Rick Bormin, Personal Loans Moderator
@rhandoo2020
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 credit 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.
People also ask
What credit score do you need for a Navy Federal Credit Union personal loan?
Navy Federal Credit Union does not disclose a specific credit score needed to get a personal loan, unlike many personal loan providers. When evaluating your application, Navy Federal Credit Union will consider your entire financial profile, including your income, existing debts, and recent credit inquiries, as well as your credit score.
Navy Federal Credit Union Loan Requirements and Terms
| Category | Requirements and Terms |
| Minimum Credit Score | Not disclosed |
How 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.
How to Get Money From Navy Federal Credit Union as...
read full answer by Rick Bormin, Personal Loans ModeratorDoes 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 ModeratorDid we answer your question?
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