2019 Navy Federal Personal Loan Review
Navy Federal Review Summary: Navy Federal personal loans are fairly inexpensive, with APRs ranging from 8.19% to 18.0%. 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 don’t have any origination fees or prepayment fees, either.
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. NFCU doesn’t openly state any minimum credit score or income requirements, but they do say they’ll consider applicants’ standing in the credit union.
Below are even more specific details on Navy Federal personal loans, plus some alternatives from major competitors.
Navy Federal Personal Loan Personal Loan Terms
|APRs||8.19% - 18%|
|Loan Amount||$500 - $50,000|
|Loan Term||36 months|
|Credit Score Requirement||Fair*|
|Loan Purpose||Debt Consolidation,Home Improvement,Big Purchase,Other|
|How long does it take to receive the funds?||N/A|
Navy Federal Personal Loan Rates & Fees
Navy Federal personal loan interest rates depend not only on your credit and income but also on the length of the loan. Loans of up to 36 months have a range of 8.19% - 18.00%. Home improvement loans of 37 to 60 months have an APR range of 14.79% - 18.00%, and home improvement loans of 61 to 180 months have an APR range of 15.29% - 18.00%.
Since this lender is a federal credit union, they are required to cap their interest rates at 18%. These interest rates are fixed, and so will not go up or down over time after you’re approved. Navy Federal allows loans longer than 36 months for the purpose of home improvement only.
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 - 10 business days after your due date, according to representatives.
Navy Federal Personal Loan Requirements & Application Info
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. 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
Navy Federal Credit Union is very clear about what it takes to get one of their personal loans, as well as the range of terms borrowers can expect. Unfortunately, they don’t have pre-qualification, which many lenders offer. But overall, the credit union has a great reputation from various sources.
- 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 125 complaints about Navy Federal personal loans on file, dating as recently as March 2019. 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 score of 4/5 stars from WalletHub’s users across 1,400+ reviews. WalletHub’s editors think Navy Federal personal loans deserve 4/5 stars.
Navy Federal Personal Loans vs. Competing Lenders
Navy Federal Personal Loan
|APR||8.19% - 18%||9.49% - 17.65%||9.95% - 35.99%|
|Loan Amounts||$500 - $50,000||$2,500 - $50,000||$2,000 - $100,000|
|Loan Term||36 months||12, 24, 36, 48, 60, 72 or 84 months||24, 36, 48 or 60 months|
|Credit Score Required||Fair||Excellent||Bad|
|Winner||Navy Federal Personal Loan|
WalletHub’s rating of Navy Federal personal loans used a total of 23 different variables. We grouped these factors into larger categories such as the application process, customer satisfaction and interest rates. You can see all of the variables below.
- Loan amounts: WalletHub researched how much Navy Federal lends to borrowers, along with the number of months they allow for payoff.
- APR: We checked how much Navy Federal personal loans can charge in interest, including if customers can expect those rates to vary during the payoff period or stay fixed.
- Fees: Our editors found out all the major fees that Navy Federal charges on personal loans.
- Requirements: WalletHub looked into what income and credit standing Navy Federal requires. Plus, we checked for other requirements like credit union membership and having a Social Security number.
- Application process: This category included learning if Navy Federal has pre-qualification and what methods are available to apply. We also checked the amount of time it takes to receive a decision and get the loan, and whether applicants can apply with a co-signer.
- Transparency: Our editors evaluated how clearly Navy Federal presents information on their rates and fees, plus how to qualify.
- Customer satisfaction: To find out how satisfied Navy Federal’s personal loan customers are, we looked at WalletHub user reviews, NFCU’s rating from the BBB, and complaints about NFCU personal loans filed with the Consumer Financial Protection Bureau.
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