Navy Federal Personal Loans Review

(May 2024)

Navy Federal Personal Loans Review

In This Article

Our Verdict

people at Navy Federal

Navy Federal Credit Union is a reputable US-based credit union that offers a broad range of financial services to its members. The institution has its headquarters situated in Vienna, Virginia, USA, and provides services to all 50 states in the United States, as well as in Washington, D.C.

If you need assistance or have general inquiries, you can contact Navy Federal Credit Union at 1-888-842-6328. Additionally, their website,, offers access to your account, loan applications, and a variety of information about their services.

Navy Federal Credit Union has a strong reputation for its commitment to serving the military community—and offering you excellent financial products and services. Navy Federal Credit Union have a wide range of financial offerings, including savings accounts, checking accounts, credit cards, personal loans, mortgages, and investment products.


  • Offers a wide range of financial services.
  • Has a strong reputation for serving the military community.
  • Provides excellent customer service.
  • Offers competitive interest rates and low fees.
  • Has a mobile app that makes banking convenient and accessible.


  • Limited membership eligibility to military personnel, veterans, and their families.
  • Smaller physical presence compared to other banks
  • Limited options for small business loans with strict eligibility requirements.
  • Restrictions on account access and services based on location or military status.
  • Reports of slow processing times for loan applications and customer service.

Who This Product Is Best For

Navy Federal Personal Loan is best for:

  • Military members and their families
  • Individuals seeking debt consolidation
  • Homeowners looking to make improvements
  • Those needing funds for large purchases
  • People facing unexpected emergency expenses

Who This Product Isn't Right For

Write off Navy Federal Personal Loan if you:

  • Are a non-member of Navy Federal Credit Union
  • Have a low credit score
  • Need quick funds
  • Require a flexible repayment plan
  • Need to borrow a very small amount

What This Product Offers

Personal Expense Loan: Consider applying for a personal loan from Navy Federal Credit Union if you need to borrow money without putting up collateral.

Debt Consolidation Loans: Consolidate your high-interest debts with a fixed-rate debt consolidation loan from Navy Federal Credit Union. Simplify your payments and save money on interest by consolidating into one loan with terms up to 60 months.

Home Improvement Loans: Consider Navy Federal Credit Union’s home improvement loans for fixed interest rates and terms up to 15 years. Use the loan to fund home renovation or repair projects, with the added benefit of a lower interest rate due to the loan being secured by your home.

Savings-secured Loans: Apply for a savings-secured loan from Navy Federal Credit Union and get a lower interest rate by using your savings account as collateral. Contact them through their website, phone or in-person, and have your savings account ready. Loan terms can be up to 180 months, and the loan amount you can borrow depends on your savings account balance.

Certificate-secured Loans: Apply for a certificate-secured loan from Navy Federal Credit Union to get a lower interest rate by using your certificate account as collateral. You need an active certificate account with Navy Federal to apply, and the loan amount will depend on the value of your account. Keep your funds in your account and continue earning interest while you get the money you need.

Product Details

Personal Expense Loan

Consider applying for a personal loan from Navy Federal Credit Union, which offers unsecured loans with fixed interest rates and terms up to 60 months, to borrow up to $50,000 without putting up collateral—and use the loan for a variety of purposes such as auto repairs, relocating, or covering unexpected expenses. You can apply online, by phone, or at a branch, and provide all the necessary information and documentation to help Navy Federal evaluate your loan application. However, keep in mind that your creditworthiness will play a significant role in determining whether you get approved for the loan, and at what interest rate.

Loan Amounts

$250 to $50,000


Up to 60 months



Debt Consolidation Loans

 If you have high-interest debt from multiple sources, consider applying for a debt consolidation loan from Navy Federal Credit Union. These loans come with fixed rates and terms up to 60 months, which can help you simplify your payments—and save money on interest over time. By consolidating your debt into one loan, you can be able to lower your monthly payments and pay off your debt faster.

When you apply for a debt consolidation loan with Navy Federal, you’ll need to provide information about your existing debts and income to help them evaluate your eligibility. If approved, you can use the loan to pay off your high-interest debts—and then make one manageable payment each month to Navy Federal.

Loan Amounts

$250 to $50,000


Up to 60 months

Repayment Terms




Home Improvement Loans

Consider getting a home improvement loan from Navy Federal Credit Union if you want to renovate or repair your home. The loan comes with fixed interest rates and terms up to 15 years. You can use the loan to fund various projects, such as adding a new room, upgrading your kitchen or bathroom, or installing new windows or doors.

To apply for the loan, provide documentation of the proposed home improvement project and its estimated costs. Remember that you need good credit to qualify for the loan, so ensure that you have a good credit score, a healthy debt-to-income ratio, and a good payment history.

Loan Amounts

$30,000 minimum loan amount for 15 years


Up to 180 months




Not required

Savings-secured Loans

If you’re looking to borrow money, a savings-secured loan from Navy Federal Credit Union could be a great option for you. By using your savings account as collateral, you can get a lower interest rate and longer loan terms of up to 180 months.

