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Personal Loans

Navy Federal Personal Loans Review

Navy Federal logo
on Navy Federal’s website
Editorial Rating

Editorial Rating

What we like:

Long and flexible term length options

Rates (APR)7.49%18.00%
Loan Amounts$250$50,000
Term LengthsUp to 15 years (home improvement loan only)
BenefitsNot disclosed, but members receive exclusive benefits and support
See how Navy Federal’s personal loans compare to other options

The information above is for Personal Expense Loan. Other loans may have different rates, loan amounts, repayment terms, etc.

Founded in 1933, the Navy Federal Credit Union is a nonprofit financial organization that provides financial products and services to more than 8 million members. Now, it’s the largest retail credit union in the U.S.

To become a Navy Federal member, you must be associated with either the Department of Defense, National Guard, Army, Air Force, Marine Corps, Navy, or Coast Guard.

If you meet the membership requirements and are in need of financing, a Navy Federal Credit Union personal loan could be the right choice for you.

In this review:

Navy Federal Personal Loans Overview

If you want to consolidate credit card debt, finance a home improvement project, or need money for something else, you may want to consider taking out a personal loan.

If you meet the requirements, credit union personal loans, like those offered by Navy Federal, can be a good option because they tend to offer lower interest rates and less fees than other lenders.

For instance, Navy Federal caps interest rates on their personal loans at 18%. In comparison, many online lenders cap their interest rates at 36%.

Application Process & Eligibility Requirements

Before you can apply for a personal loan from Navy Federal, you have to become a member. Membership is open to the U.S. armed forces, U.S. Department of Defense, veterans, and their families.

When considering whether to approve members for a loan, Navy Federal looks at a borrower’s credit history, their debt-to-income ratio, and their current employment status. However, they are sometimes willing to lend to borrowers with little-to-no credit history.

It’s easy and fast to apply for a loan online. Navy Federal does have branches available in many states, though not everywhere.

Navy Federal Loan Rates, Terms, Fees, and Limits

Navy Federal Credit Union offers a variety of loan terms at competitive rates and with low fees. Here is some basic information about taking out a personal loan through Navy Federal:

  • Rates: Navy Federal offers personal loans with annual percentage rates from 8.19% to 18%.
  • Terms: Loan repayment terms are up to 180 months
  • Fees: There are no prepayment or origination fees.
  • Limits: There are no minimum qualifications to taking out a personal loan from Navy Federal. However, borrowers must membership requirements.

Pros & Cons of Navy Federal Personal Loans


  • Members out on active duty and retired military members get a 0.25% APR discount.

  • Navy Federal provides useful tools to make it easier for members to repay their loans.

    For example, it offers a monthly payment calculator so members understand what their payments will look like.

  • Although you may find a lower rate elsewhere, Navy Federal caps its maximum APR at 18%, much lower than many of its competitors.


  • Unlike other lenders, Navy Federal will do a hard credit pull on all loan applications, so your credit score could temporarily go down as a result of applying.

  • You cannot take out a personal loan through Navy Federal unless you have ties to the U.S. military or the U.S. Department of Defense.

  • It’s possible to find a lower rate with other lenders. Navy Federal is a good option for borrowers with average credit and ties to the military — but borrowers with great credit may find a better deal elsewhere.

Alternatives to Navy Federal Personal Loans

If you are not a military member or want to consider other options, check out the lenders below. Remember, though, Navy Federal members may be able to earn exclusive benefits and discounts that other lenders can’t match. To compare LendEDU’s top picks, you can read our guide to the best personal loans.

Alternatives to Navy Federal Personal Loans

Upgrade Personal Loans Logo

  • Funding as soon as the next day
  • Free credit monitoring and credit health tools
  • Easy application process
Upstart logo

  • Rates are typically between 8.41% and 35.99% APR1
  • Funds can be received in as fast as one business day
  • A minimum credit score of 600 in most states

Bottom Line

If you need a personal loan, Navy Federal Credit Union could be the right lender for you.

It offers personal loans and other financial products for active military members, veterans, U.S. Department of Defense employees, and their family members. With the goal of serving members, Navy Federal can keep its rates low and its terms flexible.

However, you may be able to find a lower interest rate from another lender, so be sure to do your homework and consider all your options first.

1The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.