If you’re a military member, veteran or DoD employee, you could get a personal loan with interest rates capped at 18%.
We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.Navy Federal Credit Union offers competitive personal loan rates and terms to members of the military, veterans and those who work for the Department of Defense — extending membership to immediate family.
If you’re planning your next home improvement project, well-deserved vacation or want to consolidate debt, a personal loan from NFCU could help you fund it.
|Product Name||Navy Federal Credit Union Personal Loans|
|Min Loan Amount||Varies|
|Max. Loan Amount||$50,000|
|Maximum Loan Term||15 years|
- Be at least 18 years old
- Have an active NFCU checking or savings account
- Have a regular source of income
What is a personal loan from Navy Federal Credit Union?
Founded in 1933, Navy Federal Credit Union (NFCU) is the largest credit union in the United States, offering its members large loan amounts and long repayment terms. Like all credit unions, NFCU is owned by its members rather than corporate shareholders, which allows it to offer stronger rates with relaxed criteria for lending.
NFCU considers your personal circumstances when evaluating your application, but you’ll still need a good credit score.
What are the benefits of a Navy Federal Credit Union personal loan?
- 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 up to 180 months. That’s competitive compared to other lenders with maximum APRs as high 35.99%.
- Many branch locations. While many credit unions stay local to its communities, Navy Federal Credit Union has branch locations in 30 states, DC and Guam.
What are the drawbacks?
- Membership required. To qualify for a personal loan from NFCU, you must be a member — common for credit unions, but the application is rigorous for NFCU.
- Minimum loans for longer terms. Repayment over a longer term requires a minimum borrowing amounts. For example, loan terms of 85 months require you to borrow at least $30,000.
- 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 more personal loan options
Am I eligible?
To get the best APR on a personal loan, good to excellent credit is recommended. NFCU also allows cosigners to aid individuals with less-than-perfect credit. You can even apply for a secured loan to help you build your score.
To apply, you must:
- Be at least 18 years old.
- Have an active NFCU checking or savings account.
- Have a regular source of income.
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 servicemembers, 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 contractors
- DoD civilians and retirees
- Parents and grandparents
- Children and grandchildren
- Household members
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 not yet a member of NFCU, join online or call the membership number found on its website.
I got the loan. Now what?
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.
If you qualify for membership, NFCU can offer loan options suitable to a variety of financial situation. Whether it’s for home improvement, a big wedding or any other cost, it’s likely you’ll find what you need.
Before you decide, be sure to compare your other personal loan options.