Navy Federal Credit Union Personal Loans ReviewNavy Federal Credit Union Personal Loans is offered by Navy Federal Credit Union, a credit union founded in 1933 and based in Vienna, VA. Navy Federal Credit Union Personal Loans is available in 50 states (and Washington, DC). Show
Key Takeaways
Navy Federal Personal Loan Pros & Cons
Navy Federal Personal Loan FAQWhat interest rates and personal loan terms does Navy Federal Personal Loan offer?Navy Federal Personal Loan has lower than average interest rates for lenders reviewed on SuperMoney. What interest rates does Navy Federal Personal Loan offer?Navy Federal Personal Loan offers a fixed APR personal loan product that ranges from 7.49% APR up to 18% APR. How much can you borrow via Navy Federal Personal Loan?Business loan amounts start at $250 and go up to $50,000. What is the maximum loan term you can get with Navy Federal Personal Loan?Navy Federal Personal Loan offers loans with terms of up to 180 months.
What fees does Navy Federal Personal Loan charge?Does Navy Federal Personal Loan charge an origination fee?Navy Federal Personal Loan does not charge a personal loan origination fee. A personal loan origination fee is what some lenders charge for processing, underwriting, and funding a personal loan. Typically origination fees range from 0.5% to 5% of the personal loan amount. Whenever possible, go with lenders that don’t charge origination fees. Does Navy Federal Personal Loan charge a late fee?Yes, Navy Federal Personal Loan may charge borrowers a late payment fee if you miss one of the monthly payments of up to $29. Does Navy Federal Personal Loan charge prepayment fees?No, Navy Federal Personal Loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the personal loan off early.
What do you need to qualify for Navy Federal Credit Union Personal Loans?Navy Federal Credit Union Personal Loans does not require or does not disclose a credit score minimum. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Navy Federal Credit Union Personal Loans does not have or does not disclose a minimum annual income eligibility requirement. Navy Federal Credit Union Personal Loans only considers borrowers who are employed. The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Navy Federal Credit Union Personal Loans. Their rates fall within the limits of The Military Lending Act. U.S. citizens are, of course, eligible for the services offered by Navy Federal Credit Union Personal Loans. Permanent resident / green card holders are also eligible to apply. To qualify, applicants may need to provide the following documentation:
What is the estimated funding time for a personal loan via Navy Federal Personal Loan?Navy Federal Personal Loan will typically provide a credit approval decision in less than an hour and fund the loan within 1 business day. Does Navy Federal Credit Union Personal Loans report your account activity to credit bureaus?Yes, Navy Federal Credit Union Personal Loans reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit. Is Navy Federal Credit Union a legit company?Navy Federal Credit Union was founded in 1933, it is a well-established company that has been in business for 89 years. Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service. SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more... Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners. Message From Navy Federal Credit UnionIs it difficult to get a personal loan from Navy Federal?There is no required credit score for getting a personal loan, but a good or excellent score increases your chances of getting approved and receiving a lower interest rate. You must have verifiable income to qualify for a NFCU personal loan. Navy Federal lets you borrow $250 to $50,000.
What is the minimum credit score for a Navy Federal loan?Qualification Factors
Many lenders require a score of at least 700. At Navy Federal, we consider your banking history with us as well as your credit score. Debt-to-income (DTI) ratio: This is a comparison of your monthly debt, including the new home, to your monthly income.
What credit bureau does Navy Federal report to?Navy Federal Credit Union members have free access to their TransUnion® credit score with our Mission: Credit Confidence® Dashboard.
How fast can Navy Federal approve a loan?Navy Federal Credit Union may approve you for a personal loan the same day you apply or within 3 - 10 business days. After your application is approved and you accept the offer, it takes 1 business day to receive your funds, which Navy Federal Credit Union will send to you by electronic bank transfer.
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What credit bureau does navy federal use for personal loans
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