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An In-depth Look at Navy Federal Personal Loans

When it comes to personal loans, credit unions offer a unique blend of features tailored to their members. This article unpacks the specifics of Navy Federal personal loans. From competitive interest rates, diverse loan amounts to member prerequisites, we offer an unbiased perspective to help you understand and navigate the landscape of credit union loans.
Offers: 2
Best Personal Loan Today 26.02.2024*
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
2000.00 – 100000.00 $

Effective interest rate on the product

6.34 – 35.89 %

Loan term for the financial product

2 months – 72 months
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Submit One Loan Application Online!

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Navy Federal Credit Union
Personal Loans
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 18.00%

Loan term for the financial product

up to 36 months
The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
JG Wentworth
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
OneMain Financial
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
My Funding Choices
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Plain Green Loans
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Advance America
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...

What are Navy Federal Personal Loans?

Navy Federal Credit Union provides a diverse array of personal loans, catering to varying financial needs. Borrowers can enjoy the flexibility of choosing from a wide range of loan amounts and repayment terms, ensuring that the loan aligns with their specific requirements. However, it's important to note that personal loans are exclusively accessible to existing Navy Federal members, primarily consisting of military personnel and their families. With its tailored offerings and commitment to serving the armed forces community, Navy Federal Credit Union stands out as a reliable and accessible option for individuals seeking personal financial assistance.


  1. Military Affiliation Requirement. Navy Federal’s personal loan products are exclusive to those with connections to the military. This includes anyone who has previously or currently serves in the military, plus their families and household members.

  2. Quick Funding. Navy Federal can provide your funds the same day you close on your loan agreement.

  3. Low APRs. Credit union personal loans have a maximum annual percentage rate (APR) cap of 18.00%. In contrast, banks and online lenders typically have APRs up to 36.00%.

  4. Long Repayment Terms. Navy Federal offers repayment terms for home improvement loans as long as 180 months. Loans for other purposes go up to 60 months.

  5. Co-applications Available. If you have a low credit score, then you may want to consider applying for a Navy Federal loan with a second person. Getting a personal loan with a cosigner can help you secure lower APRs. The other person is equally responsible for making sure the loan gets repaid.

  6. Best for Small Loan Amounts. At $250, Navy Federal offers one of the smallest loan amounts on the market, compared to the minimum $1,000 to $2,000 that other lenders often provide.

Savings Secured Loan

  • Your Navy Federal savings account fully secures this loan.

  • While the loan is being repaid, your savings account continues to earn dividends.

  • As you make payments, the funds in your savings account that were pledged as collateral become available to you again.

  • Extended loan terms of 61 to 180 months are available for specific loan purposes, subject to certain minimum loan amounts.

Certificate Secured Loan

  • With this option, you can borrow up to 100% of your certificate's principal balance at a competitive rate of 2.00% APR above the certificate's rate.

  • The loan amount is limited to the balance of your certificate.

  • The loan term must be the same as or shorter than the certificate's term.

Personal Expense Loan

  • In addition to the secured loan options mentioned above, Navy Federal Credit Union offers unsecured personal loan options, namely, Personal Expense Loans.
  • With loan amounts ranging from $250 to $50,000, borrowers can choose the amount that suits their needs.
  • The loan offers tiered rates based on the repayment term, with APRs ranging from 7.99% to 18.00% for loan terms up to 36 months and 15.29% to 18.00% for loan terms between 37 to 60 months.

Pros and Cons


Wide Range of Loan Amounts. Navy Federal offers a diverse selection of loan amounts, accommodating various financial needs and allowing borrowers to access the funds they require.

Fast Funding. Borrowers can benefit from swift access to funds, with the possibility of receiving the loan amount on the same day they close the loan agreement, providing timely financial assistance.

Rate Discount for Some Customers. Navy Federal may offer rate discounts to eligible customers, potentially lowering the overall cost of borrowing and making their personal loan options more attractive.

Co-sign, Joint, and Secured Loan Options. The credit union provides multiple loan options, including co-sign, joint, and secured loans. This variety allows applicants with diverse financial profiles to find a suitable solution.

Direct Payment to Creditors with Debt Consolidation Loans. For debt consolidation loans, Navy Federal facilitates direct payment to creditors. This streamlined process simplifies debt management for borrowers.


Exclusive to Credit Union Members. One limitation of Navy Federal personal loans is that they are available only to existing Navy Federal members, which includes military members and their families. This restricts access to a specific group of individuals.

No Option to Pre-Qualify with a Soft Credit Check. Unlike some other lenders, Navy Federal does not provide the option to pre-qualify for a personal loan with a soft credit check, which means potential applicants may need to undergo a hard credit inquiry to determine their eligibility.

