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Navy Federal Credit Union Personal Loans Calculator & Overview

Carla Soto
Updated 18 Aug 2023
Fact checked

Navy Federal Credit Union logo

Navy Federal Credit Union or Navy Federal was established in 1933 and can be found in Vienna, Virginia. Navy Federal holds over US$159.8 billion, and has 11.85 million members. It has the largest natural member credit union in the US. They have a broad range of financial products such as loans and credit cards, mortgages and refinancing services, insurance, Certificate of Deposit (CDs), and individual retirement accounts (IRAs).

If you want to cover unforeseen bills or finance major life events and you’re sure that you have the means to take out a personal loan, a Navy Federal personal loan may be a viable option. Calculate your possible payments, monthly and overall, using the Navy Federal Credit Union personal loans calculator.

Personal loans have an annual percentage rate (APR) varying from around 3% to 36% APR. The interest rates you can receive will depend on a range of factors, such as your credit score, income, and debt-to-income ratio. On a loan of $10,000 over 5 years, the cost could vary between $10,781 and $21,680. The interest cost is between $781 and $11,680.

A quick guide to Navy Federal Credit Union personal loans

A personal loan, like one from Navy Federal Credit Union, typically has lower rates than credit cards. Look at the features and benefits so you can figure out if they fit your personal expectations and payment preferences:

  • Loan amounts: minimum $250; maximum $50,000
  • Loan terms: up to 60 months
  • Application fee: $0
  • Prepayment penalty: $0
  • Interest rates: from 7.49% to 18.00% APR

Requirements for a Navy Federal Credit Union personal loan

You must be a member of Navy Federal Credit Union to be eligible for a personal loan. Here are the criteria you must meet to become a member of Navy Federal Credit Union:

  • You live, work, worship, or attend school in Navy Federal Credit Union recognized counties
  • You are a family member of a Navy Federal Credit Union member
  • You are a current or former employee of Navy Federal Credit Union recognized establishments, businesses, or institutions

There is no available information on borrower criteria for a Navy Federal Credit Union personal loan. Typically, most lenders have a general expectation among potential loan applicants. These are the following:

  • Proof of identity (driver’s license, social security number, other state-issued IDs)
  • Proof of US residential address
  • Proof of employment (paystubs, W-2s and 1099s, employer statement)
  • Income verification (tax returns, bank statements, annuity statements)

 

Navy Federal Credit Union personal loan calculator

Loan Amount

$20,000

Term

3 months

Navy Federal Credit Union

Navy Federal Credit Union personal loans

Estimated Month Repayments
Interest Rate
7.49%
APR
Repayment Period
12 months
to 60 months
Loan Amounts
$250
to $50,000
Navy Federal has an option to fit your unique needs-and we may even be able to deposit funds directly into your checking or savings account.

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

 

Pros and cons of Navy Federal Credit Union personal loans

Pros

  • Borrow as low as $250
  • Higher borrowing limits compared with those from other lenders
  • No application fee
  • No prepayment penalty
  • Co-signers are allowed

Cons

  • Must be an NFCU member
  • Takes up to 11 business days to verify loan application status
  • Credit/income requirements not specified
  • $29 late fee
  • No prequalification resulting to a hard credit pull

Frequently asked questions

Can I use a Navy Federal personal loan for education expenses?

No, you cannot. A Navy Federal personal loan doesn’t cover tuition fees for higher education. However, you may apply for a student loan to help you pay for college or refinance your current student loans.

What are the minimum and maximum loan amounts for a Navy Federal loan personal loan?

You can borrow between $250 and $50,000 from Navy Federal.

What are the repayment terms for a Navy Federal personal loan?

You have up to 60 months to repay your personal loan from Navy Federal.

What interest rates does a Navy Federal personal loan offer?

Interest rates for a personal loan from Navy Federal can range between 7.49% and 18.00%.

Do I need a cosigner for my loan application at Navy Federal?

No, it isn’t necessary to have a cosigner. However, if you apply with a co-signer, it may help you meet the credit requirements necessary for loan approval from Navy Federal.


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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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