Navy FCU Personal Loan Full Review
Have you been looking for an easy-approval, low-interest, and high-amount loan? Stop your search right now! You just find an ideal lender.
Get in touch with Navy FCU, a credit union that offers a variety of personal loans to suit your needs.
Since debt consolidation includes home improvements and unexpected expenses, Navy Federal Credit Union has a perfect $50,000 loan waiting to get you covered.
So why wait? Get in touch with all the details about Navy’s personal loans right now!
Who is Navy Federal Credit Union?
With over 80 years of experience, Navy Federal Credit Union was created to provide easier and cheaper financing for armed forces employees, veterans, retirees, and their families.
Over the decades, the company has grown to become one of the largest credit unions in the United States, with over 10 million members.
All across the country, Navy Federal Credit has become a symbol of a flexible lender and offers several financing services, including personal loans, credit cards, mortgages, and more.
How do Navy FCU personal loans work?
With Navy FCU, you can find both secured and unsecured personal loans, with each having its own unique advantages.
As of today, Navy FCU is offering five different types of personal loans, including:
- Personal Expense Loan
- Home improvement loan
- Debt consolidation loan
- Savings Secured Loan
- Certificate secured loan
Below you can find more details about each of Navy FCU’s personal loans, including their best indications, amounts, interests, and everything else you need to know.
Personal Expense Loan
This is the most versatile personal loan within Navy FCU, and its funds can be used for a variety of personal expenses, including medical bills, home repairs, and travel expenses.
For its Personal Expense Loan, Navy FCU is offering up to $50,000 for borrowing, with repayment terms ranging from 6 months to 60 months.
This is an unsecured loan, but its interest is still well below the average, with rates starting at 7.49% APR.
Home improvement loan
As its name suggests, this loan is specifically designed to help homeowners pay for home improvement projects.
Still, its available amounts are quite high, with the union’s members being able to borrow up to $50,000. The repayment terms range from 6 months to 60 months.
When it comes to interest, the rate for a home improvement loan starts at 2.99% APR but can go as high as 18% APR, with 6 months to 60 months to repayment.
Debt consolidation loan
This type of loan can also lend you up to $50,000, but it is designed to help members consolidate high-interest debt into one monthly payment.
With this loan, you can borrow an amount, pay off several of your lenders, and concentrate your debt on only one creditor: Navy FCU.
Debt consolidation loans are especially indicated for customers who are paying high interest on one or multiple credit card debts.
The rates for debt consolidation loans range from 7.49% APR to 18.00% APR, while their repayment terms range from 6 months to 60 months.
Savings Secured Loan
This loan is very similar to the Personal Expense Loan, with its funds being free to be used for any reason that suits your best needs.
The main difference is that a savings secured loan is a secured loan that uses the borrower’s savings account as collateral for the loan.
Because of that, the interest rates for savings-secured loans start at 2.00% APR above the savings account rate and go up to 18.00% APR.
The minimum loan amount is $250, and the maximum loan amount is equal to the balance in the borrower’s savings account. The repayment terms range from 6 months to 60 months.
Certificate secured loan
This loan is also secured, but by a borrower’s certificate of deposit (CD), which serves as collateral for the loan.
As with the Personal Expense Loan and the Savings Secured Loan, its funds can be applied to the project that best suits your interests.
The interest rates for certificate secured loans start at 2.00% APR above the CD rate and go up to 18.00% APR, while the repayment terms range from 6 months to 60 months.
The minimum loan amount is $250, and the maximum loan amount is equal to the balance in the borrower’s CD.
Among the several advantages presented by a Navy FCU personal loan are competitive interest rates, flexible repayment terms, and the lack of application fees or prepayment penalties.
Additionally, the credit union offers discounts for automatic payments and members in good standing.
Other advantages of the loan include:
- Online application;
- Fast approval;
- Possible same-day funding;
- Educational resources.
Are there any disadvantages?
As with any other financial product, Navy Federal Credit Union’s personal loans have some disadvantages.
Those include the limited availability to non-members and the occurrence of late payment fees.
Finally, the union might have a strict membership policy for you since it was created to only attend to people who had an employee relationship with the armed forces.
People who are not related to an armed force employee may find it hard to get accepted into the Navy FCU.
How do I apply?
If you get interested, tap on the green button and check out the step-by-step guide on how to apply for PenFed’s personal loans. You will also get a list of Navy FCU’s major membership criteria.