MoneyGeek’s Take

Navy Federal Personal Loan Review

A personal loan from Navy Federal is exclusive to Navy Federal Credit Union (NFCU) members who want to get quick cash reasons such as funding big purchases, home improvement and debt consolidation. Since it uses a membership-based structure, it does not have a minimum credit score requirement. However, having a good credit score will only enhance your loan application.

Last Updated: 6/23/2022
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At Navy Federal, members can request a personal loan of $250 to $50,000, with an APR that starts at 7.49% for a loan term of up to 36 months, 14.79% for 37 to 60 months and 15.29% for 61 to 180 months. The maximum APR for all loan terms is 18%. There are no prepayment penalties or origination costs, but there is a late fee. Consumers with a savings account or a certificate of deposit (CD) can apply for a secured personal loan, which has a significantly lower interest rate.

At a Glance: Navy Federal Personal Loans


  • Navy Federal

    • 7.49% to 18%APR Range
    • NoneMinimum Credit Score
    • $250 to $50,000Loan Amount Range
    • 12 to 180 monthsRepayment Terms
    • Next DayTime To Recieve Funds

    on Navy Federal Website

Navy Federal Personal Loan Details and Requirements

  • APR

    NFCU’s APR rating ranges from 7.49% to 18.00%.

  • Credit Score Requirements

    There is no required credit score for getting a personal loan, but a good or excellent score increases your chances of getting approved and receiving a lower interest rate.

  • Income Requirements

    You must have verifiable income to qualify for a NFCU personal loan.

  • Loan Amounts

    Navy Federal lets you borrow $250 to $50,000.

  • Loan Terms

    Personal loans from Navy Federal have terms of 36 to 72 months.

  • Permitted Uses

    NFCU personal loans can be used to finance almost anything from home improvement to personal expenses and debt consolidation.

  • Prohibited Uses

    You can’t use a Navy Federal personal loan to fund any illegal activity.

  • Time to Receive Funds

    You can receive funding the same day that your application is approved.

  • Origination Fees

    There is no origination fee.

  • Late Fees

    If a payment is missed, Navy Federal charges a $29 late fee.

  • Prepayment Penalty Fees

    NFCU does not charge prepayment penalty fees.

  • Co-signers and Co-applicants

    NFCU allows both co-signers and co-applicants for personal loans.

  • Perks

    Active members and veterans with direct deposits can enjoy a 0.25% autopayment discount rate.

  • Mobile Application

    Navy Federal offers a mobile app for Android, iOS and Amazon users.

Is Navy Federal Right for You?
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Personal loan companies employ a variety of criteria to evaluate your application and provide you with a loan offer. As a result, there are several factors to consider when choosing a lender. Our Navy Federal personal loan review will assist you in determining whether or not this provider is a good fit for you.

Who Navy Federal Is Perfect For

People who are active or retired military, have a military family member, work for a Department of Defense contractor or are related to a current NFCU member are the ideal candidates for an NFCU personal loan.

Navy Federal offers a variety of choices to meet your individual needs. Whether you need a personal loan to cover unforeseen expenses, finance home remodeling or consolidate high-interest debt at a low fixed rate, NFCU could be the right fit for you.

NFCU members who want to use their certificate of deposit (CD) or savings account as collateral can also opt-in to a secured loan. One of the benefits of a secured loan is not having to dip into savings and possibly receiving a lower interest rate.

Who Should Not Choose Navy Federal

Non-members of the Navy Federal Credit Union will not be able to apply for a personal loan with this lender. Also, while $50,000 can be enough for most borrowers, it’s not sufficient for everyone. Keep in mind that other lenders may fit your needs.

Moreover, NFCU does not allow borrowers to change their payment due date, regardless of changes in an individual’s financial situation. If late on your payment, consider that a late payment fee of $29 will be added to the balance.

How to Apply for a Navy Federal Personal Loan

To aid you in the loan application process from Navy Federal, MoneyGeek has listed the important steps. In addition to checking if you qualify, you'll need to fill out an application form and, upon approval, review and sign agreements.

1

Prequalify

To prequalify, you must first decide the loan amount needed, loan terms you’re willing to agree to and the purpose of the loan. Thanks to soft credit checks during this process, your credit score will not be negatively affected.

2

Fill Out Application Form

You'll be asked for personal information like your phone number and email. Also, have handy the information of your co-applicant, if applicable. This would include date of birth, address, phone number, email, income, employer's name and phone number, Social Security Number and NFCU Access Number. You can fill out the online form, use the app, call 1-888-842-6328 or drop by a NFCU branch to apply.

3

Wait for Approval

When you upload your documents and complete the verification procedures, your loan will be reviewed by NFCU's underwriting team. Check the status of your application regularly and wait for a response.

4

Review Loan Agreement

Thoroughly review your loan offer. The approved loan amount could differ from what you requested. Make sure you and your lender are on the same page.

5

Sign Loan Agreement

When you have thoroughly reviewed and agreed to the loan terms, you can sign the agreement. Signing electronically is an option.

6

Receive or Direct Funds

If the process was finished in a timely manner, you could receive your authorized loan the same day. The money can be directly deposited into your savings account.

7

Make Payments

Payments can be made by online banking, through the app or over the phone. If you're a current member or a veteran with direct deposit, you can set up autopay to have the money be deducted from your account automatically, saving you 0.25%.

What to Do if You Are Rejected From Navy Federal

If you've been denied a personal loan, don't feel discouraged. There are numerous other lenders from which to pick. It's likely that your application was turned down because you didn't meet certain requirements. Lenders may reject applications due to low credit ratings, insufficient documentation, a lack of credit history and other reasons.

If denied, the best course of action is to inquire as to the reason for denial of your application. Perhaps you can make changes to your application, such as the loan amount or payment terms. If not, then at least you know how to improve your application. You can always seek a personal loan from a different provider.

Frequently Asked Questions About Personal Loans

To assist consumers on their personal loan journey, we answered some frequently asked questions about Navy Federal personal loans. While there are benefits and drawbacks to this provider, you should assess whether it is the best lender for you based on your needs and financial position.

Read More on Personal Loans

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*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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