Navy Federal Credit Union personal loans review 2018 |

Navy Federal Credit Union personal loans review

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If you’re a military member, veteran or DoD employee, you could get a personal loan with interest rates capped at 18%.

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 NameNavy Federal Credit Union Personal Loans
Min Loan AmountVaries
Max. Loan Amount$50,000
Interest Rate TypeFixed
Maximum Loan Term15 years
RequirementsMust have an active NFCU checking or savings account and have a regular source of income.
Application FeeNone
  • Be at least 18 years old
  • Have an active NFCU checking or savings account
  • Have a regular source of income

What is 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 to qualify.

How do personal loans from Navy Federal Credit Union work?

Members of NFCU may qualify for loans up to $50,000 and terms of 15 years. Of course, the longer your term, the higher your interest will be. Short terms of 36 months or less may see interest as low as 7.99%, while a 15-year term has a minimum interest rate of 15.09%.

Navy Federal also sets a borrowing minimum for its long-term loans. If you want a term longer than 60 months, you’ll have to borrow at least $25,000. For terms longer than 84 months, the minimum amount you can borrow is $30,000.

The amount you qualify for and the rate you’re quoted will depend on your income and credit history.

What you need to know about credit union personal loans

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%.
  • 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.

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 membership criteria is strict 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

Rates last updated October 21st, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
6.16% to 35.89% (fixed)
Conveniently check your loan options without affecting your credit score.
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
5.99%–35.99% (fixed)

Compare up to 4 providers

Am I eligible for a loan?

To get the best APR on a personal loan, good to excellent credit is recommended. NFCU allows cosigners to aid individuals with less-than-perfect credit. You can also apply for a secured loan to help you build your score.

To apply, you must:

  • Have an active NFCU checking or savings account.
  • Have a regular source of income.
  • Be at least 18 years old.

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 contractors
  • DoD civilians and retirees
Immediate family members
  • Spouses
  • Parents and grandparents
  • Children and grandchildren
  • Siblings
  • 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.

  1. Go the NFCU’s website and visit the personal loan page.
  2. Click Apply Now.
  3. Sign in to your account
  4. 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.

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.

Bottom line

If you qualify for membership, NFCU can offer loan options suitable to a variety of financial situation. However, not everyone qualifies for membership, and even those who do may not want to risk paying high interest if they think they could qualify elsewhere. Before you decide, be sure to compare more personal loan options or explore other loan options for military members.

Frequently asked questions

Aliyyah Camp

Aliyyah Camp is a publisher for helping folks compare personal, student, car and business loans. When she's not helping people with their personal finances, you can find her going for runs outdoors.

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