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Navy Federal Credit Union personal loans review

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Navy Federal Credit Union personal loans
Finder score
Max. Loan Amount
7.49% to 18.00%
Min. credit score

Our verdict

Low maximum rates for service members and DoD employees.

Borrowing from Navy Federal Credit Union is ideal for active-duty service members, veterans, employees of the Department of Defense and their families — you won't qualify for membership otherwise. While its rates start on the higher side, they're capped at 18% — relatively low compared to other lenders out there. And you can apply with a coapplicant to increase your chances of getting a good deal.

While it doesn't have any hard-and-fast credit requirements, good to excellent credit is recommended. And if you're looking for a term longer than five years, you'll need to look elsewhere — unless you're taking out a home improvement loan, which comes with terms up to 15 years.

Don't qualify for membership with Navy Federal? Compare your other options below.


  • Discount for active duty or retired military
  • 18% interest rate cap
  • Multiple branch locations

In this guide

  • Our verdict
  • Details
    • Product details
    • Contact info
  • Your reviews
  • Ask a question


Product details

Min. Loan Amount $250
Loan Amount $50,000
APR 7.49% to 18.00%
Interest Rate Type Fixed
Min. credit score Varies
Origination Fee Starting from 0%
Loan term Up to 5 years
Turnaround Time As soon as the same day

Contact info

Phone number 888-842-6328
Customer service hours 24 hours a day, 7 days a week
Twitter @NavyFederal
Facebook @NavyFederal

How much will this loan cost me?

Navy Federal loans rates range from 7.49% to 18.00% APR, with no origination fees. If you’re an active duty or retired member of the military, you can can qualify for a 0.5% discount on your rate.

Loans run from $250 to $50,000 with terms up to 5 years. Use the calculator below to find out how much a Navy Federal loan might cost you at different rates, loan amounts and terms.

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How it works

Not everyone can qualify for a 7.49% APR on a $50,000 loan. You typically need to have a credit score of around 760 or higher and enough cashflow to support repayments for the lowest rates and highest amounts a lender offers.

Your loan term also affects the rates you’re eligible for. You can only qualify for a 7.49% APR with a term of 3 years or less. Terms longer than 3 years have rates that start at a high 18% APR.

What do I need to qualify?

To apply, you must meet the following requirements:

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

To get the best APR on a personal loan, good to excellent credit is recommended.

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 Navy Federal defines service members, civilians and immediate family members:

What information do I need to apply?

To apply for a personal loan from Navy Federal Credit Union, have the following information available:

  • Current employment and income details
  • Social Security number
  • Contact information
  • Coapplicant’s personal details — if applicable

Pros and cons

The low maximum rates at Navy Federal can make its personal loan can be a great option for some borrowers. But it has some major drawbacks.


  • 18% interest rate cap
  • Accepts coapplicants
  • Loans as low as $250
  • 0.5% APR discount for military members


Compare other personal loan providers

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Finder Score: 4 / 5: ★★★★★
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LendingPoint personal loans
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Pay down your debt with a fixed APR and predictable monthly payments.

Is Navy Federal Credit Union legit?

Yes, Navy Federal Credit Union is a registered federal credit union. It’s regulated by the National Credit Union Administration (NCUA) and meets certain standards — like capping rates at 18%. It also offers a range of other loans.

It takes steps to protect your information, like using two-factor authentication and SSL encryption to scramble data you submit online. It only shares your information with affiliates for everyday business purposes — and never with nonaffilaites to market to you.

BBB accreditedNo
BBB customer reviews1.21 out of 5 stars, based on 133 customer reviews
BBB customer complaints902
Trustpilot score4.7 out of 5 stars, based on 4,700 customer reviews
Customer reviews verified as of15 July 2021

Navy Federal gets mixed customer reviews — and customers have filed over 800 complaints with the Better Business Bureau (BBB) over the past three years. Many customers were happy with the quality of customer service — but not all were pleased. Several cited problems dealing with the mortgage and auto loans departments, but there were few mentions of personal loans.

How do I apply?

If you’re a member of the Navy Federal, you can apply for a personal loan in four easy steps.

  1. Go the Navy Federal Credit Union website and visit the personal loan page.
  2. ClickApply 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 888-842-6328 to speak with a Navy Federal representative.

What happens after I apply?

Navy Federal will be in contact with you to discuss next steps. You may be required to submit proof of employment or income to complete the loan process.

How do repayments work with Navy Federal Credit Union?

Once you have your Navy Federal 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 tolearn how to budget your moneyand ensure your bills are paid on time.

Before you choose a lender, be sure to explore otherloan options for military members.

Frequently asked questions

How long do I have to be a member to get a loan?

There’s no waiting period between when you start your membership and when you can apply for a loan. However, the longer you’re a member, the better rates and terms you could qualify for.

What’s the credit score requirement for a Navy Federal personal loan?

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, which is typically a score of around 670.

Is Navy Federal Credit Union insured by the FDIC?

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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