Navy Federal Personal Loans Review

4.6 _/5

View Rates

Personal Loans

• Active duty and retired military members get a 0.25% rate discount
• Useful tools to make repayment easier
• Rates capped at 18%, even for borrowers with less-than-perfect credit

• Hard credit pull to see rates, which can lower your credit score by a few points
• Must have ties to the U.S. military or the U.S. Department of Defense to be eligible

Rates (APR)	8.99% – 18.00%
Loan amounts	$250 – $50,000
Term lengths	Personal expense loan up to 5 years; Home improvement loan up to 15 years

Founded in 1933, the Navy Federal Credit Union is a nonprofit financial organization providing financial products and services to over 13 million members. It is now 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 need financing, a Navy Federal Credit Union personal loan could be the right choice for you.

Navy Federal personal loan at a glance

Navy Federal Credit Union offers several personal loan options on its website, including a personal expense loan and a home improvement loan. Borrowers can choose a longer repayment term for a home improvement loan, and the minimum term is much higher.

The terms below are specific to the personal expense loan unless otherwise noted.

Rates (APR)	8.99% – 18.00%
Loan amounts	$250 – $50,000
Repayment period	Up to 5 years (personal expense loans); Up to 15 years (home improvement loans)
Fees	None
Funding time	Same-day funding is available

How does a Navy Federal personal loan work?

Navy Federal Credit Union offers personal loans designed for various needs, from consolidating debt to financing home improvements or covering unexpected expenses. The application process is straightforward, with the potential for same-day funding. Borrowers can benefit from fixed monthly payments at competitive rates, and the credit union charges no origination or prepayment fees.

• A Navy Federal personal expense loan may be ideal for covering planned and unplanned expenses, such as auto repairs, vacations, or other major purchases. Loan terms range up to 60 months, providing flexibility based on your financial situation.
• A Navy Federal home improvement loan is designed to finance home repairs, remodeling, or efficiency upgrades without requiring collateral. Loan amounts start at $25,000 for terms of 61 to 84 months and $30,000 for terms of 85 to 180 months. Interest rates depend in part on the term length.

Both loan types have fixed interest rates, so you’ll make equal monthly payments for the duration of your loan term. You must be a Navy Federal Credit Union member to take out a loan.

Members can apply for a personal expense loan on Navy Federal’s website. To apply for a home improvement loan from Navy Federal, you can call 1-888-842-6328 or visit a branch.

Who’s eligible for a Navy Federal personal loan?

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

When considering whether to approve members for a loan, Navy Federal considers your credit history, debt-to-income ratio, and current employment status. It may be willing to lend to borrowers with little to no credit history.

Navy Federal loan rates and terms

Here’s more about Navy Federal Credit Union’s personal loans.

• Rates range from 8.19% to 18%, but the lower range is for loans with terms of three years or less.
• Terms for personal expense loans are up to five years. If you opt for a home improvement loan, you can choose a term of as long as 15 years.
• Loan amounts: You might be eligible for a personal expense loan of as little as $250 or as much as $50,000. For home improvement loans, you must borrow at least $25,000 for a term of 61 to 84 months and at least $30,000 for 85 to 180 months.

What can a Navy Federal personal loan be used for?

Navy Federal personal loans can serve a wide range of other purposes, including home improvements. Its personal expense loans can be terrific for consolidating high-interest debt, covering medical expenses, or funding life events, such as weddings or large purchases.

Navy Federal’s personal loans are flexible, allowing borrowers to manage expected and unexpected financial needs efficiently. They also offer competitive rates and no hidden fees.

How do you repay a personal loan from Navy Federal?

Repaying a personal loan from Navy Federal is straightforward. You’ll make fixed monthly payments for the term of your loan, which could range from a few months to several years, depending on your loan type and amount. The payments remain consistent throughout the life of the loan, making it easier to budget your finances.

To make payments, you can use various methods:

1. Automatic payments: Setting up autopay from your Navy Federal checking or savings account ensures you never miss a due date. This option can be helpful if you want a hands-off approach to managing your loan repayment.
2. Online or mobile banking: You can log in to Navy Federal’s online banking platform or mobile app to make manual payments each month. This gives you the flexibility to pay when it best suits you.
3. By phone or at a branch: If you prefer a more personal touch, you can call Navy Federal or visit a branch to make payments over the phone or in person.

