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Aliyyah Camp is a publisher helping folks compare personal, student, car and business loans. Prior to joining Finder, she ran her own personal finance blog and wrote for numerous finance sites. Aliyyah earned a BA in communication from the University of Pennsylvania. She likes to go to the movies and go for runs outdoors.
How can I become a member of Navy Federal Credit Union?
Membership for Navy Federal Credit Union is open to current and former members of the military, employees of the Department of Defense (DoD) and immediate family member of those who are eligible to join.
Here’s how NFCU defines service members, civilians and immediate family members:
Active-duty members of any branch of the US military
Army or Air Force National Guards
DoD officer candidates, members of an ROTC program or members of the Reserves
Veterans and retirees
DoD civilian employees
US government employees assigned to DoD installations
DoD civilians and retirees
Immediate family members
Parents and grandparents
Children and grandchildren
Discount for active duty or retired military. If you’re currently on active duty or retired from the military, you’re eligible for a 0.50% discount on your interest rate.
18% interest rate cap. If you’re approved for a loan, 18% is the highest interest you’ll pay — even on loans with terms of 5 years. That’s competitive compared to other lenders with maximum APRs as high 36%.
Multiple branch locations. While many credit unions stay local to its communities, Navy Federal Credit Union has branch locations in 30 states, DC and Guam to meet the needs of all its members.
Membership required. To qualify for a personal loan from NFCU, you must be a member — common for credit unions, but the membership criteria is strict for NFCU.
Longer terms only for home improvement. You can only get that 15-year term if you need funds to fix up your living space.
Mixed reviews. Depending on where you look, you’ll find both negative and positive reviews on NFCU. Be sure to understand how borrowing from a credit union works before you apply.
Compare other personal loan providers
Updated December 14th, 2019
How do I apply?
If you’re a member of the Navy Federal Credit Union, you can apply for a personal loan with NFCU in four easy steps.
Go the NFCU’s website and visit the personal loan page.
Click Apply Now.
Sign in to your account
Enter your personal information, including income and employment details.
If you’re looking for a debt consolidation loan or a home improvement loan, you can visit a nearby branch or call 1-888-842-6328 to speak with an NFCU representative.
How do repayments work with Navy Federal Credit Union?
Once you have your NFCU personal loan, keep up with monthly payments to avoid paying unnecessary fees. Missing even one payment can damage your credit score. Check out our budgeting guide if you want to learn how to budget your money and ensure your bills are paid on time.
Though there is no waiting time between when you start your membership and when you’re approved for the loan, the longer you’re a member, the better rates and loan terms you could qualify for.
Navy Federal Credit Union doesn’t have a credit score requirement for its personal loan. It considers several factors when you apply for a loan that include but aren’t limited to your credit history. However, you’ll likely have a better chance of getting approved if you have at least good credit.
Your odds depend on your unique situation. While Navy Federal Credit union is generally tight-lipped about its requirements, your chances of getting approved for a loan are zero if you don’t meet its membership eligibility requirements.
No. Credit unions are insured by the National Credit Union Administration (NCUA), a federal agency created by Congress to regulate credit unions. Like the Federal Deposit Insurance Corporation (FDIC), NCUA protects individual accounts — up to $250,000 in deposit accounts, like savings, checking, money-market accounts and CDs.
The NCUA covers regular shares and share draft accounts that are specific to credit unions.
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