Rick Bormin, Personal Loans Moderator
Yes, Navy Federal Credit Union does allow cosigners on personal loans, which means that a second person can serve as a guarantor on the loan. Because the cosigner promises to pay the loan back if the primary applicant cannot, Navy Federal Credit Union takes the cosigner’s credit score and income into account during the application process. As a result, people who wouldn’t normally qualify for a loan can apply with a cosigner who has a better credit score and income in order to boost their approval odds.
Key Facts About Getting a Navy Federal Credit Union Personal Loan With a Cosigner
- You can apply for a Navy Federal Credit Union personal loan with a cosigner online, by phone, or at a branch.
- Both the cosigner and the primary applicant will need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN.
- The cosigner is held legally responsible for making payments if the primary borrower cannot.
- Both the primary applicant and the cosigner will have their credit score impacted by the loan, either positively or negatively, depending on whether payments get made on time.
Having a cosigner on a Navy Federal Credit Union personal loan can boost an applicant’s approval odds. But it’s important for people who may become cosigners to think carefully before signing on. Cosigners aren’t just doing someone a favor - they’re also accepting a significant financial responsibility if the primary applicant can’t repay what they owe.
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