Written by
Edited by
About Bankrate Score
Navy Federal personal loans are best for current members of the credit union and borrowers who meet the membership requirements.
$250-$50,000
7.99%
Up to 60 months
Former and current service members and their families in need of a personal loan with a wide loan amount range would best benefit from a Navy Federal loan.
Small minimum loan amount.
Co-signers and secured options available.
Potential rate discounts.
Must meet the membership requirements.
No prequalification option.
Minimum financial requirements not disclosed.
Although Navy Federal doesn't disclose its minimum annual income or credit requirements, it does disclose that borrowers must meet the following requirements to qualify for a personal loan.
You can use a Navy Federal Credit Union personal loan for nearly every legal expense. However, it does state on its website that you can't use the funds for education-related expenses.
The specific use requirements may vary depending on the loan type, so read the terms and conditions carefully before accepting your offer.
PenFed is another credit union that offers loans with a similar interest rate range, starting at 7.99 percent. However, PenFed may be easier to qualify for in general, as no military service is required for membership. Both lenders offer similar loan amounts and benefits so the best loan for you could hinge primarily on your military affiliation or involvement.
USAA is a credit union that also requires its members to be affiliated with the U.S. military, but its loans are more expensive than Navy Federal's. USAA's APR range starts at 9.84 percent and climbs up to nearly 19 percent, but it does offer a larger maximum amount of $100,000. That being said, a Navy Federal personal loan, while smaller, will cost less in the long-run for the most creditworthy borrowers.
Navy Federal's personal loans are great financing tools for its members who are in need of a smaller amount. However, like every other company, there are things that we aren't too crazy about.
Navy Federal's customer service department is accessible by phone 24/7 at 1-888-842-6328. You can also get in contact with a representative through its secure messaging system on its website, in-person at one of its brick and mortar locations, through its online chat feature or through social media messaging.
As a rare perk, its mobile app also has an online chat and e-messaging features and is compliant with Android and iOS accessibility features.
Here's what you can expect from the application process:
If you're an active duty (or retired) service member, you may be eligible for a 0.25 interest rate discount. To get this perk, you must apply in-person or over the phone.
Navy Federal has a minimal fee structure and doesn't charge any origination or prepayment fees. However, it does charge a late fee of $29 and a returned payment fee of $29.
| Overall Score | 4.7 | Explanation |
|---|---|---|
| Availability | 5.0 | Same-day approval and co-signers allowed, but no disclosed minimum credit score. |
| Affordability | 4.8 | Competitive minimum APR and minimum fees, but there's not too many discounts available. |
| Customer Experience | 5.0 | Online application and convenient mobile app, plus 24/7 customer support. |
| Transparency | 4.0 | Not all requirements are listed and there's no prequalification option. |
To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
