Editor’s Rating
4.2 / 5
Bottom Line: Navy Federal Credit Union personal loans offer a low minimum APR, large amounts of funding, long payoff periods and no origination fee. These loans are only available to members of Navy Federal. You’re eligible to join if you’ve served in the military, or if a family member has served or is an existing member.
This review is not provided, commissioned or endorsed by any company. Opinions and ratings are our own.
Pros
Cons
Navy Federal Review Summary
Navy Federal personal loans are fairly inexpensive, with APRs ranging from 8.99% - 18%. You may be able to find lower starting rates elsewhere, but NFCU’s maximum interest rate is low compared to what most other lenders charge. Those low rates combined with loan amounts up to $50,000 make Navy Federal a good option for debt consolidation. Navy Federal personal loans have a 0% origination fee and $0 prepayment fee, too.
Navy Federal personal loans are only available to members of Navy Federal Credit Union. You can join if you’ve served in the military or if a family member has served (or is an NFCU member). Department of Defense personnel and their families are also eligible. NFCU doesn’t openly state any minimum credit score or income requirements for their personal loans, but they do say they’ll consider applicants’ standing in the credit union.
Below, you can see how WalletHub rates Navy Federal personal loans in three major categories: Terms, Requirements & Application, and Reviews & Transparency. We also compare NFCU loans to some alternatives from major competitors.
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Navy Federal Credit Union Personal Loan Terms
 | |
| APRs | 8.99% - 18% |
| Loan Amount | $250 - $50,000 |
| Loan Terms | Up to 60 months (up to 180 for home improvement) |
| Origination Fee | 0% |
| Prepayment Fee | $0 |
| Late Fee | $29 |
| Minimum Credit Score | Not disclosed* |
| Minimum Income | Not specified |
| Loan Purpose | Debt Consolidation, Home Improvement, Big Purchase |
| Time to Receive Loan Money | As soon as the same day |
| Other Requirements |
|
*According to multiple third-party sources
Navy Federal Personal Loan Rates, Fees & Other Terms
Category Rating: 100% (5 out of 5)
- APRs: Navy Federal personal loan interest rates range from 8.99% - 18%, but the longer the loan is, the more expensive the APR is likely to be. Loans can last for Up to 60 months (up to 180 for home improvement). Since NFCU is a federal credit union, they are required to cap their interest rates at 18%. These interest rates are fixed, too, and so will not go up or down over time after you’re approved.
- Origination fee: Navy Federal has a 0% origination fee.
NFCU scores well in this category because of their low rates and lack of origination fees, combined with their large loan amounts and long payoff periods.
Navy Federal Personal Loan Requirements & Application Info
Category Rating: 76% (3.8 out of 5)
- Credit score: There are no openly disclosed Navy Federal credit score requirements , either officially or from third-party sources.
- Identification: You can apply using either a Social Security number or an Individual Taxpayer Identification number.
- Citizenship: You can be a U.S. citizen, permanent resident or immigration visa holder, as long as you’re otherwise eligible for membership with Navy Federal.
- Pre-qualification: Unlike many lenders, Navy Federal does not offer pre-qualification to let you estimate your approval odds and rates before you apply. To find out your rates, you will need to submit an application, which will result in a hard pull of your credit.
- Ways to apply: You can apply for a Navy Federal personal loan online, by phone at 1-888-842-6328 or at one of NFCU’s 300+ branches.
NFCU loses a few points in this category for not offering pre-qualification, but gets a decent score overall for accepting non-citizens and offering multiple ways to apply.
Navy Federal Personal Loan Reviews & Transparency
Category Rating: 40% (2 out of 5)
- Better Business Bureau: Navy Federal Credit Union is currently not rated by the BBB and is not accredited with them.
- Consumer Financial Protection Bureau: The CFPB has around 223 complaints about Navy Federal personal loans on file. Some complaints include a borrower being unable to find out how much they were charged in late fees and another claiming Navy Federal made automatic payments without authorization.
- WalletHub: Navy Federal Credit Union has an average user score of 4.1/5 across 3,200+ reviews.
- Transparency: Navy Federal Credit Union is clear about the range of terms borrowers can expect. However, they are not transparent about their credit score requirement, and they don’t have pre-qualification, which many lenders offer.
Navy Federal loses some points for having a relatively high amount of complaints compared to many other lenders and for not being clear about some of their requirements.
