Yes, Navy Federal Credit Union is a direct lender, which means they handle the full loan process, from application to funding and beyond, instead of simply matching you with another lender. Direct lenders are the only ones that handle your information, so it’s more secure, and they make the loan process faster by removing middlemen.
In the end, your loan comes directly from Navy Federal Credit Union, not through a partnering bank or credit union. Getting a loan from a direct lender may get you better rates than from an indirect lender, as well.
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.
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.
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 how your individual credit score may be affected by a hard inquiry, you can use the … read full answercredit score simulator on WalletHub.
If you're looking for a lender that does not do a hard inquiry at all, you could consider NetCredit, Opploans and Integra Credit.
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