MoneyGeek’s Take

Navy Federal Personal Loan Lender Review

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ByChristopher Boston
Edited byVictoria Copans
ByChristopher Boston
Edited byVictoria Copans

Updated: December 21, 2023

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Navy Federal Credit Union offers personal loans with features like a wide loan amount range, quick fund disbursement and 24/7 customer support, making it a strong choice for military members and their families. There are no application fees or penalties for early repayment, adding to its appeal. However, membership requirements and a late payment fee are potential drawbacks. It's ideal for those in the military community seeking flexible, reliable financial solutions with supportive customer service.

  • Navy Federal

    • 8.99% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $250 to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds

    Navy Federal Credit Union doesn't charge application fees or penalties for paying off your loan early. That means you can apply without worrying about extra costs, and if you find yourself able to pay back the loan sooner than expected, it won't cost you extra. Another big plus is the range of loan amounts from as little as $250 up to $50,000. Navy Federal lets you borrow exactly what you need, whether it's for a small emergency or a major purchase.

    Navy Federal also offers diverse repayment terms of up to 60 months, allowing you to choose a payment plan that fits your budget. And if you ever need advice, their free personal finance counseling is a valuable resource. Their customer support is available 24/7, so help is always just a call or click away.

    Navy Federal's approach to personal loans — with no hidden fees, a variety of loan amounts, flexible repayment terms and supportive resources — sets it apart, making it an excellent choice for borrowers.


    • No application fees or penalties for early repayment
    • Variety of loan amounts ($250 to $50,000)
    • Diverse repayment terms (up to 60 months)
    • Free personal finance counseling available
    • 24/7 customer support availability
    • Quick fund disbursement (often within 24 hours)


    • Membership required to apply for loans
    • $29 late payment fee
    • Limited to military members and their families
    Navy Federal

Features of Navy Federal Personal Loans

Navy Federal Credit Union offers personal loans with features that can be tailored to meet your needs. They are versatile, allowing you to use them to finance a big purchase, cover unexpected expenses or consolidate debt. They come with clear terms and fees, as well as flexible repayment options to suit your budget. Navy Federal's customer service quality and user-friendly online tools make managing your loan uncomplicated. By considering these features, you can decide if Navy Federal aligns with your financial goals and offers the support you need for your personal loan journey.

What You Can Use Your Funds For

Unlike some lenders, Navy Federal offers flexibility in how you spend your loan money, catering to various needs and situations. Here are some ways you can maximize your funds:

  • Auto Repairs: When your vehicle needs urgent repairs or maintenance, a Navy Federal personal loan can help. It covers expenses like engine work, body repairs or new tires, ensuring your car remains reliable for work or school.

  • Relocating: Moving can be expensive, involving costs like hiring movers, renting trucks and paying security deposits. A personal loan from Navy Federal can ease this financial burden, making your transition to a new home or city less stressful.

  • Vacations: Whether it's a relaxing beach holiday or an adventurous trip abroad, a personal loan can fund your travel dreams. It can cover airfare, hotel bookings and other travel-related expenses, allowing you to enjoy your getaway without financial worries.

  • Major Purchases: A Navy Federal personal loan can spread the cost over time for significant investments like home appliances, electronics or furniture. It makes managing your budget easier while still upgrading your lifestyle.

  • Unexpected Expenses: Life can surprise you with unforeseen costs, such as medical bills or emergency home repairs. A personal loan provides a safety net, helping you handle these situations without derailing your finances.

That said, a personal loan from Navy Federal isn't suitable for educational expenses. For that, student loans can be a great option to finance or refinance your college education.

Loan Terms for a Navy Federal Personal Loan

Understanding the terms Navy Federal offers for personal loans helps you determine if the lender fits your budget and financial plans. With Navy Federal, you can borrow from $250 up to $50,000. This means you have the flexibility to borrow just what you need, whether it's for a small emergency or a significant expense.

The APR is what you'll pay in interest and fees on your loan annually. A lower rate can make your loan more affordable. Your specific rate will depend on factors like your credit score and the length of your loan. For loans up to 36 months, the APR ranges from 8.99% to 18.00%. If you choose a longer term, from 37 to 60 months, the APR is between 15.29% and 18.00%.

Understanding these terms helps you make more informed choices about your loan. It's about finding the right balance between what you can borrow, how long you take to pay it back and how much it costs in interest.

Fees and Discounts for a Navy Federal Personal Loan

Knowing the fees involved in a personal loan is as important as understanding the loan terms. Navy Federal Credit Union doesn't charge some common fees, making your loan more budget-friendly. For example, applying for a personal loan doesn't incur an application fee. Also, if you're able to pay off your loan early, you won't face any penalty charges, allowing you to save money if your financial situation improves.

