interest rates, and the credit union doesn’t charge origination fees or prepayment penalties.

Time to Receive Personal Loan Funds

Navy Federal Credit Union boasts quick deposits of loan proceeds. Your loan funds might be put in your bank account in just 24 hours once you're approved.

Borrower Requirements

It may be more difficult to qualify for a Navy Feder🍷al membership than to get a personal loan from the credit union. Loans are restricted to members. You must be an active member or veteran of the Army, Navy, Air Force, Marine Corps, Coast Guard, National Guard, or Space Force to join, although Department of Defense personnel also qualify. Immediate family members are also eligible.

N🎃avy Federal doesn’t list⛦ a minimum required credit score for personal loans.

Navy Federal Personal Loan Features

Navy Federal Credit Union stands out from other personal loan lꦐenders due to the following features.

• Loan terms: Depending on the intended use of your loan, you could have as long as 180 months to repay it. That's longer than many personal loans, which typically come with payoff periods of 60 months or less. Navy Federal’s longer terms could give you a lower monthly payment than you might get with another lender.
• Mobile app: Navy Federal offers a mobile app solely for its members. It's available on the App Store, Google Play, and Amazon Appstore. You can manage your account from the app, update your information, and make payments.

Co-Signers and Co-Applicants

Navy Federal allows co-applicants for its personal loans, but not co-signers.

A co-signer is someone who promises to pay back a loan if the primary borrower can’t. Co-applicants share equal responsibility for loan payments and share equal access to loan proceeds with a 澳洲幸运5官方开奖结果体彩网:joint loan. In both cases, a co-signer or co-applicant can improve the chances of being approved for a loan and gaining an attractive interest rate versus if someone applies for a loan on their own.

🐠 Can You Refinance a Personal Loan With Navy 𝔍Federal?

You can use a Navy Federa✨l loan to consolidate high-interest credit card balances or other debt, but the credit union doesn’t offer personal loan reཧfinancing.

Customer Service

Customer Satisfaction

Our Combined Consumer Review metric, which is𝄹 calculated by aggregating Trustpilot, Google, an🐬d Better Business Bureau (BBB) reviews, gave Navy Federal a score of 4.465 out of 5.

On Trustpilot, Navy Federal has a score of 4.6 out of 5 based on nearly 36,340 customer reviews. Meanwhile, on the BBB, it has a score of 1 out of 5 based on three customer reviews.

In the 2024 J.D. Power Consumer Lending Satisfaction Study, Navy Federal got an above-average score of 787 out of 1,000.

Navyꦅ Federal Credit Union Membership Requirements

To become a member of Navy Federal, you must be at least 18 years old and have a connection to the U.S. 🐟military. That includ𝕴es being a:

• Current or retired member of the armed forces
• Family member of a current or retired member
• Department of Defense worker or contractor

Navy Federal accepts member♛ship applications online✨, at its branches, or over the phone.

How to Apply fꩵor a Navy Federal Credit Union Personal Loan

1. Join the credit union if you aren’t already a member. Membership is limited to current or retired members of the armed forces, family members of current or retired members, and Department of Defense workers or contractors, among others.
2. Go to the Navy Federal website, visit a branch, or call the credit union to complete your application. Pre-qualification is not available.
3. Figure out how much money you want to borrow.
4. Decide how long you want the payoff period to be.
5. Provide your employment and income information.
6. Supply your contact information, including your phone number and email address.
7. Sign the loan paperwork if your application is approved.
8. Receive your loan proceeds in as little as 24 hours.

Other Banking Services and Loans Offered by Navy Federal ♛Credit Union

Navy Federal is a full-service credit union, meaning it provides a variety of banking, credit, and insurance produ🌺cts, including the following:

• Checking accounts
• Savings accounts
• Money market accounts
• Business checking accounts
• Certificates (similar to certificates of deposit)
• Education savings accounts
• Debit cards
• 澳洲幸运5官方开奖结果体彩网:Credit cards
• Prepaid cards
• Gift cards
• Traditional IRAs
• Roth IRAs
• IRA savings accounts
• 澳洲幸运5官方开奖结果体彩网:Life insurance
• Mortgages
• Home equity loans
• 澳洲幸运5官方开奖结果体彩网:Student loans
• Auto loans
• Motorcycle, boat, and leisure vehicle loans
• Career Kickoff loans for juniors and seniors at U.S. military academies and students in certain officer training programs

Compare Navy Federal Crediꦗt Union With Other Personal Loan Lenders

The Bottom Line

If you qualify for membership with Navy Federal Credit Union, it can be a solid choice for personal loans. The country’s largest credit union by asset size offers a wide range of loan amounts and extended loan terms for home improvement loans. Furthermore, personal loan interest rates are competit꧂ive, and you won’t be charg🦋ed a loan origination fee.

Not everyone is eligible for Navy Federal personal loans, however. And there's no pre-qualification tool. This means that if you have less-than-perfect credit, there’s no way to find out whether you’re eligible for a loan without going through a hard credit check.

Is It H൲ard to Get a Loan From Navy Federal Credit Union?

Navy Federal doesn’t list any credit score or income requirements for 澳洲幸运5官方开奖结果体彩网:personal loans, so it’s tough to say precisely how hard it is to ge📖t a loan from 🗹Navy Federal. Of course, you must be a member of the credit union to apply for a loan.

What Credit Score Is Needed to Get a🎀 Loan From Navy Federal Credit Union?

Navy Federal doesn't impose a set minimum 澳洲幸运5官方开奖结果体彩网:credit score for qualifying for a personal loan. It will eval🃏uate your entire credit history rather than look at just your credit score, but this doesn't mean that a high🃏er score isn't better. A score in the upper 600s or higher should earn you a lower interest rate and improve your chances of qualifying.

Can Anyone Get a Loan From Navy Federal Cr🍰edit Union?

Only members of Navy Federal can get a loan from the credit union. To join you must be a member of the military, a reservist, or serve in a qualified government capacity. But the list of acceptable family members is rather extensive, including parents,🅷 children, grandparents, grandchildren, and siblings. Household members qualify, too.

Does Navy Federal Use Zelle?

Navy Federal uses Zelle. This money transfer service lets customers send and receive money from most bank accounts in the U.S.

Methodology

✱Investopedia’s list of the best personal loans is ba⛎sed on comprehensive research of 59 lenders. 

To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria such as APRs, loan amounts and terms, fees, customer experience♛, and more. Research and data collection occurred from July 23 to October 18, 2024. 

We organized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for backꦅground and editorial richness. We🌸 then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00% 

Learn more about how we evaluated personal loans in 澳洲幸运5官方开奖结果体彩网:our complete methodology.