Summary: Navy Federal Personal Loan Score by Review Category
| Category | Score |
|---|---|
| Rates, Fees & Other Terms | 5/5 |
| Requirements & Application Info | 3.8/5 |
| Reviews & Transparency | 2/5 |
| OVERALL | 10.8/15 |
Other Key Things to Know
- Age: To get a personal loan from Navy Federal, you will have to be at least 21 years old.
- NFCU Membership: The biggest thing you need to do to become eligible for a Navy Federal personal loan is join Navy Federal Credit Union. Membership is open to people who have served in the U.S. armed forces or the Department of Defense, or who are relatives of people who have.
- Prepayment Fee: Navy Federal does not have any prepayment fee.
- Late Fee: Navy Federal charges a late fee of $29.
Navy Federal Personal Loans vs. Competing Lenders
| Navy Federal Personal Loan | USAA | Avant | |
| Reviews | ***** | ***** | ***** |
| APRs | 8.99% - 18% | 10.34% - 18.51% | 9.95% - 35.99% |
| Loan Amounts | $250 - $50,000 | $1,000 - $100,000 | $2,000 - $35,000 |
| Loan Terms | Up to 60 months (up to 180 for home improvement) | 12, 24, 36, or 48, 60, 84 months | 12 - 60 months |
| Minimum Credit Score | Not disclosed* | Not disclosed* | Bad* |
| Winner | USAA | ||
*According to multiple third-party sources
Methodology
In order to provide the most accurate review of Navy Federal Credit Union personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Navy Federal personal loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Navy Federal Personal Loan Review FAQ(40 questions)
Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Most Popular
Upvotes
Does Navy Federal offer good debt consolidation loans?
Reply
Adam McCann, Financial Writer
@adam_mcan
Navy Federal debt consolidation options include personal loans, home equity loans, home equity lines of credit, and credit cards. NFCU personal loans are unsecured and can be used for anything, including debt consolidation. Home equity loans and lines of credit can also be used for anything, but they are secured by the borrower's home. And credit cards allow debt consolidation through balance transfers.
The best way to get a Navy Federal debt consolidation loan is to apply for a personal loan, in most cases. NFCU's personal loans offer relatively low APRs without requiring collateral like home equity products. If you have small debts that you can pay off in less than a year, though, you might want to consider a balance transfer card instead.
But before trying to consolidate debt with any Navy Federal loan or line of credit, it's important to learn how each potential option works in order to make an informed decision about which will be best for you.
Navy Federal Debt Consolidation Options:
- Personal loans: Navy Federal offers personal loans with APRs of 8.19% to 18%. While their minimum APR is higher than the lowest rate possible on most personal loans, their maximum APR is quite low. The loan amounts are $500 to $50,000. Payoff periods can last up to 180 months. There are no origination fees.
- Home equity loans: APRs are as low as 4.99% but could be as expensive as 18%. You are able to borrow up to 100% of your home equity, as long as that amount is between $10,000 and $500,000. Loans last for 5 to 20 years, and there are no application or origination fees.
- Home equity lines of credit: APRs are as low as 5% but could be as expensive as 18%. You are able to borrow up to 95% of your home equity, as long as that amount is between $10,000 and $500,000. Lines of credit have a 20-year draw period during which you can borrow up to your credit limit at any time. You only need to make monthly payments on what you borrow. After 20 years pass, you have another 20 years to pay off any remaining balance.
- Credit cards: You can move existing debts to a Navy Federal credit card by doing a balance transfer. This is probably best for consolidating small balances, though, because you could wind up with a relatively low credit limit.When comparing offers, make sure to consider each card's balance transfer APRs, balance transfer fee, annual fee and regular APR. Using a balance transfer calculator will help.
It's important to note that NFCU does not openly disclose credit score or income requirements for any of their loan options. You can see the requirements for their credit cards on WalletHub.
Furthermore, you can't apply for any of Navy Federal's debt consolidation options unless you become a member of the credit union. Membership is limited to people who have worked for the military or Department of Defense, relatives of people who have worked for the military or DOD, and family of NFCU members.
16
Upvotes
How do I apply for a Navy Federal Credit Union personal loan?
Reply
16
To apply for a Navy Federal Credit Union personal loan, first decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a Navy Federal Credit Union Personal Loan
- Decide which way to apply. You can apply for a Navy Federal Credit Union personal...
