Does Navy Federal Credit Union call your employer?

Personal loan companies may call your employer simply to verify that you are employed where you claim to be. This helps the company determine if you are actually eligible to receive a loan, as a big part of whether or not you can get a loan depends on your income. Not all personal loan companies will contact your employer, though, and if they do they will not tell the employer that it is in regard...

Yes, Navy Federal Credit Union does a hard inquiry when you apply for a loan. This credit report inquiry will likely drop your credit score by about 5 to 10 points, but you'll be able to get back on track with a few months of on-time payments.

Navy Federal Credit Union's hard inquiry will stay on your credit report for two years, but it won't affect your credit after one year, and the impact may subside before then. To see...

No, Navy Federal Credit Union does not offer credit-builder loans. Alternatives to credit-builder loans from Navy Federal Credit Union include the Navy Federal Credit Union nRewards® Secured Credit Card which is available to applicants with no credit history and will help you build credit if used responsibly.

If you’re set on getting a credit-builder loan, there are some options available from other companies. Most major banks and credit unions do not offer them, however.

Notable Credit-Builder Loan Options

• Sunrise Banks
• Digital Federal Credit Union
• ...