Grace Enfield, Content Writer
@grace_enfield
Yes, Navy Federal Credit Union will verify your income when you apply for a personal loan. If you do not have any income, you can apply for a Navy Federal Credit Union personal loan with a co-signer, and Navy Federal Credit Union will verify that person's income instead.
Navy Federal Credit Union may verify income by requesting financial information like pay stubs, bank statements, or W-2 forms. In other cases, they'll just use credit report information. Either way, you will also have to meet other Navy Federal Credit Union requirements to be considered for loan approval.
Navy Federal Credit Union Personal Loan Requirements
- Be a Navy Federal Credit Union member
- Be at least 18 years old
- Be a U.S. citizen or permanent resident, or immigration visa holder
- Have a Social Security number or ITIN
You have a good chance of getting approved for a loan from Navy Federal Credit Union if you meet all of these requirements.
If you want a better idea of what other personal loans you may qualify for with your income, you can use WalletHub's free pre-qualification tool.
People also ask
Does a Navy Federal Credit Union personal loan affect your credit score?
Yes, a Navy Federal Credit Union personal loan does affect your credit score, both when you apply and during the entire time that you are paying the loan off. Initially, a Navy Federal Credit Union personal loan will affect your credit score in a negative way, but the long-term impact can be very positive, assuming you repay the loan on schedule.
How a Navy Federal Credit Union Personal Loan Affects Your Credit Score
Hard pull: When...
read full answer by Rick Bormin, Personal Loans ModeratorHow do I apply for a Navy Federal Credit Union personal loan?
To apply for a Navy Federal Credit Union personal loan, first decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a Navy Federal Credit Union Personal Loan
- Decide which way to apply. You can apply for a Navy Federal Credit Union personal...
Does Navy Federal Credit Union do a hard inquiry?
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...
read full answer by Rick Bormin, Personal Loans ModeratorDid we answer your question?
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