No Option to Choose or Change Payment Date. Navy Federal's personal loan terms may not offer flexibility regarding choosing or changing the payment date, which could be a drawback for borrowers with specific payment preferences.

How to Apply for a Navy Federal Personal Loan?

Apply For a Loan

  1. Gather Necessary Documentation. Before applying, collect the required documentation, such as W-2s, pay stubs, and bank statements. These documents will be used to verify your information during the application process.
  2. Choose Application Method. Depending on the loan's purpose, you can apply for a Navy Federal personal loan through the following methods.
    • Apply Online. Visit Navy Federal’s official website and fill out the formal personal loan application form online.
    • Apply by Phone. Contact Navy Federal's customer service and apply for the loan over the phone.
    • Apply in Person. Visit a nearby Navy Federal branch and complete the application process in person.
  3. Submit Formal Personal Loan Application. Submit the completed personal loan application through your chosen method. Note that Navy Federal does not offer pre-qualification, so the formal application is the first step in the process.
  4. Undergo Hard Credit Check. Be aware that Navy Federal will perform a hard credit check when you apply for the loan. This check may cause a temporary dip in your credit score.
  5. Make a Repayment Plan. Once your loan is approved and disbursed, create a plan to repay the loan. Timely payments will positively impact your credit score, while missed payments can harm it. Consider setting up automatic payments to ensure on-time payments and manage your budget effectively to accommodate loan payments.
  6. Monitor Credit Score. Since Navy Federal reports payments to the major credit bureaus, it's essential to keep track of your credit score and make efforts to maintain a positive payment history.


  1. Become a Member. The first and most crucial step is to become a member of Navy Federal Credit Union. Membership is a requirement to apply for their personal loans. As mentioned, their loans are available to borrowers across the credit spectrum, including those with bad credit or thin credit histories, and there's no minimum credit score requirement.
  2. Gather Necessary Information. Before starting your application, gather the following information and documents.
    • Desired loan amount and term;
    • Current employment details and income;
    • Contact information, including phone number and email address;
    • Personal details of your co-applicant or co-borrower, if applicable.
  3. Submit the Application. Once you have gathered all the necessary information, you can proceed to submit your personal loan application. As an existing member, you can apply through the Navy Federal website, over the phone, or by visiting a Navy Federal branch in person.
  4. Loan Assessment and Approval. Navy Federal will evaluate your application and consider various factors, including your credit history (if available), income, and employment details. Remember, they cater to borrowers across the credit spectrum, so having bad credit or a thin credit history may not disqualify you from obtaining a loan.

Ways to Receive the Money

When a borrower applies for a personal loan from Navy Federal Credit Union, the credit union reviews the application and assesses the borrower's creditworthiness, income, and other relevant factors. As mentioned earlier, Navy Federal offers loans to borrowers across the credit spectrum, so they may be more flexible in their lending criteria compared to traditional banks.

Based on the applicant's financial situation and creditworthiness, Navy Federal will determine the loan amount that they are willing to offer. The loan amount will depend on various factors, including the borrower's income, credit history, debt-to-income ratio, and the purpose of the loan.

How to Pay off a Navy Federal Personal Loan?

  1. Review Loan Terms. Before starting to pay off the loan, review the loan agreement and familiarize yourself with the terms and conditions. Take note of the loan amount, interest rate, repayment schedule, and any prepayment penalties, if applicable.

  2. Set Up Automatic Payments. One of the easiest ways to ensure on-time payments is to set up automatic payments. You can link your bank account to your Navy Federal loan account and authorize the credit union to deduct the monthly installment from your account on the due date. This helps avoid late payments and keeps your credit in good standing.

  3. Make Extra Payments. If you have the financial capacity, consider making extra payments towards the loan principal. You can reduce the overall interest cost and shorten the loan term by paying more than the required monthly installment. Some loans may have prepayment penalties, so check if your loan has any restrictions on making extra payments.

  4. Use Windfalls or Bonuses. Whenever you receive windfalls, such as tax refunds or work bonuses, consider using a portion of the money to make a lump sum payment on your loan. This can significantly reduce the outstanding balance and help you pay off the loan faster.

  5. Budget and Prioritize. Review your budget and identify areas where you can cut back on expenses to allocate more money towards loan payments. Prioritize paying off the loan, especially if it has a high-interest rate, to reduce the overall cost of borrowing.

  6. Contact Navy Federal. If you have any questions or need assistance with your loan payments, don't hesitate to reach out to Navy Federal's customer service. They can provide guidance and support to help you manage your loan effectively.

  7. Track Progress. Keep track of your loan balance and payments to monitor your progress in paying off the loan. Regularly reviewing your loan statement will help you stay on top of your repayment plan and ensure there are no discrepancies.