However, Navy Federal does charge some consumer loan fees. These include the following:

  • Returned Loan Payment Fee: A fee is applied if a loan payment is returned.
  • Consumer Loan Late Fee: If a payment is late, you'll incur a $29.00 fee.

These fees underline the importance of making timely payments and ensuring your account has sufficient funds. Navy Federal's approach, with minimal fees and no penalties for early repayment, aligns with responsible borrowing and financial planning.

Navy Federal Personal Loan Repayment Assistance

Whether a personal loan lender provides support if financial challenges arise can be a determining factor in your choice. Navy Federal Credit Union recognizes this and offers assistance when making loan payments might be tough.

Navy Federal provides members with free, confidential personal finance counseling. It can be a lifeline and a source of expert advice and practical solutions to manage your finances effectively.

You can call for a free consultation at 1-888-503-7106 from 8 am to 8 pm EST on weekdays. The access it provides to professional guidance shows Navy Federal's commitment to supporting your overall financial wellbeing.

Navy Federal Customer Service

Good customer service is crucial when you have a personal loan. Navy Federal Credit Union excels in this area, offering several ways to reach its support team. Here are your options:

  • Phone Support: Navy Federal's phone support is available 24/7 at 1-888-842-6328. You can get assistance for loan inquiries or account issues anytime, day or night. The availability of real people, rather than automated responses, ensures your concerns are addressed promptly and effectively.

  • Secure Message: Sign in to your online banking, select "Messages," then "Send us a message" to access this channel. This feature provides a safe way to discuss your loan details, maintaining privacy and security.

  • In Person: If you prefer talking face-to-face, visit any of its branch locations. Its team members can provide personalized assistance and help with loan-related queries, offering guidance and support in a comfortable, direct setting.

  • Chat: Navy Federal’s chat feature is perfect for quick, real-time help.

  • Social Media: For a modern approach to customer service, Navy Federal is active on social media. Connect with its team to ask a question, report an issue or share your feedback.

With a Trustpilot rating of 4.6/6 and over 16,000 five-star reviews, Navy Federal clearly meets the needs of its members with its diverse customer service options. Its support system is a significant factor when choosing it for your personal loan needs.

Navy Federal Personal Loan Online Resources

Navy Federal Credit Union offers a variety of online resources that make managing your personal loan easier.

  • Guides: Navy Federal has guides on topics like college loans for parents and getting approved for home equity loans. These guides offer in-depth information, helping you understand complex financial decisions.

  • Articles and Blogs: Its collection of articles and blogs, like "Why Consider a Co-Signer for Your Student Loan" and "Tempted by a Payday Loan," offer insights into managing debt and making smart financial choices.

  • Listicles: Quick, easy-to-read listicles provide helpful tips in a straightforward format.

  • Tools: A loan payment calculator can help you estimate your loan payments, aiding financial planning.

These online resources, combined with Navy Federal's simple online application and digital banking options, make understanding and managing your personal loan straightforward and accessible.

Qualifying for a Navy Federal Personal Loan

Understanding Navy Federal's eligibility criteria for a personal loan helps ensure you meet its requirements and increases your chances of approval. Let's dive into what you need to know.

First and foremost, Navy Federal products and services are only available to military members and their families. As a credit union, Navy Federal requires you to be a member to apply for a personal loan. You'll need your Social Security number and a driver's license or government-issued ID to confirm your identity. You must also provide your current home address.

To set up your account, be ready with your credit card or bank account and routing number. Remember, every member must open a Membership Savings Account and keep a minimum balance of $5 to maintain it.

When applying for a personal loan, Navy Federal will need to know:

  • How much you want to borrow
  • The desired loan term
  • Your current job and income details
  • Contact information (phone, email and, if different, the address where you'd like to receive loan documents)
  • Co-applicant information (if applicable), including their personal and financial details

A co-signer or co-applicant can strengthen your application, especially if your credit or income is limited. It can increase the likelihood of approval and potentially secure you a better loan term. However, it also means the co-signer or co-applicant is equally responsible for the loan repayment, so it's a decision that you should make carefully.

Is a Navy Federal Personal Loan Right For You?

Choosing the right lender for your personal loan means considering factors like loan terms, fees and customer service to ensures its services, support and loan options align with your financial goals and situation. Taking the time to assess this match can save you stress and money, helping you make a choice that supports your financial wellbeing in the long run.

Who Can Benefit From a Personal Loan From Navy Federal

Military members and their families are the primary beneficiaries of Navy Federal's services. As a credit union catering specifically to the military community, it offers tailored financial products and understands the unique needs of this group.

Borrowers who need a wide range of loan amounts may find Navy Federal attractive. Its loans range from $250 to $50,000, offering flexibility whether you're facing a small financial hiccup or a significant expense. You can borrow just what you need without feeling pressured to take more or less.

Navy Federal ensures that funds are deposited into your account once your loan is approved, often within 24 hours. It's ideal for those who need funds urgently, whether for emergency expenses or immediate investments.

Lastly, people who value constant support will appreciate Navy Federal's 24/7 customer service. No matter the time or day, help is just a phone call away. Its round-the-clock support can be a huge relief, especially when immediate assistance or guidance is needed.

Who Shouldn’t Secure a Personal Loan From Navy Federal

Navy Federal may not be the best choice for borrowers who struggle with making timely payments. It charges a $29 late payment fee, which can add up and create more financial strain if you're already facing payment challenges. These borrowers should consider lenders with more lenient late payment policies or that offer more flexibility in payment terms.

Some qualified military borrowers may prefer not to deal with the specifics of membership requirements. While Navy Federal caters specifically to the military community, it does require opening and maintaining a Membership Savings Account with a minimum balance. It might be a deterrent for those looking for a more straightforward lending experience without the commitment of credit union membership.

Additionally, those seeking higher loan amounts than Navy Federal offers might need to explore other options. While Navy Federal provides a wide range of loan amounts, up to $50,000, some borrowers might require more substantial financial support. Lenders specializing in larger loan amounts would be more appropriate in such cases.

How to Apply for a Navy Federal Personal Loan

Getting a personal loan from Navy Federal Credit Union is straightforward, and being prepared helps speed up the process, ensuring you get the funds you need without unnecessary delays. Here are the steps:

Online Application

The first step is to apply for the loan, which you can do through Navy Federal's website. The process is user-friendly and only takes a few minutes to complete. You'll need to provide some personal and financial information, so it's good to have this ready.

Loan Approval and Electronic Signature

Once you submit your application, Navy Federal will review it. If your loan is approved, you'll receive an email with directions on how to electronically sign your Promissory Note, finalizing your agreement with the credit union. If you're unable to electronically sign your Promissory Note by the specified date, Navy Federal will automatically send paper loan documents to your registered address.

Receiving Your Funds

After you sign the loan agreement, Navy Federal will deposit the funds into your account. In many cases, it happens within 24 hours, giving you quick access to the money you need.

Applying for a personal loan from Navy Federal is designed to be as smooth and quick as possible. From the ease of the online application to the fast disbursement of funds, each step is geared towards providing you with a hassle-free experience.

What to Do If You’re Denied

Being denied a personal loan from Navy Federal can be discouraging, but it's not the end of your financial journey. You can turn it into an opportunity to reassess and strengthen your financial standing. Here's what you can do:

  • Understand the Reasons for Denial: Reach out to Navy Federal to understand why your application was denied. It could be due to your credit score, income or debt-to-income ratio. Knowing the exact reasons can guide your next steps.

  • Boost Your Financial Profile: Work on improving your credit score and reducing debts. Paying bills on time, lowering credit card balances and avoiding new debts can positively impact your creditworthiness.

  • Consider a Co-Signer or Co-Applicant: A co-signer or co-applicant with a stronger financial profile can increase your chances of approval. This person shares the responsibility for the loan, so ensure it's someone who trusts you and whom you trust.

  • Look for Alternative Financing Options: Explore other lenders or loan types. Credit unions, banks and online lenders offer various loan products. Some might have more lenient requirements or be better suited to your financial situation.

  • Seek Professional Financial Advice: A financial advisor can provide personalized guidance to improve your financial health. They can help you understand your credit report, suggest ways to manage debt and plan for future loan applications.

A loan denial from Navy Federal isn't the final word on your financial capabilities. It's a chance to gain insights, improve your financial health and explore other options. With the right approach and resources, you can position yourself for successful borrowing in the future.

FAQ About Navy Federal as a Personal Loan Lender

To help you better understand Navy Federal Credit Union as a personal loan lender, we addressed some of the most common questions borrowers have. Whether you're considering applying for a loan or already in the process, these answers will provide you with valuable insights into Navy Federal's personal loan offerings.

Does Navy Federal have restrictions on how you can use your funds from a personal loan?
What is the minimum credit score requirement for a Navy Federal personal loan?
How long does Navy Federal take to approve a personal loan?
Does Navy Federal have a mobile app?
Is a Navy Federal personal loan secured or unsecured?
How much can I borrow using a Navy Federal personal loan?
What fees will I encounter with a Navy Federal personal loan?
How does applying for a Navy Federal personal loan affect my credit score?
Does Navy Federal offer an autopay discount for personal loans?
Can you have co-signers on a Navy Federal personal loan?

About Christopher Boston

Christopher Boston headshot

Christopher (Croix) Boston was the Head of Loans content at MoneyGeek, with over five years of experience researching higher education, mortgage and personal loans.

Boston has a bachelor's degree from the Seattle Pacific University. They pride themselves in using their skills and experience to create quality content that helps people save and spend efficiently.

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The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.