Navy Federal Review Summary
Navy Federal personal loans are fairly inexpensive, with APRs ranging from 7.49% to 18.00%. You may be able to find lower starting rates elsewhere, but NFCU’s maximum interest rate is low compared to what most other lenders charge. Those low rates combined with loan amounts up to $50,000 make Navy Federal a good option for debt consolidation.
Navy Federal personal loans are only available to members of Navy Federal Credit Union. You can join if you’ve served in the military or if a family member has served (or is an NFCU member). Department of Defense personnel and their families are also eligible.
Below, you can see how WalletHub rates Navy Federal personal loans in three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Navy Federal Credit Union Personal Loan Terms
|APRs||7.49% - 18%|
|Loan Amount||$250 - $50,000|
|Loan Terms||Up to 60 months (up to 180 for home improvement)|
|Minimum Credit Score||Not disclosed*|
|Minimum Income||Not specified|
|Loan Purpose||Debt Consolidation, Home Improvement, Big Purchase|
|Time to Receive Loan Money||3 - 11 business days|
Navy Federal Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
Navy Federal personal loan interest rates range from 7.49% to 18.00%, but the longer the loan is, the more expensive the APR is likely to be. Loans can last for up to 60 months, except for home improvement loans, which can last up to 180 months. Since NFCU is a federal credit union, they are required to cap their interest rates at 18%. These interest rates are fixed, too, and so will not go up or down over time after you’re approved.
Navy Federal does not charge origination fees or early payoff fees. However, they do have a $29 late fee. You may be able to get the fee waived if you make your payment within 7 to 10 business days after your due date, according to representatives.
NFCU scores well in this category because of their low rates and lack of origination fees, combined with their large loan amounts and long payoff periods.
Navy Federal Personal Loan Requirements & Application Info
Category Rating: 3.8/5
The biggest thing you need to do to become eligible for a Navy Federal personal loan is join Navy Federal Credit Union. Membership is open to people who have served in the U.S. armed forces or the Department of Defense, or who are relatives of people who have.
There are no openly disclosed Navy Federal credit score requirements or income requirements, either officially or from third-party sources. Of course, Navy Federal will look at your credit and income during the application process. But according to representatives, they will also look at other factors such as your standing within NFCU.
To get a personal loan from Navy Federal, you will have to be at least 18 years old. You can apply using either a Social Security number or an Individual Taxpayer Identification number. You can be a U.S. citizen, permanent resident or immigration visa holder, as long as you’re otherwise eligible for membership with Navy Federal.
Unlike many lenders, Navy Federal does not offer pre-qualification to let you estimate your approval odds and rates before you apply, which is the biggest reason why NFCU loses points in this category. To find out your rates, you will need to submit an application, which will result in a hard pull of your credit. You can apply for a Navy Federal personal loan online, by phone 1-888-842-6328 or at one of NFCU’s 300+ branches.
Navy Federal Personal Loan Reviews & Transparency
Category Rating: 2.8/5
- Better Business Bureau: Navy Federal Credit Union receives an “A+” rating from the BBB but is not accredited with them.
- Consumer Financial Protection Bureau: The CFPB has around 140 complaints about Navy Federal personal loans on file. Some complaints include a borrower being unable to find out how much they were charged in late fees and another claiming Navy Federal made automatic payments without authorization.
- WalletHub: Navy Federal Credit Union has an average user score of 4.1/5 stars across 2,400+ reviews.
- Transparency: Navy Federal Credit Union is clear about the range of terms borrowers can expect. However, they are not transparent about their credit score requirement, and they don’t have pre-qualification, which many lenders offer.
Navy Federal loses some points for having a relatively high amount of complaints compared to many other lenders and for not being clear about some of their requirements.
Summary: Navy Federal Personal Loan Score by Review Category
|Rates, Fees & Other Terms||5/5|
|Requirements & Application Info||3.8/5|
|Reviews & Transparency||2.8/5|
Navy Federal Personal Loans vs. Popular Competitors
Navy Federal Credit Union
|APRs||7.49% - 18%||7.24% - 17.65%||9.95% - 35.99%|
|Loan Amounts||$250 - $50,000||$2,500 - $20,000||$2,000 - $35,000|
|Loan Terms||Up to 60 months (up to 180 for home improvement)||12, 24, 36, or 48, 60, 84 months||24 - 60 months|
|Minimum Credit Score||Not disclosed*||Not disclosed*||Bad*|
|Winner||Navy Federal Credit Union|
In order to provide the most accurate review of Navy Federal Credit Union personal loans, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. Navy Federal personal loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.