Things to Consider

  1. Membership Requirement. Personal loans from Navy Federal are exclusive to Navy Federal members, which include military members and their families. Consider whether you are eligible for membership before applying.

  2. Flexible Credit Eligibility. Navy Federal caters to borrowers across the credit spectrum, including those with bad credit or thin credit histories. Unlike many other lenders, there is no minimum credit score requirement. This makes Navy Federal personal loans more accessible to a wider range of individuals.

  3. Loan Amounts and Terms. Navy Federal offers a wide range of loan amounts and various repayment terms. Consider your specific financial needs and choose a loan amount and term that fits your budget and repayment capabilities.

  4. Application Process. The application process can be done online, by phone, or in person at a Navy Federal branch. When applying, be prepared with the necessary documentation, such as employment details, income, and contact information.

  5. Secured Loan Options. Navy Federal provides secured loan options, such as Savings Secured Loans and Certificate Secured Loans. These loans use collateral to secure the loan, which can lead to more favorable terms and lower interest rates.

  6. Prepayment Penalties. Check if there are any prepayment penalties associated with the loan. Some loans may charge a fee for early repayment, so consider this if you plan to pay off the loan ahead of schedule.

  7. Credit Score Impact. On-time loan payments can positively impact your credit score, while missed payments can have adverse effects. Responsible repayment behavior can help build or improve your credit profile.


  1. Credit cards allow you to borrow money up to a certain credit limit. You can make purchases using the card and repay the borrowed amount over time or in full each month. Credit cards may offer various rewards and benefits based on the card issuer. Companies: Various financial institutions and banks offer credit cards, including Chase, American Express, Citi, and Capital One.

  2. Home equity loans are secured loans that use your home's equity as collateral. They typically have fixed interest rates and fixed repayment terms, making them suitable for one-time expenses or large projects. Companies: Wells Fargo, Bank of America, and TD Bank are examples of lenders offering home equity loans.

  3. Home equity lines of credit (HELOC) are similar to home equity loans but work as a revolving line of credit. You can borrow against your home's equity multiple times during the draw period and only pay interest on the amount you use. Companies: U.S. Bank, PNC Bank, and SunTrust (now part of Truist) are some institutions that offer HELOCs.

  4. Balance transfer credit cards allow you to transfer existing credit card debt to a new card with a lower or 0% introductory interest rate. This can help you consolidate debt and save on interest payments. Companies: Discover, Capital One, and Barclays are among the companies that offer balance transfer credit cards.

  5. Peer-to-peer (P2P) lending platforms connect individual borrowers with investors who are willing to fund their loans. Borrowers may find competitive rates, and investors can earn returns on their investments. Companies: LendingClub and Prosper are popular P2P lending platforms.

Editorial Opinion

Navy Federal Credit Union's personal loans offer various options that can benefit its members. Whether it's consolidating high-interest debt, covering unexpected expenses, or financing home improvements, Navy Federal's personal loans cater to diverse financial needs. One of the standout features of Navy Federal's personal loans is the absence of prepayment penalty fees, allowing borrowers to repay their loans ahead of schedule without incurring additional charges. This flexibility empowers members to take control of their financial well-being and save on interest costs. Furthermore, Navy Federal does not impose high credit score requirements, making their personal loans accessible to a wider range of borrowers, including those with thin credit histories or less-than-perfect credit scores. This inclusive approach reflects Navy Federal's commitment to its members' financial success. Another benefit of Navy Federal's personal loans is the option for debt consolidation, allowing borrowers to consolidate their high-interest debts into a single, more manageable loan. This can lead to lower interest rates and potentially faster debt repayment, helping members save money and achieve financial freedom. While some other personal loan companies may charge origination fees, Navy Federal keeps its origination fees within reasonable ranges. This demonstrates the credit union's dedication to providing exclusive benefits to its members, such as lower fees and more favorable loan terms.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.


At Finanso, we've carried out a comprehensive analysis of over 100 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional resources

To learn more about loans and best practices, check out some of the following resources:



What credit score do you need for a Navy Federal personal loan?

There is no minimum credit score requirement for a Navy Federal personal loan. Navy Federal Credit Union caters to borrowers across the credit spectrum, including those with bad credit or thin credit histories. As a result, individuals with varying credit scores can be eligible for their personal loans.

How fast does Navy Federal approve loans?

Regarding the approval time, if you apply online, Navy Federal can provide approval within minutes. Once approved, you should expect to receive a confirmation email within 24 hours.

Does Navy Federal verify income?

Regarding income verification, Navy Federal Credit Union may verify income through various methods. They may request financial information, such as pay stubs, bank statements, or W-2 forms, to confirm your income. Alternatively, in some cases, they may use credit report information to assess your financial situation and income level. The exact method of income verification may vary depending on the individual's circumstances and the loan application.