Navy Federal Personal Loan Review (2020)


anna baluch

By Anna Baluch - Contract Writer
Last Updated 04/23/2020


Summary: Part of the military community and in need of some cash? A Navy Federal personal loan with terms of up to 180 months may be the way to go.

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Navy Federal Credit Union has been around since 1933 supporting the military and their families financial needs. They offer a wide range of financial services with branches on military bases around the globe.   

Quick & Easy To Apply With Instant Pre-Approvals

EFFECTIVENESS

24 to 48 hour funding speed. 

PRICE

Top APR Rates for those who qualify. 

EASE OF USE

Easy to apply even have an app option. 

SUPPORT

Customer support can be good and can be bad. 

    Credit Knocks Overall Star Rating:     

  • Top Rates
  • Specialize With Military
  • Multiple Financial Services
  • Military Community Only
  • Must Provide Personal Info

Who Is Navy Federal Credit Union?

Headquartered in Vienna, Virginia, Navy Federal Credit Union has supported the military community since 1933.

The lender has grown quite a bit and now serves over 8 million members. From checking and savings accounts to loans and credit cards, they offer it all. 

Since NFCU has over 343 branches across the globe, it’s no surprise they’re the largest credit union in the world. They believe in sustainability and practice what they preach through energy-efficient buildings and hundreds of tons of recycled materials.

What Makes Them Different?

Navy Federal personal loans offer attractive rates to anyone who is a member. Want to join? You can as long as you:

  • Are a veteran.
  • Have ties to the Armed Forces, Department of Defense, or National Guard.
  • Have an immediate family member who is a part of NFCU.

Since these loans come with terms of up to 180 months, they’re a great option if you’d like a longer loan with lower monthly payments.

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

How Do Navy Federal Personal Loans Work?

Even though you have to become a member first, it doesn’t take long to apply for a Navy Federal personal loan online.

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1. Join NFCU

Go to “Membership” and click on “Become a Member” and “Join Now.”

Answer a few military-related questions and enter some personal details like your Social Security number and birthday.

2. Create an Online Account

Once you’re officially a member, click on “Sign Up for Online Banking” to create an online account.

Enter your personal information again and choose a username and password.

3. Fill Out the Application

The application will ask you things like how much money you want to borrow and where you work.

If you’re applying with a co-applicant, you’ll have to share their information too. 

4. Wait for a Decision

Now comes the waiting game for a Navy Federal Loan. N.F.C.U. will pull your credit and decide whether or not to lend you money.

If you’re approved, you’ll have to wait at least three days before you get the cash deposited into your account.

We hate to be the bearer of bad news but if you want to use your loan to consolidate debt or improve your home, you’ll need to visit a branch or call 1-888-842-6328 to apply.

Navy Federal Loan Eligibility

NFCU personal loan will look at your credit history, income, and preferred loan term before they make you an offer.

Below are the absolute maximums and minimums you can get. Keep in mind that actual rates and terms will change for a variety of factors.

  • ​Be a U.S. Citizen or Permanent Resident
  • ​You are at least 18 years old

What Information Will You Need To Apply?

​Be​fore filling out the online form make sure you have the below information ready:

  • ​Date of birth.
  • ​How much you want to borrow.
  • ​What you plan to use the money for.

NFCU Personal Loan (Basics)

  • Loan Amount Range: $250 - $50,000
  • APR Range: 7.49% - 18.00%
  • Fees: Late Payment ($29), Returned Payment ($29)
  • ​Prepayment Penalties: None
  • Loan Terms: Up to 180 Months
  • Payments Directly To Creditors: Yes 
Caution Credit Knocks

​Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.

Navy Federal Personal Loan Calculator

We wish Navy Federal personal loan calculator on their site that could allow you to easily calculate your monthly payments.

They missed the boat on that. But the lender does offer a variety of other calculators you may find useful.

These calculators can help you with budgeting, saving, getting out of debt, and more. 

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

What To Use Navy Federal Personal Loans For?

A NFCU personal loan may come in handy in a number of situations.

Here are some of the reasons you may want to take one out.

  • ​Debt/Cr​​​​​edit Card Consolidation
  • ​Down Payment For Home  
  • ​Major Purchase    
  • ​Home Improvement   
  • ​Medical Expenses   
  • Moving​​​​/Relocation    
  • Vacation
  • Start Business    
  • Education    
  • ​Your Wedding

​As you can see, there is a huge list of reasons for getting a personal loan.

Of course our favorite reasons is for Navy Federal Debt Consolidation Loan, Education, and Starting a Business. 

Navy Federal Personal Loan Reviews

If you’re part of the military community, you may be on the lookout for a lender that can give you a good rate in exchange for your commitment to the country.

Some reviewers claim that Navy Federal personal loan reviews doesn’t necessarily offer better rates than other lenders.

So it’s well worth your time and effort to shop around and see what else is out there. Don’t assume that just because Navy Federal personal loan review serves military members, they’ll automatically make the best offer. 

Navy Federal BBB - Better Business Bureau Reviews 

Navy Federal BBB has had a file at the Better Business Bureau since 1998.

Rating: A+

# Complaints: 805

Accredited: No

Business since: 1/1/1933

# customer reviews: 88

Customer rating: 1 star

Navy Federal BBB seems to answer and resolve every complaint that comes their way. We’re pretty impressed they’ve received less than a thousand complaints over the past three years.

It looks like most of the Navy Federal Better Business Bureau complaints they do have are related to fraudulent charges and minor customer service issues.

So if you want to apply for a Navy Federal personal loan, don’t let the 805 complaints stop you from doing so. 

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Steps To Take After Navy Federal Loan Review Approval

It feels great getting approved for something, no matter what it is, you feel like you have just won something.

But, now that you have been approved, there are some things you should be doing with your accounts.

Make On Time Payments

I am sure you are tired of seeing everyone saying "on-time payments".

Helpful Tip

If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.

But it is super important and is one of the largest factors in helping grow your credit score.

Of course you probably didn't obtain this loan for building your credit.

However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.

No matter what, avoid late payments.

​Pay Back The Loan ASAP

​Along with making on-time payments you should definitely pay this loan off as super fast as possible.

​Large personal loans tend to linger and we usually only pay the minimums. 

​Now: 

While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.

​Getting the credit utilization below 30% will also be great for helping your credit score grow. 

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

Taking Action & Getting A Loan

Hopefully, you found this Navy Federal Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business. 

If you need a personal loan then don't waste any time getting your loan through our top rated personal loan lender. 

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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