To apply, simply reach out to Navy Federal through their website, phone, or in-person and have an active savings account with them. The loan amount you can borrow will depend on how much you have in your savings account.

Loan Amounts



Up to 180 months



Where This Product Stands Out

Competitive interest rates: Navy Federal offers competitive interest rates for personal loans, especially for members with good credit. To get the best rates, ensure you maintain good credit and meet the eligibility requirements.

Flexible loan terms: Navy Federal provides flexible loan terms that range from 3 to 15 years. Depending on your financial situation and needs, you can choose a loan term that suits you.

No origination or prepayment fees: With Navy Federal personal loans, you won’t have to pay any origination or prepayment fees, which means you can save money on the loan.

Quick funding: If you’re approved for a Navy Federal personal loan, you can get the funds within a few days, making it ideal for emergency expenses.

Different loan options: Navy Federal offers various types of personal loans, including debt consolidation loans, home improvement loans, and certificate-secured loans. You can choose a loan that suits your needs and financial situation.

Member benefits: As a Navy Federal member, you can enjoy additional benefits such as discounts on car insurance, travel, and other services.

Where This Product Falls Short

Membership eligibility: Only members of the military, certain civilian employees of the Department of Defense, and their families are eligible to join Navy Federal Credit Union and apply for their personal loans. Make sure you check your eligibility before applying.

Limited branch access: While Navy Federal Credit Union has over 340 branches worldwide, their physical locations may not be convenient for everyone. Keep in mind that many of their services can also be accessed online or through their mobile app.

Strict approval requirements: Navy Federal Credit Union has strict requirements for loan approval, which may make it more difficult for some borrowers to qualify. They consider factors such as credit history, income, and debt-to-income ratio when evaluating loan applications.

Longer processing times: Compared to some other lenders, Navy Federal Credit Union may take longer to process loan applications and disburse funds. Make sure you plan accordingly if you need the funds by a certain date.

Limited loan options: While Navy Federal Credit Union offers personal loans for a variety of purposes, they may not have as many loan options as some other lenders. Make sure you research all of your options before deciding on a lender.

How to Qualify for This Product

Check your credit score: You should check your credit score to see if it meets Navy Federal’s minimum requirements. A good credit score, say a minimum of 670; increases your chances of getting approved for a personal loan.

Meet the eligibility requirements: Make sure you meet Navy Federal’s eligibility requirements, such as being a member of the credit union and meeting the minimum income requirements.

Gather the required documents: You’ll need to provide documentation such as proof of income, employment history, and identification.

Apply online or in-person: You can apply for a personal loan through Navy Federal’s website or by visiting a branch in-person. Make sure to fill out the application completely and accurately.

Wait for a decision: After submitting your application, wait for a decision from Navy Federal. If approved, review the loan terms and sign the loan agreement.

How to Apply for This Product

To apply for a personal loan from Navy Federal, start by contacting a personal loan banker who can guide you through the application process. While Navy Federal declined to provide specific requirements, most personal loan applications will require the following documents:

  • Recent pay stubs (usually from the past month)
  • W-2 forms from the past two years
  • Tax returns from the past two years
  • Employment verification letter from your employer
  • Bank statements from the past two months
  • Other proof of income, such as rental income or freelance income documentation.

Keep in mind that the exact documents you’ll need may vary depending on your personal circumstances and the loan amount you’re requesting. It’s always a good idea to check with Navy Federal directly to confirm their specific requirements.

Alternatives to This Product

PNC Bank: Consider PNC Bank if you want a fixed interest rate and loan amount between $1,000 and $35,000 with a credit score of at least 680. Compare the features of different personal loan options before making a decision. Check your credit score to ensure eligibility. Apply online or visit a local branch and be patient during the application process.

US Bank: Consider US Bank for a personal loan with a fixed interest rate and loan amount between $1,000 and $25,000, but first, ensure your credit score is at least 680. Visit US Bank’s website or a local branch to start the process and provide financial details during the application. Expect fixed interest rates and a quick decision on your loan application with US Bank.

Wells Fargo: You can apply for a personal loan with Wells Fargo, but keep in mind that you’ll need a credit score of at least 660 to be eligible. If your credit score falls below this threshold, you may not qualify for a loan, or you get less favorable terms. Expect to find personal loan options with Wells Fargo that are unsecured, meaning they don’t require collateral.

Customer Reviews

Check out the reviews of Navy Federal Credit Union before deciding to do business with them. Although they have received awards and high ratings from Trustpilot, the reviews on BBB are not as positive, with a rating of just 1.22 out of 5 based on 127 reviews.


We reviewed this product based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility,

customer experience and the application process. We rated *this product* based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms and applicable fees. We also looked at minimum credit score and time in business requirements and the geographic availability of the lender. Finally, we evaluated *this product* customer support tools, borrower perks and features that simplify the borrowing process—like online applications, prequalification options and mobile apps.

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