Navy Federal Credit Union Personal Loan Review

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Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

navy federal credit union personal loan review
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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%.

The online lender SoFi, meanwhile, offers fixed interest rates with a range of 6.99% – 14.87%. Check the Navy Federal Credit Union website to review their current offerings.

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

Amount

Returned loan payment fee

$29.00

Consumer loan late fee

$29.00

FedEx

$5.65

Certified mail

$5.83

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:

  • Grandparents
  • Parents
  • Spouses
  • Siblings
  • Children (includes adopted and stepchildren)
  • Grandchildren
  • 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.

You can also take advantage of its live chat feature or follow company developments on Facebook or Twitter.

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:

Navy Federal
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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.