Navy Federal Credit Union Personal Loan Review

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Navy Federal Credit Union has so much to offer for current and new members alike. Their personal loans members will find it particularly attractive, especially those with only fair credit.

When you think of personal loans, you might have visions of Scrooge McDuck swimming in cash, but personal loans are great for a myriad of reasons like home improvement projects, building up emergency funds, and even paying off higher-interest debts.

Personal loans even help build credit for borrowers who make timely payments.

Navy Federal Credit Union personal loans are some of the best out there for its members and are worth considering.

Military Personal Loans
Navy Federal Personal Loan
  • Loan Amount
    $250 - $50,000
  • Est. APR
    7.49% - 18.00%
  • Learn More
  • Loan Details

Navy Federal Credit Union Personal Loans Pros and Cons:


  • No prepayment or origination fees.
  • NFCU members that are active duty or retired can receive a .25% rate discount.
  • Most approved applicants will have same-day funding.
  • You have the option to use a co-signer.


  • You can’t prequalify.
  • You must be an NCFU Member to apply.
  • NCFU does a hard credit pull on all loan applications, which potentially affects credit.

NFCU Personal Loan Features and Benefits

Competitive Rates

Navy Federal Credit Union personal loans have APRs ranging from 7.49% to 18%. These are great APRs for personal loans considering some personal loans can carry APRs of 30% or more.

APR stands for annual percentage rate and includes both the interest rate or rate you are paying to borrow the money and other fees like lender fees.

Bottom line, APR affects your repayment amount each month, and the lower APR, the better.

Members Can Add Co-Signers

Members wanting to secure a Navy Federal Credit Union personal loan have the option to add a co-signer.

Co-signers do have a legal obligation to repay the loan if the primary borrower defaults on their payments.

The loan will appear on the co-signer’s credit report, which could also impact their credit. However, co-signers increase the likelihood of a member being approved when their credit is not the best.

Co-signers should be able to afford the monthly payment on their own, should something happen, and have good to excellent credit.

Wide Range of Loan Amounts

NCFU knows that everyone’s situation is different, and they have a wide range of loan amounts and repayment terms to choose from.

Members can borrow from as little as $250 up to $50,000 with various repayment loan terms from 36 months to 180 months for personal loans to be used for home improvement.

The length of repayment is also dependent on the amount borrowed.

Easy Online Application

NCFU’s personal loan application is quick and easy. The first step is logging on to the member’s account and heading over to the personal loans section of the site.

Next, members will be asked to provide their credit information so that NCFU can check the member’s credit scores. Credit scores are determined by things like the length of credit history, debt to income ratio, and payment history.

NCFU will also ask for the member’s income to make sure they can afford the payments.  Those planning to use a co-signer will need to provide that information for the co-signer, as well.

All that sounds complicated, but NCFU will have results back quickly for most applicants.

Strong Customer Service

Navy Federal Credit Union has a reputation for excellent customer service. They are not like a traditional banking model because NCFU is member-owned. Their customer service is aimed at keeping the members happy.  

Because NCFU has members all over the globe, they do offer 24/7 assistance through a call center.

How to Qualify for a Personal Loan from Navy Federal

Only Navy Federal Credit Union members may apply for a personal loan. Once membership is established, NCFU will consider any member for their personal loans- even if they have bad credit and choose to use a co-signer.

Higher credit scores will be rewarded with lower interest rates and APR.


Navy Federal Credit Union will ask for the member’s income to confirm their ability to make the loan payments.

Credit Score

Navy Federal Credit Union does not have a minimum credit score to be approved for a loan.

There is a suggested 580 credit score for members who do not want to use a co-signer for their loan.  However, those with credit scores below 580 may still be approved with a co-signer.


Membership to Navy Federal Credit Union is extended to any active-duty members, reservists, veterans, and retirees of the Army, Navy, Air Force, Marines, Coast Guard, and Space Force.

Delayed Entry program personnel, Department of Defense civilians, US Government employees assigned to DoD installations, contractors assigned to DoD installations, and family members of any of the above may be members.

How to Apply for an NFCU Personal Loan

NCFU makes applying easy by providing a nearly instantaneous approval process online.

Members who prefer to do business can stop into any of NCFUs 340 branches and complete the application in person.

How Do Navy Federal Credit Union Personal Loans Compare to Other Lenders?

#1. NFCU vs. Upstart

Both Upstart and NFCU take borrowers who are new to credit and fund the loans quickly – usually within 24 hours.

Also, both NCFU and Upstart offer loans up to $50,000. Upstart’s lowest interest rates are lower than NCFU’s, but their higher interest rates are higher.

Unlike NCFU, Upstart sometimes charges an origination fee. There are only two repayment options versus the many NCFU offers.

>> More: Upstart Personal Loans Review

#2. Upgrade vs. NFCU

Upgrade Personal Loans will lend up to $50,000, just like NCFU. They also accept those with bad or fair credit, but they do charge an origination fee.

Upgrade offers .5% rate discounts for those to set up autopay. Upgrade’s lowest APR is lower than NCFU, but their higher APRs are much higher than NCFU.

>> More: Upgrade Personal Loans Review

#3. Navy Federal Personal Loans vs. Payoff

Payoff personal loans and NCFU both accept borrowers with lower-than-normal credit. Payoff has APRs lower than NCFU slightly, but their higher APRs are much higher than NCFU.

NCFU borrowers can get up to $50,000, but Payoff caps their loan amount to $40,000.

>> More: Payoff Personal Loans Review

#4. USAA Personal Loans vs. NFCU Personal Loans

NCFU and USAA both have no minimum credit score to apply. NCFU has slightly higher APRs than USAA, but they offer $50,000 loan amounts too. The highest loan amount with USAA is $20,000.

Both NCFU and USAA fund loans quickly and allow co-signers.

>> More: USAA Personal Loans Review

What Can Navy Federal Personal Loans be Used For?

NCFU personal loans can be used for a variety of things. NCFU loans can cover emergency expenses, home improvements, and even pay off debt with higher interest rates.

Frequently Asked Questions

How Long Does Navy Federal Credit Union take to Approve Personal Loans?

The online application process can provide nearly instant approval, and most members can expect funding within 24 hours of approval, Monday-Friday.

Does NFCU Offer Personal Loan Refinance?

Yes, members may refinance personal loans with NCFU.

What Credit Score is Needed for a Navy Federal Personal Loan?

There is no minimum credit score, but members not using a co-signer should aim for 580. Those using a co-signer do not have a minimum score.

Does Navy Federal Charge Any Fees for Personal Loans?

There is no origination fee and no prepayment fee to use an NCFU personal loan.

Bottom Line: Navy Federal Credit Union Personal Loans Review

NCFU personal loans are a great option for those needing a little cash at a reasonable interest rate. The loans are funded quickly, and there are no hidden fees.

Those members who might not be approved elsewhere can count on NCFU, especially if they have a co-signer.

NCFU has world-renowned customer service and is a solid choice for m

Meagan Drew
Meagan Drew

Meagan Drew is a Senior Personal Finance Writer & Product Analyst with 7 years experience in wealth management. As a former Series 7 and 63 certified advisor, Meagan specializes in making financial topics relatable and consumable, no matter the reader’s experience level. She attended the United States Military Academy at West Point where she studied Nuclear Engineering. Meagan is a veteran, military spouse, and mom of 4 currently living in Colorado Springs. Her areas of expertise are military personal finance, credit cards, personal loans, investing, and wealth management.