Our Take
Those eligible for Navy Federal Credit Union membership could qualify for secured and unsecured personal loans with lower-than-average APRs, no origination fees, and extended repayment terms. However, membership isn’t open to the general public, and not everyone will qualify.
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- Pros & Cons
- Key Takeaways
- Company Overview
- specifications
Broad range of loan amounts
Potential for lower-than-average APRs
Extended terms available on some loans
Must be a member to qualify for a loan
High late fee
No loan pre-qualification tool
- Navy Federal Credit Union has over 13 million members worldwide and has issued over $112.2 billion in consumer loans.
- Navy Federal’s personal loans can be used for debt consolidation, vacations, medical expenses, or other major purchases.
- The credit union also offers banking services, including checking and savings accounts, investment accounts, and money market accounts.
- Navy Federal Credit Union members are eligible for additional benefits and discounts on car insurance, rental cars, and more.
Navy Federal Credit Union was founded during the Great Depression by several employees of the U.S. Navy. It was designed to provide loans and financial products with affordable rates and excellent service to military service members, military veterans, and their families.
The credit union has issued billions of dollars in loans. Its products are available online, but Navy Federal also offers in-person assistance at its branches. The credit union has more than 350 branches worldwide, with nearly 170 branches on or near military installations.
Navy Federal’s global membership includes members of the U.S. armed forces, military veterans, Department of Defense personnel, and their immediate family members. The credit union provides a range of banking services, including personal loans. Its loans can be secured or unsecured, with repayment terms determined by the loan’s use and the borrower’s credit profile.
The credit union’s secured and unsecured personal loans are available to residents of all 50 U.S. states. You might receive the money in as little as 24 hours if you’re approved, making Navy Federal a potentially good option when you need cash fast.
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, or Department of Defense employee, or be 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 loans can be secured or unsecured.
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 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 Federal 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 qualify, too. Immediate family members also are eligible.
Navy 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 lenders 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 usually 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 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 Federal?
You can use a Navy Federal loan to consolidate high-interest credit card balances or other debt, but it doesn’t offer personal loan refinancing.
Customer Service
Medium | Contact | When |
---|---|---|
Telephone | 888-842-6328 | 24/7 |
Chat | Look for chat icon on certain web pages | 24/7 |
Secure Message | digitalapps.navyfederal.org/signin/ | 24/7 |
Physical Branch | navyfederal.org/branches-atms.html | Hours vary |
X (Formerly Twitter) | @NavyFederalHelp | 24/7 |
facebook.com/NavyFederal | 24/7 |
Customer Satisfaction
- Trustpilot: Rating of 4.6 out of 5 stars
- J.D. Power: Above-average score of 846 out of 1,000 in the J.D. Power 2023 U.S. Consumer Lending Study
- Regulatory trouble: In 2016, the Consumer Financial Protection Bureau ordered Navy Federal to pay $28.5 million for improper debt collection actions.
Navy 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 includes 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 membership applications online, at its branches, or over the phone.
How to Apply For a Navy Federal Credit Union Personal Loan
- 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.
- Go to the Navy Federal website, visit a branch, or call the credit union to complete your application. Pre-qualification is not available.
- Figure out how much money you want to borrow.
- Decide how long you want the payoff period to be.
- Provide your employment and income information.
- Supply your contact information, including your phone number and email address.
- Sign the loan paperwork if your application is approved.
- Receive your loan proceeds in as little as 24 hours.
Other Banking Services and Loans Offered by Navy Federal Credit Union
- Checking accounts
- Savings accounts
- Money market accounts
- Business checking accounts
- Certificates (similar to certificates of deposit)
- Education savings accounts
- Debit cards
- Credit cards
- Prepaid cards
- Gift cards
- Traditional IRAs
- Roth IRAs
- IRA savings accounts
- Life insurance
- Mortgages
- Home equity loans
- 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 Credit Union With Other Personal Loan Lenders
Navy Federal Credit Union | SoFi | Patelco Credit Union | |
---|---|---|---|
APR Range | 8.99%–18.00% | 8.99%–29.49% | 9.30%–17.90% |
Loan Amounts | $250–$50,000 | $5,000–$100,000 | $300–$100,000 |
Loan Terms | 6–180 months | 24–84 months | 6–84 months |
Recommended Minimum Credit Score | Not disclosed | Not disclosed | 640 |
Origination Fee | None | None | None |
Time to Receive Funds | Same day | Same day | Same day |
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 competitive and you won’t be charged a loan origination fee.
Not everyone is eligible for Navy Federal personal loans, though. 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 Hard to Get a Loan From Navy Federal Credit Union?
Navy Federal doesn’t list any credit score or income requirements for personal loans, so it’s tough to say precisely how hard it is to get 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 credit score for qualifying for a personal loan. It will evaluate your entire credit history rather than look at just your credit score, but this doesn't mean that a higher 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 Credit 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
To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:
- Loan costs (advertised APR, fees, and six other factors): 29.25%
- Loan terms (loan amount, repayment term, and three other factors): 22.25%
- Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
- Additional features (online application, pre-qualification, and eight other factors): 20%
Learn more about how we evaluated personal loans in our complete methodology.