What is Navy Federal Credit Union?
Headquartered in Virginia, Navy Federal Credit Union was launched in 1933 with just seven members. It has since grown to be the largest credit union in the world, with more than 8 million members and more than $94 billion in assets.
The mission of the credit union is to put members first and make its financial goals the top priority. To be eligible for membership, the applicant, a family member or someone in the household must have served (or be serving) in the Army, Marine Corps, Navy, Air Force, Coast Guard or National Guard. Department of Defense employees are eligible, too.
This review will highlight some of the available information for personal loans offered by Navy Federal Credit Union to its members.
Navy Federal Credit Union personal loan highlights
- Reasonable APR: Navy Federal Credit Union’s personal loan APR rates range from 8.19% to 18.00%.
- Longer terms: Up to 180 months for home improvements; up to 60 months otherwise.
- Range of loan amounts: The minimum loan amounts are $25,000 for 61- to 84-month terms and $30,000 for 84- to 180-month terms. The maximum loan amount is $50,000 for up to 60 months.
- Online application: Applicants not applying for home improvement loans or terms exceeding 60 months can apply online.
- Direct deposit: In some cases, loan funds can be directly deposited to a checking or savings account.
- Phone application: If using proceeds for home improvement or looking for a term of more than 60 months, applicants need to apply by phone.
- Minimum credit requirement: Not specified
- Fees: Not specified
Navy Federal Credit Union Personal Loan Details
Navy Federal Credit Union product details
Navy Federal Credit Union has a large number of branches, as well as 600-plus proprietary ATMs worldwide. Through the credit union’s 300-plus branches, there are a variety of products and services offered to members such as free bill pay, budget counseling, credit cards and business loans.
Besides its proprietary ATMs, Navy Federal Credit Union also offers free access to more than 30,000 ATMs worldwide. The credit union further increases accessibility by offering a mobile banking app that allows for easy transfers, alerts and check-scanning for deposits, all services that can be extremely helpful to those who are deployed overseas. Navy Federal Financial Group, a bank subsidiary, complements the products through its own insurance, financial planning and trust services offerings.
- Minimum credit score: Not specified
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
Navy Federal Credit Union’s website doesn’t contain many details on its personal loan product, so you’ll need to contact the credit union for many of the specifics, including fees, time to funding, whether a minimum credit score is needed and much more.
To apply for a personal loan online, you must sign in to Navy Federal Credit Union banking, which requires ties to the armed forces, Department of Defense or National Guard for you or someone in the household.
Applying for a personal loan from Navy Federal Credit Union
Members can apply for a personal loan online if the loan terms are 60 months or less. If the loan is for home improvement and the member wants a term that exceeds 60 months, they must call to apply. Documents may be signed electronically or paperwork can be mailed, signed and sent back.
Once the loan is approved and issued, the funds may be directly deposited into the member’s checking or savings account.
Pros and Cons of a Navy Federal Credit Union Personal Loan
Who’s the best fit for a Navy Federal Credit Union personal loan?
Service members, certain Department of Defense employees and their families are likely the best choice for a personal loan with Navy Federal Credit Union. Those who can pay off their non-home-improvement loan within 60 months can also be a good fit, as can those who want to borrow funds for home improvement and want a longer time to pay.
Alternative personal loan options
- APR: Starting at 9.49%
- Credit requirements: Minimum credit score of 700
- Terms: 12 to 84 months
- Origination fee: No origination fee
Open to U.S. military members and their eligible family members, USAA offers online applications as well as fast approval and funding for applicants with high credit scores. Loans can be used for many purposes, including paying for home improvements and emergency expenses.
- APR range: 6.95% – 35.89%
- Credit requirements: Minimum 600 credit score
- Terms: 36 or 60 months
- Origination fee: 1.00% - 6.00%
LendingClub offers a simple online application process with a soft credit check. Through the peer-to-peer lender, borrowers will be matched with investors. Borrowers can get up to $40,000 in funds with a repayment term of either 36 or 60 months.
Affinity Federal Credit Union
- APR: As low as 18.00%
- Credit requirements: Minimum score of 525
- Terms: Up to 60 months
- Origination fee: No origination fee
For borrowers who want the perks of credit union membership but aren’t affiliated with the military or other eligible organization, there’s Affinity Federal Credit Union. Becoming a member is as easy as making a small donation to a chosen organization at the time of the application. Affinity Federal Credit Union has personal loan options for those with lower credit and who need a fixed rate without any added fees.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|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 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. 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 the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. 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. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
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.
|5.75% – 16.24%1||$5,000 - $100,000|
|7.69% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|