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Navy Federal Personal Loan Review: Wide Range of Personal Loans for Members

Review Updated
David Chang, ChFC®, CLU®
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Navy Federal Credit Union is one of the largest credit unions in the country with over 13 million members. Navy Federal is a member-owned and not-for-profit credit union exclusively serving the military, veterans, and their families. The credit union offers a wide range of banking products, including various types of personal loans. In this in-depth expert review, we'll cover the details you need to know to decide if a Navy Federal personal loan is right for you.

Navy Federal

Great for: Same day funding

Logo for Navy Federal
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
Undisclosed
Loan Amounts
$250 - $50,000
APR Range
7.99%-18.00%
Term Length
Up to 180 months

NFCU are experts at working with veterans and understand some of those challenges that face many families at discharge or retirement. NFCU not only offers competitive rates, but has a low minimum loan amount and a wide variety of loans for different purposes.

  • Loan amounts as low as $250
  • Relatively low interest rates
  • No origination fees
  • Same-day funding
  • Cosigners allowed
  • Flexible terms
  • Maximum loan amount is $50,000
  • Available only to credit union members
  • No option to pre-qualify

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
Fixed: 8.99%-29.99% APR (with all discounts)
$5,000 - $100,000
680
7.99% - 24.99%
$2,500 - $40,000
660
7.80% - 35.99%
$1,000 - $50,000
300

Full Navy Federal personal loan review

This personal loan is a good fit for: Navy Federal Credit Union members who have fair credit and want access to a wide range of personal loans.

Top perks

Wide range of personal loan types, amounts, and payment terms: Members can borrow as little as $250 or up to $50,000 for an unsecured personal loan or debt consolidation loan with repayment terms of up to 60 months.

Home improvement and secured personal loans have longer terms. Repayment terms can range from 36 to 180 months depending on the type and amount of loan.

  • There's a $25,000 minimum loan amount for 61 to 84 months.
  • There's a $30,000 minimum loan amount for 85 to 180 months.

No origination or prepayment fees: An origination fee is a one-time fee you pay upfront as a cost for processing a loan. The fee can vary depending on the amount of the loan, and lenders will usually deduct it from your loan proceeds. Prepayment fees are what lenders charge if you pay off your loan early. NFCU does not charge these fees.

Same-day funding for most loans: In most cases with Navy Federal, you'll get your money the same day you apply.

Competitive APR and maximum cap: The APR is based on the creditworthiness of the borrower. Members with bad to fair credit will benefit from the maximum cap since some financial institutions charge nearly double NFCU's rate.

What could be improved

Only Navy Federal Credit Union members qualify: Membership is not open to the public. Navy Federal membership is limited to those in the military, veterans, family members, and Department of Defense civilian employees and contractors.

No prequalification tools: Many financial institutions allow you to check your interest rate and loan terms by prequalifying online and with a soft credit check. To find out which APR you qualify for, you will have to apply for a Navy Federal personal loan, which will result in a hard credit check. This can potentially lower your credit score.

Maximum loan limit at $50,000: The maximum you can borrow for a Navy Federal personal loan is $50,000. Many lenders offer up to $100,000 in loan amounts.

Late fee of $29: The credit union charges a late fee of $29. However, that’s a fairly typical late fee on a personal loan.

What is Navy Federal Credit Union?

Navy Federal was started in 1933 by seven Navy Department employees. Since then, it has grown to include officers and enlisted men and women of all branches of the military, veterans, and DoD employees and their family members. There are 350 branches worldwide, with more than half located near military installations. It has over 30,000 free ATMs.

To become eligible for membership, you must be a service member in any military branch, a retiree, veteran, or an immediate family member. Department of Defense civilian employees and contractors also qualify for membership.

Navy Federal personal loans

A Navy Federal personal loan can be a great way to consolidate debt, finance home improvements, or cover unexpected expenses. Navy Federal offers multiple types of personal loans. As a credit union serving the military and their family members, it typically offers better rates than many banks.

