Adam McCann, Financial Writer
@adam_mcan
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 loan online, by phone or in person. Applying online is the best way because it typically offers the fastest decision.
- Enter your personal information on the application. Navy Federal Credit Union requires the following personal information on the application: full name, driver’s license or government ID, current home address, email address, phone number, date of birth and Social Security number.
- Enter your financial information on the application. Navy Federal Credit Union requires the following financial information on the application: your current employment and income, employer’s name and contact information, and NFCU Access Number.
- Double check the application for accuracy. To ensure that your Navy Federal Credit Union personal loan application gets processed as quickly as possible, make sure that all the information is correct and complete before you submit it.
- Submit your application. Navy Federal Credit Union will typically provide a decision on your application within 3 to 11 business days.
If you are approved for a Navy Federal Credit Union personal loan, you will generally receive the funds within 1 to 3 business days after approval. After that, it’s your responsibility to make monthly payments until you have fully paid back your loan, including interest.
People also ask
Where can I get a personal loan?
The most common places to get a personal loan are banks, credit unions and online lenders. Altogether, they issued $21 billion in personal loans to U.S. borrowers in 2018, according to TransUnion, leaving a total of $138 billion in outstanding balances at the end of the year. Online lenders issue the largest share of personal loans, but each type of personal loan provider has advantages and disadvantages in terms of approval requirements, cost, application options...
read full answer by Adam McCann, Financial WriterHow long does it take to get money from a Navy Federal Credit Union personal loan?
It takes up to 2 business days to get money from a Navy Federal Credit Union personal loan, in most cases. The Navy Federal Credit Union loan timeline includes around 1 business day to get approved, and you could receive the funds as soon as the same day after approval. Keep in mind that this is a typical applicant’s experience, and it could take longer in some cases.
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read full answer by Rick Bormin, Personal Loans ModeratorWhat are the personal loan requirements?
Major personal loan requirements include being 18+ years old, having a bank account, having a high enough credit score for the lender, and having enough income or assets to afford monthly loan payments. Some personal loans may have additional requirements, such as providing pay stubs or collateral to secure the loan.
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read full answer by Adam McCann, Financial WriterDid we answer your question?
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