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1
Upvote
Does Navy Federal have home improvement loans?
Reply
1
Adam McCann, Financial Writer
@adam_mcan
The best way to get a Navy Federal home improvement loan is to take out one of the credit union's unsecured personal loans. There are few limits to what a borrower can use a personal loan for, so all home improvement expenses are fair game. The APRs for NFCU personal loans range from 8.19% to 18%, depending on credit history, income and how many months the borrower needs to pay the loan off. Navy Federal...
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Upvotes
What are the Navy Federal Credit Union personal loan fees?
Reply
Grace Enfield, Content Writer
@grace_enfield
Navy Federal Credit Union personal loans have a $29 late payment fee, but there is no prepayment fee or no origination fee. Navy Federal Credit Union personal loans also have a minimum APR of 8.99%, which is lower compared to the typical minimum APR for a personal loan. For your convenience, you can see Navy Federal Credit Union's personal loan fees and other key terms below.
Navy Federal Credit Union Personal Loan Fees and Other Terms
- ...
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Upvotes
What are Navy Federal Credit Union's requirements for borrowers?
Reply
Grace Enfield, Content Writer
@grace_enfield
Navy Federal Credit Union's personal loan requirements include being at least 18 years old, having enough income or assets to make the monthly payments and having a Social Security number. You will also need to be eligible for a Navy Federal Credit Union membership to qualify for an NFCU personal loan. Membership is open to active-duty military, retired service members, veterans, Department of Defense personnel and family members.
Navy Federal Personal Loan Requirements for Borrowers
- ...
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Upvotes
What are my Navy Federal Credit Union approval odds?
Reply
Grace Enfield, Content Writer
@grace_enfield
Your Navy Federal Credit Union approval odds are good if you have a low debt-to-income ratio and meet Navy Federal Credit Union's requirements to get a loan. Some requirements include being at least 18 years old, having enough income to make monthly payments and having at least bad credit. If you meet all the requirements, your approval odds are high, but approval is never guaranteed.
What You Need for Good Navy Federal Credit Union Approval Odds
- ...
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1
Upvote
Does Navy Federal Credit Union offer medical loans?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
Navy Federal Credit Union offers personal loans that can be used to cover medical expenses. Navy Federal Credit Union's personal loans offer $250 - $50,000 in funding with an APR range of 8.99% - 18%, repayment periods of Up to 60 months (up to 180 for home improvement) and an origination fee of 0%.
Navy Federal Credit Union Personal Loan Info
- Loan Amounts: $250 - $50,000
- Repayment Periods: Up to 60 months (up to 180 for home improvement)
- APR Range: 8.99% - 18%
- Origination Fee: 0%
- Credit Score Requirement: not disclosed
Before you officially apply...
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1
Upvote
What types of loans does Navy Federal Credit Union offer?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
Navy Federal Credit Union offers several different types of loans, including personal loans, auto loans and mortgages. Each type of loan is used for a different purpose and has different requirements to get approved.
Types of Navy Federal Credit Union Loans
- Personal Loans
- Auto Loans
- Mortgages
- Student Loans
- Home Equity Loans
If you think a personal loan is best for you, check out the free pre-qualification tool on...
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1
Upvote
Does Navy Federal Credit Union offer wedding loans?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
Navy Federal Credit Union offers personal loans of up to $50,000 with an APR of 8.99% - 18%, depending on your overall creditworthiness. These loans can be used for any wedding-related expense, like the engagement ring, the venue, the cake or the honeymoon.
Navy Federal Credit Union Personal Loans That Can Be Used for Weddings: Key Details
- Loan amounts: $250 - $50,000
- APR range: 8.99% - 18%
- Repayment period: Up to 60 months (up to 180 for home improvement)
If you're set on specifically getting a...
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1
Upvote
Can you refinance a Navy Federal Credit Union personal loan?
Reply
1
Grace Enfield, Content Writer
@grace_enfield
Yes, you can refinance a Navy Federal Credit Union personal loan using either a new personal loan or a balance transfer credit card from a different lender. By paying off your remaining Navy Federal Credit Union balance with a new, lower-interest loan or credit card, you will shift what you owe to the new lender and save money on finance charges.
How to Refinance a Loan from Navy Federal Credit Union With a New Loan
- Check your credit...
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