Navy Federal personal loans have no origination or prepayment fees, and in many cases it offers same-day funding. Navy Federal offers different terms depending on the type of personal loan. Here are the loans, features, and the current APR of the Navy Federal personal loans.

Personal expense loan

A personal expense loan can be used for unplanned and planned expenses such as auto repairs, moving and relocating, vacations, and other major purchases. Rates are based on creditworthiness, so your rate may change.

Loan amount: $250 to $50,000

Rates are tiered for the personal expense loan based on different timelines:

  • Up to 36 months
  • 37 to 60 months

Home improvement loan

A home improvement loan can be used to finance your home improvement or repair projects. Unlike a mortgage loan or a HELOC, there is no collateral required with this loan.

Loan amount: $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

Rates are tiered for the home improvement loan based on different timelines:

  • Up to 36 months
  • 37 to 60 months
  • 61 to 180 months

Debt consolidation loan

A debt consolidation loan can be used to simplify your finances by consolidating high-interest debt at a competitive, fixed rate.

Loan amount: $250 to $50,000

Rates are tiered for the debt consolidation loan based on different timelines:

  • Up to 36 months
  • 37 to 60 months

Savings secured loan

A savings secured loan is a personal loan that is secured by the money in your Navy Federal savings account. You can secure financing without dipping into your savings, and at a lower rate than an unsecured personal loan. Your savings account continues to earn interest and you get access to it as soon as the loan is paid off.

Navy Federal offers extended terms of 61 to 180 months for certain loan purposes, but they're subject to certain loan amount minimums. You can get an extended term loan for home improvements and the purchases of land, airplanes, fully self-contained recreational vehicles, and boats.

The following minimum loan amounts are required for extended term loans:

  • $25,000 for loan terms of 61 to 84 months
  • $30,000 for loan terms of 85 to 180 months
  • Certain loan purposes may require higher minimum loan amounts.

Rates are tiered for the savings secured loan based on different timelines:

  • 61 to 180 months
  • Up to 60 months

Certificate secured loan

A certificate secured loan is a personal loan that is secured by a Navy Federal CD. You can borrow 100% of your certificate's principal balance for different terms at a certain APR above the certificate's rate. The loan amount cannot exceed your CD's balance, and the loan term must be equal to or less than the term of the CD.

Tiered rates for the certificate secured loan:

  • Up to 60 months

How to qualify for a Navy Federal Credit Union loan

Once you're a member, you can apply for a loan by completing an application online or going into a physical branch. You will need to gather documentation necessary to fill out the application.

Application process

To apply for a Navy Federal personal loan, here is a list of items needed as part of the application process. Navy Federal does not have the option for pre-approval.

  • How much you want to borrow for your loan
  • How long you'd like to finance your loan
  • Current employment and income
  • Your contact information, including phone number and email
  • Information about your co-applicant, if applicable

Applications are online and it only takes a few minutes to process your application. After approval, you can electronically sign your application. Your funds will be deposited into your account either the same day or within 24 hours.

A Navy Federal Credit Union personal loan is right for you if:

Navy Federal offers a wide range of personal loans for its members. While membership is limited, Navy Federal members receive exclusive benefits and support. Consider a Navy Federal personal loan if:

  • You're already a member or you qualify to join due to military service, employment with the Department of Defense, or you're an eligible family member.
  • You're seeking a competitive APR and you don't need to borrow more than $50,000.
  • You need quick funding for an emergency expense.
  • You're looking to consolidate debt or finance home improvements.

FAQs

  • Navy Federal personal loans can be extremely versatile, allowing you to consolidate credit card debt, fund a home improvement project, or even pay for a wedding or vacation. However, NFCU does not allow personal loans to cover education expenses.

  • Yes, you will need to be a member of NFCU to borrow.

  • Yes, but it isn't a requirement. You may need to get a co-applicant if you have limited credit history and depending on the requested loan terms.

  • Yes. Navy Federal personal loan amounts start at $250 and go up to $50,000.