Navy Federal Personal Loans: 2021 Review

To review Navy Federal’s personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with customer service representatives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.

Navy Federal Credit Union offers a wide range of personal loan amounts and numerous repayment terms to choose from, making it an especially flexible option for borrowers.

Personal loans are available only to existing Navy Federal members, which include military members and their families.

To be eligible for membership at Navy Federal, you must be one of the following:

• Active duty, retired or a veteran in any branch of the military.

• Immediate family or a household member of a service member.

• Department of Defense employee, contractor or retiree.

Navy Federal does not list credit or income requirements for its personal loan. According to customer service representatives, it will take into account your history with the credit union when reviewing your application.

Navy Federal is best for borrowers who:

• Are Navy Federal members.

• Want to fund a home improvement project.

• Are planning to add someone to their loan application or secure the loan.

• Want fast funding.

» MORE: What to know about credit union personal loans

Navy Federal at a glance

Where Navy Federal stands out

Wide range of loan amounts: Borrowers can choose loan amounts from $250 to $50,000 when applying for a personal loan at Navy Federal. This is an especially wide range among lenders and could make the loan a fit for a small expense like an emergency repair or something larger like a home improvement project.

Term availability: For most loans, repayment terms range from one to five years, but borrowers funding a home improvement project have more choices. With a $25,000 minimum loan amount, you could qualify for a term from five to seven years, and with a $30,000 minimum, you could qualify for a term up to 15 years.

» MORE: Best home improvement loans

Co-signed, joint and secured loans: Members can add a co-signer or co-borrower to their application. Adding someone with better credit or higher income can help your chances of getting a lower rate or a higher loan amount. Co-signers will not have access to the funds but are responsible for any missed payments.

Borrowers can also secure their loan with a Navy Federal savings account or CD, which could help you qualify for an especially competitive rate. Depending on the account you choose, your APR would be your share (savings) rate or certificate rate, plus 2% to 3%.

24/7 customer service: Members have access to 24/7 phone support. Borrowers can also contact Navy Federal through its mobile app, online messaging, chat and social media. Though most lenders offer extended business hours or weekend availability, few offer 24/7 customer service support.

» COMPARE: Best bank loans

Where Navy Federal falls short

No option to pre-qualify: Navy Federal does not offer the option to pre-qualify for its loan. Though this is not unusual among credit unions and banks, many online lenders will let you check your rates before applying. Pre-qualifying with multiple lenders allows you to compare potential loan offers without affecting your credit score.

No rate discount for autopay: The lender does not offer a rate discount for borrowers who set up automatic payments on their personal loan. This discount, more common among online lenders, typically ranges from 0.25% to 0.5% and can help lower what you pay in interest.

No option to change payment due date: Navy Federal does not let borrowers choose their payment date before signing the loan agreement or make changes to the date after. It is common for a lender to let you do one or the other, and some even allow both. Payment flexibility is helpful for borrowers whose payday or monthly obligations may change over the life of the loan.

How to qualify for a Navy Federal loan

Navy Federal does not publicly disclose many of its borrower requirements. According to the lender, there is no minimum credit score, but it will take into account your history with the credit union. Here’s what you need for your application:

• 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.

Loan example: A three-year, $25,000 loan with a 23.4% APR would cost $973 in monthly payments. You’d pay $10,028 in total interest on that loan.

How to get a Navy Federal loan

Apply on Navy Federal

To apply for a Navy Federal loan, you need to be a member. Members can apply online or through the lender’s mobile app.

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