No prepayment penalties apply, so you can pay off your loan early if you choose, saving on interest costs. Having a fixed-rate loan from Navy Federal means your monthly payments will not change, providing consistency in your financial planning.

Pros & cons of Navy Federal personal loans

Pros

• Members out on active duty and retired military members get a 0.25% rate 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%

  This is due to federal laws on maximum rates credit unions may charge

Cons

• Unlike some other lenders, Navy Federal does a hard credit pull on all loan applications

  Applying could lower your credit score by a few points

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

Is Navy Federal Credit Union a reputable lender?

Navy Federal Credit Union is regarded as a reputable lender, but customer experiences can vary. Navy Federal Credit Union (NFCU) has mixed reviews from its customers across various platforms.

Source	Customer rating	Number of reviews
Trustpilot	4.5/5	32,342
Better Business Bureau (BBB)	1.21/5	342
Google	2.7/5	44

On Trustpilot, Navy Federal’s high customer rating and extensive number of reviews suggest that many members are satisfied with the credit union’s services, although the reviews are for many NFCU products and services, not just personal loans. Positive feedback often highlights Navy Federal’s competitive rates, member-centric services, and helpful customer support.

Negative reviews on Trustpilot, BBB, and Google (point to issues with customer service responsiveness, transaction disputes, and loan processing times. Overall, Navy Federal Credit Union is a reputable lender, but consider the positive and negative feedback when deciding whether it’s the right choice for you.

Does Navy Federal have a customer service team?

Navy Federal Credit Union offers a range of customer service options to assist members with their needs.

• Phone: Call 1-888-842-6328 for stateside member representatives available 24/7.
• Live chat: Navy Federal’s website offers live chat Monday through Friday from 9 a.m. to 6 p.m. Eastern.
• Secure message: For account-specific inquiries, sign in to online banking, choose “Messages,” and select “Send us a message.”
• In person: Visit any Navy Federal branch for face-to-face assistance. You can find a branch online and book an appointment in advance to save time.
• Social media: Connect with Navy Federal on Facebook or X (formerly Twitter) to ask questions, report issues, or provide feedback.
• Mail: Send mail to Navy Federal, P.O. Box 3000, Merrifield, VA 22119-3000.

How to apply for a Navy Federal Credit Union personal loan

Applying for a Navy Federal Credit Union personal loan is straightforward and can be done online, by phone, or in person. To get started, you’ll need to meet certain membership criteria and have the necessary documentation ready. Here are the steps to guide you through the process:

1. Check eligibility: Before applying, ensure you meet Navy Federal’s membership requirements. Membership is available to active and retired military members, veterans, their immediate family members, and Department of Defense employees.
2. Gather required information: Be prepared to provide personal and financial details, including your Social Security number, employment information, and income. If a cosigner is needed, have their information ready as well.s.
3. Apply online: If you’re applying for a personal expense loan, you can visit the Navy Federal website and log in to your member account—or become a member—to start the application. (You can also apply by phone in person—and if you’re applying for a home improvement loan, you must choose one of these options.)
4. Review and submit: Complete the application by providing all necessary details, reviewing the terms, and submitting it. If approved, you may receive the funds as soon as the same day.

Alternatives to Navy Federal Credit Union personal loans

If you are not a military member or want to consider other options, check out the top-rated lenders below.

For more about our top picks, you can read our guide to the best personal loans.

FAQ

Can you have more than one Navy Federal personal loan?

Yes, you can have more than one personal loan with Navy Federal Credit Union, but approval for a second loan will depend on your creditworthiness, income, and overall financial situation. Each loan application is evaluated separately, so even if you already have a loan, you may qualify for another if you meet the necessary criteria.

Can you pay off a Navy Federal personal loan early?

Yes, you can pay off a Navy Federal personal loan early without any prepayment penalties. Navy Federal allows borrowers to make additional payments or pay off the loan in full ahead of schedule, which can help you save on interest costs over time.

How we rated Navy Federal Credit Union

We designed LendEDU’s editorial rating system to help readers find companies that offer the best personal loans. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Navy Federal Credit Union to several personal loan lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below.

Product	Rating
Navy Federal Credit Union personal loan	4.6/5