Navy Federal Credit Union Personal Loan Review

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Navy Federal Credit Union
APR

8.19%
To
18.00%

Credit Req.

Not specified

Terms

60

months

Origination Fee

Not specified

APPLY NOW Secured

on Navy Federal Credit Union’s secure website

Navy Federal Credit Union Product Details
 

Fees and penalties

  • Term lengths: Up to 180 months
  • APR range: 8.19%-18.00%
  • Loan amounts: Up to $50,000
  • Time to funding: Not specified
  • Credit check: Not specified
  • Origination fee: Not specified
  • Prepayment fee: Not specified
  • Late payment fee: $29
  • Returned loan payment fee: $29

Navy Federal Credit Union product details

Being a Navy Federal Credit Union member can result in serious savings. Members earn and save an average of more than $251 a year in better interest rates, lower fees and discounts, according to the credit union’s website.

Some of the money-saving features offered by Navy Federal Credit Union include zero fees on select checking accounts, balance transfer credit cards, and foreign transactions, and 100% mortgage financing options. The credit union also has a wealth of financial education resources on its website designed to help you achieve your financial goals.

Navy Federal Credit Union’s website doesn’t specify whether its loans have origination or prepayment fees, nor does it talk about time to funding. It’s best to check with the credit union before applying for a personal loan.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Membership is required to apply for a personal loan from Navy Federal Credit Union. Service members from all branches of the armed forces are invited to join. This includes active-duty Army, Marine Corps, Navy, Air Force, Coast Guard and Air National Guard members, Delayed Entry Program participants, Department of Defense officer candidates/ROTC, Department of Defense reservists, and veterans, retirees and annuitants. Membership is also open to Department of Defense civilian personnel.

Immediate family and household members of qualified Navy Federal Credit Union members are also able to join. This includes minor children and grandchildren of existing members, who are eligible to apply for a minor membership.

Applying for a personal loan from Navy Federal Credit Union

Before applying for all Navy Federal Credit Union loans, you must become a member. To join, you’ll need to provide your Social Security number, driver’s license or government ID, current home address and a credit card or bank account routing number for account funding purposes.

Enroll in online banking to apply online for personal loans with terms up to 60 months. Terms up to 180 months are available for home improvements, but you must apply for these personal loans through a representative.

Pros and Cons of a Navy Federal Credit Union Personal Loan

Pros:

Cons:

  • Money-saving perks: Taking out a personal loan with Navy Federal Credit Union means you’re a member. Thus, you have access to better interest rates, lower fees and discounts that can help you earn and save an average of more than $251 a year, according to the credit union’s website.
  • Generous terms: Enjoy personal loan terms up to 180 months for home improvement and up to 60 months for other purposes.
  • Members only: You must be a Navy Federal Credit Union member to apply for a personal loan. Only current or retired members of the armed forces, Department of Defense or National Guard and members of their immediate family or household are eligible to join.
  • Minimum APR rises with term lengths: The minimum APR is 8.19% for personal loans with terms up to 36 months. Check out Navy Federals website for more details. Do note that rates are based on creditworthiness.
  • Minimum financing requirements: Available exclusively for home improvements, the minimum borrowing amount for personal loans with terms of 61 to 84 months is $25,000. It rises to $30,000 for terms greater than 84 months.

Who’s the best fit for a Navy Federal Credit Union personal loan?

Rates are based on creditworthiness, but if you have excellent credit and can repay the loan within 36 months, this could allow you to obtain the baseline 8.19% APR.

Most Navy Federal Credit Union personal loans are limited to 60 months. But those needed for home improvements can be extended to up 180 months, which could make it an excellent choice if this happens to be the reason you need financing. Enjoy terms of 61 to 84 months if you need to borrow a minimum of $25,000 and terms of 84 to 180 months for financing needs totaling at least $30,000.

Shopping around will help you find the best personal loan for your needs. Here’s a few additional options to consider.

Alternative personal loan options

USAA

USAA Bank
APR

9.49%
To
17.65%

Credit Req.

700

Minimum Credit Score

Terms

12 to 84

months

Origination Fee

Not specified

APPLY NOW Secured

on USAA Bank’s secure website

USAA offers personal loans for members with low, fixed interest and protections to fall back on if you get behind in payments.... Read More


USAA offers personal loans starting at $2,500 to U.S. military members and their eligible family members. Like Navy Federal Credit Union, membership is required to apply for a personal loan. You’ll pay no fees to apply and enjoy the convenience of an easy online application. In most cases, decisions are made immediately and funds are available the next day, making this a good choice if you need cash fast.

LightStream

APR

4.99%
To
16.79%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66.


LightStream personal loans are offered between $5,000 and $100,000. Enjoy notably competitive rates, which vary by loan purpose. LightStream, a division of SunTrust Bank, charges no fees — including prepayment penalties — which can help you achieve major savings. This can be a good choice if you need a higher loan amount but still want longer terms. Depending on your borrowing needs and creditworthiness, you might also be able to secure a significantly lower APR than offered by Navy Federal Credit Union.

Northwest Federal Credit Union

Northwest Federal Credit Union
APR

As low as 7.99%

Credit Req.

581

Minimum Credit Score

Terms

84

months

Origination Fee

No origination fee

APPLY NOW Secured

on Northwest Federal Credit Union’s secure website

Advertiser Disclosure

Northwest Federal Credit Union offers personal loans that have terms of up to seven years, which is perfect for those looking to minimize their monthly payments associated with repaying the loan.... Read More


Rate is current as of January 1, 2019 and is subject to change without notice. Rate is based on an evaluation of credit history, so your rate may differ. A sample principal and interest payment on a $8,000 fixed rate lifestyle loan at 7.99% APR for 24 months is $363.00.


Northwest Federal Credit Union offers personal loans from $500 to $25,000, which can be used for anything you need. Membership is required to apply for a personal loan, and is open to employees from select federal government agencies, hundreds of local and national businesses, and partner organizations, according to its website. This can be a good alternative to Navy Federal Credit Union loans if need a loan for something other than home improvement but you’re looking for terms that exceed 60 months.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Laura Woods
Laura Woods |

Laura Woods is a writer at MagnifyMoney. You can email Laura here