Whether you’re looking to consolidate debt or pay for home repairs, the best personal loans can help you cover costs.
And the need for higher personal loan amounts seems to be increasing. In a 2017 report, TransUnion projected that the average personal loan debt per borrower would rise from $7,640 at the end of 2016 to $8,461 in the fourth quarter of 2018.
If you’re a member of the military or have a family in the armed forces, check out Navy Federal Credit Union for a person loan. Read our full Navy Federal Credit Union personal loan review to see if this lender is right for you.
Navy Federal Credit Union personal loan review: What you need to know
Since 1933, Navy Federal Credit Union has provided financial services to military members and their families. Whether you’re in the armed forces, a family member of someone who is, or a Department of Defense (DOD) employee, you could bank or borrow with this credit union.
It’s easy to apply online for an unsecured personal loan with Navy Federal Credit Union. If you’d prefer banking at a branch location, you might be out of luck, depending on where you live. The credit union doesn’t have branches in every state, but you can find some in international locations.
Navy Federal Credit Union also offers fee-free access to thousands of ATMs. So if you open a checking account, you won’t have to travel far to withdraw cash.
Navy Federal Credit Union personal loan products
Navy Federal Credit Union helps a variety of customers by offering three types of personal loans:
- Personal Loan: You can borrow up to $50,000 with this unsecured loan. You’ll need to meet credit and income requirements to qualify. If you do, you can choose a repayment term up to 180 months, depending on the amount you borrow.
- Shares Secured Loan: This secured loan is backed by shares in your Navy Federal Credit Union account. Shares Secured Loans are best for borrowers who don’t have strong enough credit to qualify for an unsecured personal loan. You can choose a repayment term up to 180 months.
- Certificate Pledged Loan: If you have a share certificate, money market certificate, or jumbo certificate with Navy Federal Credit Union, you can use it to back a Certificate Pledged Loan. You can borrow up to the full amount of your certificate’s balance. Your loan term will typically be the same or less than your certificate term, but it can’t exceed 60 months.
An unsecured personal loan is likely your best choice if you can meet requirements. Navy Federal Credit Union’s Shares Secured and Certificate Pledged Loans are useful for borrowers who are comfortable putting up collateral for a lower interest rate.
Keep in mind, though, if you back a loan with collateral, you could lose that asset in the event you can’t pay. So make sure you have a solid plan for repayment before risking your savings.
Applying for a Navy Federal Credit Union personal loan
You can apply for an unsecured personal loan online. To get started, you’ll sign in to your Navy Federal Credit Union account.
The application will ask for basic personal information, including your name, date of birth, and Social Security number.
You’ll also indicate how much you wish to borrow and how long you’d like your repayment term to be. Plus, you’ll provide details about your employer and income.
Although the credit union doesn’t provide specific criteria, you’ll need to have a solid income and credit score to qualify.
Borrowers looking for a Shares Secured Loan or a Certificate Pledged Loan don’t have the option to apply online. You can apply over the phone by calling 888-842-6328 or in person at a Navy Federal Credit Union branch.
Navy Federal Credit Union interest rates and fees
Navy Federal Credit Union does a good job of being upfront about its interest rates and fees.
It provides a range of APRs and repayment terms for its Personal Loan, Shares Secured Loan, and Certificate Pledged Loan. The rate you ultimately get depends on your creditworthiness, along with the repayment term you choose.
You’ll find competitive rates, although they might not be the lowest you can find. As of April 13, 2018, Navy Federal Credit Union Personal Loan rates are as low as 7.99%.
That being said, Navy Federal Credit Union is flexible with repayment terms. You can choose a loan term of up to 180 months on your unsecured personal loan. And its Shares Secured Loan option is useful for borrowers looking to build credit.
Along with interest, Navy Federal Credit Union could charge you fees for missing a payment or for other reasons. Most of these fees shouldn’t affect you if you keep up with your bills, but it’s useful to be aware of them.
Reason for fee
Returned loan payment fee
Consumer loan late fee
Lien placement fee
$4.00 to $95.00 (varies by state)
Navy Federal Credit Union eligibility requirements
Like most credit unions, Navy Federal Credit Union has specific membership requirements, including being a servicemember or veteran, DOD employee, or qualifying family member.
Servicemembers and veterans include:
- Active-duty members of the Army, Marine Corps, Navy, Air Force, and Coast Guard
- Army and Air National Guard personnel
- Delayed Entry Program participants
- DOD officer candidates
- DOD reservists
- Veterans, retirees, and annuitants
DOD employees include:
- DOD civilian employees
- Government employees assigned to DOD installations
- DOD contractors assigned to government installations
- DOD civilian retirees and annuitants
Qualifying family members include:
- Children (includes adopted and stepchildren)
- Household members
To join Navy Federal Credit Union, you’ll need to provide the following:
- Social Security number
- Driver’s license or government ID
- Home address (and previous address if you’ve been at your current one for less than six months)
- Credit card or bank account and routing number
- Phone number
- Email address
Before you can borrow a personal loan from Navy Federal Credit Union, you’ll need to register and have your membership approved.
Navy Federal Credit Union customer service
For more information beyond this Navy Federal Credit Union personal loan review, call customer service at 888-842-6328 or send a secure message through the credit union’s website.
Reviews on ConsumerAffairs are mixed, with some members calling out the credit union’s disappointing customer service. For additional Navy Federal Credit Union personal loan reviews, check out sites such as Wallet Hub.
Finally, you can communicate with Navy Federal Credit Union by mail:
P.O. Box 3000
Merrifield, VA 22119-3000
Navy Federal Credit Union serves over 7 million members. If you’re affiliated with the military or DOD, this credit union could be the right lender to meet your personal loan needs.
Note: Student Loan Hero has independently collected the above information related to Navy Federal Credit Union personal loan rates, terms, and fees. Navy Federal Credit Union did not provide or review the rates, terms, and fees listed.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|