Navy Federal 2025 Personal Loan Review

Navy Federal Credit Union is a federally insured credit union that’s open to military members, Department of Defense employees, veterans and their families. Its personal loans include unsecured, secured, joint and co-signed loans, with minimum loan amounts starting at $250.

However, you’ll need to submit an application to see the loan terms you’re eligible for, as the lender doesn’t offer pre-qualification.

» COMPRARE: Our picks for the best personal loans

Navy Federal personal loans at a glance

Where Navy Federal personal loans stand out

Wide loan amount range: Navy Federal offers personal loans from $250 to $50,000. The wide range gives you the flexibility to cover a small one-time expense, as well as larger costs associated with events like moving, home improvement projects or weddings.

Secured loan options: Navy Federal offers both unsecured and secured personal loans. The secured loans use your savings account or share certificates (similar to certificates of deposit) as collateral. Extended terms of up to 150 years are available for some loans secured by a savings account.

Choosing a secured loan often helps borrowers qualify for higher loan amounts or a lower interest rate. However, if the borrower fails to repay the loan, Navy Federal can seize the collateral.

Joint and co-signed loan options. Navy Federal offers joint and co-signed loans. With a joint loan, two or more co-borrowers have access to loan funds and share responsibility for repaying the loan. A co-signer doesn’t have access to the loan, but they’re on the hook for repayment if the primary borrower defaults. Having a co-borrower or co-signer with good credit can help you qualify for a loan or secure a lower rate.

Fast approval and funding: Navy Federal says most borrowers receive an instant approval decision and get same-day access to funds, if approved. Some lenders take up to a week to process applications and disburse funds.

Rate discount for active-duty and retired military: Navy Federal offers a 0.25 percentage point discount on some loans for active-duty and retired military members.

Where Navy Federal personal loans fall short

No direct payment to creditors on debt consolidation loans: Some lenders send loan proceeds directly to creditors on debt consolidation loans for borrowers who opt in, but Navy Federal doesn’t have this option. Many people find this feature helpful because it takes the work of paying back individual creditors out of borrowers' hands and eliminates the temptation to spend the money elsewhere.

Borrowers can’t pre- qualify with a soft credit check: Unlike many lenders, Navy Federal doesn’t allow you to pre-qualify with a soft credit check. To see if you’re eligible or check rates, you’ll need to submit an application. This requires a hard credit check, which typically drops your credit score by a few points.

No option to select or change payment date: Navy Federal doesn’t let borrowers choose their loan payment date or switch their due date. Having the option to select or switch your payment date is often beneficial if your payday changes or you want to space out when your bills are due.

How to use Navy Federal personal loans

Do you qualify for a Navy Federal personal loan?

Navy Federal says it considers several factors, including credit history and income, to determine personal loan eligibility. However, the lender says it doesn’t have a minimum credit score or income. A representative said Navy Federal will lend to members “with various income(s) and across the credit spectrum, and work with our members to find the best lending option for their unique financial situation.”

Navy Federal’s borrowing requirements

• Minimum credit score: None.

• Minimum annual income: None.

• Must have a valid U.S. bank account and email address.

• Must provide a valid Social Security number. 

• Must be a U.S. citizen.

• Must be a Navy Federal member.

» MORE: How to get a personal loan

How we rate Navy Federal

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year: