Navy Federal Personal Loan Review
Navy Federal pros and cons
Navy Federal personal loans are affordable, and credit union membership has its perks, but you should consider the downsides before signing on the dotted line.
Pros
-
Navy Federal loan type APR Loan terms Loan amounts Personal expense loan Up to months Debt consolidation Up to months Home improvement Up to months Navy Federal requirements
To get a loan, Navy Federal requires that you become a member first. Navy Federal is specific when it comes to who qualifies for credit union membership. However, it doesn’t specify a minimum credit score or income for loans, so it can be hard to know if your credit is up to Navy Federal’s standards.
Military member requirements - All branches of the military qualify
- Veterans
- Retired service members
- Active duty service members
- Department of Defense civilian personnel
Military member family requirements - Family and household members
- Parents
- Grandparents
- Spouses
- Siblings
- Children (including adopted and stepchildren)
- Grandchildren
Other requirements - Social Security number
- Current home address
- Driver’s license or other form of government identification
- Credit card or bank account number
- Membership Savings Account with $5 minimum balance
While Navy Federal does allow borrowers to use its funding for a variety of purposes, there are certain expenses you cannot put the money toward.
Navy Federal loans CAN be used for…
- Personal expenses
- Home improvement projects
- Debt consolidation
Navy Federal loans CANNOT be used for…
- Education expenses
If Navy Federal’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with Navy Federal
Since you have to be a Navy Federal member to get a loan, this lender’s application process is slightly more involved.
Apply for membership
To become a member of Navy Federal, you’ll need to specify your military connection. If you are a current or former servicemember, you’ll need to divulge the branch you served in, your rank and when you served.
You’ll also need to provide your personal information, including your Social Security number, citizenship status and whether someone referred you to Navy Federal.
Fill out loan application
Once you’re approved to become a member, you’ll be eligible to apply for a personal loan. During this process, you’ll need to share and verify information such as your income, employment status and credit score.
Unfortunately, Navy Federal doesn’t provide the option to prequalify for a loan. Prequalification services allow you to see what potential rates and terms you may be eligible for without any impact to your credit score.
When you submit your application, Navy Federal will run a hard credit inquiry. This will allow Navy Federal to see your credit reports and can cause your credit score to go down temporarily by several points.
Close on loan
If Navy Federal approves you for a loan, you’ll need to sign your personal loan contract. Once you accept your loan, Navy Federal can deposit your funds that same day.
If you’re not approved for a Navy Federal personal loan, consider ways to boost your chances — things like using a co-applicant, improving your credit score and checking your credit reports for any errors.
Compare personal loan rates from top lenders in minutes How Navy Federal compares to other personal loan companies
Even if you believe Navy Federal aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how Navy Federal stacks up against similar personal loan lenders.
How Does LendingTree Get Paid?LendingTree is compensated by companies whose listings appear on this site. This compensation may impact how and where listings appear (such as the order or which listings are featured). This site does not include all companies or products available.How we rated Navy Federal
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Navy Federal doesn’t publicize its credit requirements for personal loans, but it does say it lends to members across the credit spectrum. If you have a bad credit score and aren’t sure you’ll qualify, try applying with a co-applicant. A co-applicant can lower your risk in the eyes of lenders because both you and the other person will be responsible for repaying the loan.
After Navy Federal approves you and you accept your loan terms, Navy Federal can deposit your money on the same day. Quick loans can be especially helpful if you have an unexpected financial obstacle in your way that you can’t afford up front.
Navy Federal will likely need to verify your income if you apply for a personal loan. This allows the lender to determine if you can afford to repay it and that you won’t default on the loan. You can verify your income by providing Navy Federal with financial documentation, such as bank statements, recent pay stubs and W-2s.
Get Personal Loan Offers Customized for You Today - All branches of the military qualify
Get personal loan offers from up to 5 lenders in minutes
Recommended Articles