Navy Federal Credit Union Personal Loans Review (2024)

Why Trust Us

Read our Full Methodology

Pros Explained

• Broad range of loan amounts: Navy Federal issues loans between $250 and $50,000, so you can borrow for a variety of needs.
• Potential for lower-than-average APRs: Navy Federal’s interest rates start at 8.99%, which is lower than the average APR for all personal loans with a 24-month term.
• Extended terms available on some loans: Depending on the type of loan you apply for, you could take advantage of extended loan terms. Unsecured home improvement loans have terms as long as 180 months, giving you more manageable monthly payments.

Cons Explained

• Must be a member to qualify for a loan: You need to be a member to get a loan from Navy Federal Credit Union. Unfortunately, membership isn't open to the public. You must be a military veteran, current service member, or Department of Defense employee, or be a close relative of one of these people.
• High late fee: Several personal loan lenders don't charge any late fees, which is why Navy Federal Credit Union's fees are surprising. Its late fee is $29, which is higher than what some other lenders charge.
• No loan pre-qualification tool: Most lenders allow you to check your rates and loan options with just a soft credit inquiry, which doesn’t impact your credit score. But that’s not an option with Navy Federal. You must apply and undergo a hard credit check to view your loan options.

Types of Personal Loans Offered by Navy Federal Credit Union

Navy Federal’s personal loans can be secured or unsecured.

Its unsecured loans can be used for personal expenses, home improvements, or debt consolidation. Home improvement loans come with repayment terms as long as 180 months, but you’ll pay a higher APR for longer terms.

Your collateral for a secured loan can be your Navy Federal savings account or certificate (similar to a certificate of deposit). All Navy Federal loans have fixed interest rates, and the credit union doesn’t charge origination fees or prepayment penalties.

Time to Receive Personal Loan Funds

Navy Federal Credit Union boasts quick deposits of loan proceeds. Your loan funds might be put in your bank account in just 24 hours once you're approved.

Borrower Requirements

It may be more difficult to qualify for a Navy Federal membership than to get a personal loan from the credit union. Loans are restricted to members. You must be an active member or veteran of the Army, Navy, Air Force, Marine Corps, Coast Guard, National Guard, or Space Force to join, although Department of Defense personnel qualify, too. Immediate family members also are eligible.

Navy Federal doesn’t list a minimum required credit score for personal loans.

Navy Federal Personal Loan Features

Navy Federal Credit Union stands out from other personal loan lenders due to the following features.

• Loan terms: Depending on the intended use of your loan, you could have as long as 180 months to repay it. That's longer than many personal loans, which usually come with payoff periods of 60 months or less. Navy Federal’s longer terms could give you a lower monthly payment than you might get with another lender.
• Mobile app: Navy Federal offers a mobile app solely for its members. It's available on the App Store, Google Play, and Amazon Appstore. You can manage your account from the app, update your information, and make payments.

Co-Signers and Co-Applicants

Navy Federal allows co-applicants for its personal loans, but not co-signers.

A co-signer is someone who promises to pay back a loan if the primary borrower can’t. Co-applicants share equal responsibility for loan payments and share equal access to loan proceeds with a joint loan. In both cases, a co-signer or co-applicant can improve the chances of being approved for a loan and gaining an attractive interest rate versus if someone applies for a loan on their own.

Can You Refinance a Personal Loan With Navy Federal?

You can use a Navy Federal loan to consolidate high-interest credit card balances or other debt, but it doesn’t offer personal loan refinancing.

Customer Service

Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy.