Since 1933, Navy Federal has grown from seven members to over eight million members. And, since that time, its mission has remained the same: to serve and enrich the lives of those in the military community. Once a member, always a member. You can leave the military, change employers, move, retire, get married -... show more
Eligibility
Find out if you are eligible to join Navy Federal Credit Union.
Navy Federal Credit Union Reviews
The WalletHub rating is comprised of reviews from both WalletHub users and ratings on other reputable websites. The rating was last updated on 04/20/2024.
Navy Federal personal loans offer some of the best rates on the market, with APRs ranging from 8.99% - 18%. On top of that, Navy Federal offers both small and large loans, with $250 - $50,000 in funding available. The origination fee is $0, too.
The main drawback to Navy Federal personal loans is that you can only apply for them if you are an NFCU member. You’re eligible if you’ve served in the military or if a family member has served (or is an NFCU member). Department of Defense personnel and their families are also eligible.
Navy Federal Credit Union Personal Loan Review Highlights:
APRs: 8.99% - 18%
Loan sizes: $250 - $50,000
Payoff periods: Up to 60 months (up to 180 for home improvement)
Credit score requirement: Not disclosed
Origination fee: $0
Other fees: $29 late fee
Reputation: NFCU is currently not rated by the Better Business Bureau. It has an average user rating of 4.1/5 on WalletHub.
Overall, Navy Federal personal loans are a great option if you’re eligible for membership in the credit union. Below, you can see how WalletHub rates Navy Federal in our three major categories: Terms, Requirements & Application, and Reviews & Transparency.
Navy Federal Ratings by Category:
Category
Editor’s Rating
Terms
5/5
Requirements & Application
3.8/5
Reviews & Transparency
2/5
Overall Score
10.8/15
These scores reflect how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.
Product: Navy Federal Credit Union Personal Loans
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Navy Federal Credit Union
Phillip Signorino @phillips_53
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5 Star Rating
Verified Customer
They seem to be a company that doesn't sell off the loan, and then you're dealing with a company you've never intended on doing business with, let alone dishonest companies. During these times of radical bank and investment firm manipulation, it is a way to have some honest respect for this credit union.
I am writing to share my experience with Navy Federal Bank's loan processing services, which has been nothing short of a nightmare. I urge you to beware of their practices, as they have proven to be deceitful, a waste of time and money, and wholly unreliable.
Despite their promises, Navy Federal Bank did not deliver on what they advertised. Instead, they engaged in deceptive practices, offering false promises and outright lies about the services they could provide. Their lack of transparency and honesty has been appalling.
In addition to their dishonesty, Navy Federal Bank's loan processing was excessively lengthy, taking an unacceptable three months to process a simple equity loan. This prolonged delay caused significant inconvenience and financial strain.
My experience with Navy Federal Bank has been deeply frustrating and disappointing. I advise others to approach their services with extreme caution and to consider alternative options for their banking and loan needs.
Great rate and awesome customer service; I have been with NFCU for over 40 years. It was easy to transfer a higher-rate and payment car loan over to NFCU.
I have been with Navy Federal Credit Union since 2013 and lately I have had the worst banking experience ever!!!! In October I had to call about a check I wrote to my landlord and it showed in my account as $1500.00 check cashed. I was very confused and called. The Representative stated she could clearly see that it was made out for $2125.00 and that it must be an error and will fix itself. Just recently I seen my bank account over drawn for $625 on April 4th. I called and spoke to a Representative again and I was told it was a computer error and the computer didn't read the check correctly. I was assured 3x over the phone I had 60 days to repay their error over 6 months ago and that my new account would not be affected!!! Again an error on their end!! April 6th, I woke up to my new account and my savings drained of $600 as I did pay $25 on the 4th towards the balance!!! I was rudely dealt with as I was very upset because I had a car to pay for!!! I was told by another supervisor I can call back Monday!!! No apology is going to fix your errors and misinformation given since that is what the first Supervisor Mr Wellsley did and hung up on me!!!! The second day supervisor, Vince handled my call really well but its a shame that I was lied to and this transaction was not fixed within 10 to 45 business days months ago!!!
Multiple times I've deposited checks that have exceeded the three-day hold. This has heavily impacted my life and made it extremely inconvenient. I've been a member for over 15 years, and as soon as this most recent check clears, I'm transferring every bit of the money to a separate bank and shutting down my Navy Fed. Good riddance. I would not ever recommend this service!
I am an Army Veteran. Now I am 100% disabled. I tried to get a Home Loan. Not an expensive home, not even brand new.
The people at Navy Federal decided that even me being 100% disabled, I did not make enough money. How am I supposed to make more money if I'm literally 100% disabled? I'd love to know how.
I continued to ask, 'So Navy Federal is denying me a home for under 300k?' and the person could only keep repeating the same old response over and over again.
Thanks, but no thanks to you, Navy Federal. I thought you all cared about veterans, but clearly, you do not.
P.S. I have a 700 credit score, and my credit cards are all paid off at zero.
DO NOT TRUST THE PRE APPROVAL PROCESS! A few weeks back, I visited the branch to apply for a credit card. They collected all my details and assured me of being "Pre-Approved." However, later on, I was unexpectedly denied for reasons that seemed nonsensical. For instance, I was turned down for not having a mortgage, a requirement that seems unrealistic for an 18-year-old serving in the military. It's puzzling how they could expect someone at that age and stage in life to have a mortgage.
Despite having an excellent credit score and a spotless payment history with another bank, the experience with this credit union was disappointing. If you possess a strong credit profile and a history of timely payments, I would advise steering clear of their credit card offerings. They provide a false sense of approval only to later harm your credit standing. I would caution against opening any accounts with Navy Federal Credit Union, as their practices seem misleading and untrustworthy.
Worst bank out there. They have outrageous fees for returned fees. Claim you won't have money in the account. They take days to process payments. If you make a payment on a Thursday, it doesn't come out until Monday. The only good thing is the early pay. Anyone looking for a bank should go with Discover, which is way better and has no fees.
The worst bank ever, and I just closed my account. Had to get 7 new accounts due to their lack of protection of my money. They are frauds, and I feel that it's an inside job for someone to hack your account, and they have no remorse. Full of garbage. Hate this bank with a passion. They are another Wells Fargo and Bank of America. Navy Federal in the news for lawsuits just like Wells Fargo and Bank of America.
The Navy's federal mission statement says, "Showing up for those who need it most." However, this has yet to be my experience. They're never there when you need them. I paid a significant portion of my loan on a car I no longer possess, yet they continued to insist on regular monthly payments. My car was hit, and I could not obtain gap insurance due to my status as a delivery driver. Despite having paid off 90% of the loan and having years left to pay it, they would not assist by reducing my monthly payments. Navy Federal does not show concern for veterans.
I've had this card for almost two years, never late, always paid on time, and most of the time in full. I'm in a Navy Fed group on Facebook, and I see others who have been upgraded despite having a worse credit profile than mine, and they've gotten upgraded. I am definitely going to wait it out for three months; if I am not upgraded by then, I will definitely close this account. I don't mind the reduction of points as they'll climb back up within the next billing cycle. So please proceed with caution, and may I suggest considering the Discover Secured card instead (from which I have definitely graduated).
One of the best, if not the best, credit unions that I have been affiliated with. Opened a checking and savings account when I first joined. A few months later, I was invited to apply for a Visa card. I was a bit hesitant but, applied anyway. I was immediately approved and given one of the most generous credit lines that I had ever experienced! They also gave me 12 months of interest-free purchases and an option to transfer any higher interest cards over and enjoy a 0.99% interest rate for 12 months! Needless to say, I accepted all that they offered to me. I am currently exploring their IRA, high-yield savings, CD, and used auto financing programs. With this credit union, you have to be a member of the armed forces or, be related to someone who is, in order to become a member. I highly recommend this institution to anyone looking for a credit union to join.
Navy Federal Credit Union blocked my access to my banking and closed my accounts after I logged in using a new browser. I confirmed all of my login information, providing the exact time I accessed my account. I sent them my passport, along with other information, and they have still not reinstated my account access even after confirming my identity. I have called numerous times and the customer service is incompetent and doesn't care. They say "I understand," but they don't, because they have full access to their banking solutions. It has been a nightmare full of 10+hours of being on hold. I have been a member for over a decade, and after they reinstate my account, I am taking my money and running far away. Shame on you, NFCU.
Get answers to your questions about Navy Federal Credit Union below. Editorial and user-generated content is not provided, reviewed or endorsed by any company. Please keep in mind that it is not a financial institution’s responsibility to ensure all posts and questions are answered.
It's also worth noting that you'll also need at least good credit to have high odds of approval for the Navy Federal More Rewards Card. You can check your credit score for free on WalletHub to see where you stand.
Navy Federal More Rewards Card Rewards
Earn 30,000 bonus points (a $300 value) when you spend $3,000 within 90 days.
Get a one-time $98 statement credit when you pay $49 or more for an annual Walmart+ membership using your card.
Earn 3 points per $1 spent at restaurants, food delivery, supermarkets, gas and transit. Earn 1 point on everything else with no cap.
Points can be redeemed for cash, travel, gift cards, merchandise and more.
Rewards never expire while the account is open.
Earn more rewards by shopping with your Navy Federal Credit Card at Member Deals.
Things to Keep in Mind Before Applying for a Navy Federal Credit Card
The Navy Federal More Rewards Card is the only Navy Federal credit card on the American Express network right now. Navy Federal issues a number of other credit cards on the Visa and Mastercard networks.
Anyone considering a Navy Federal American Express, Mastercard or Visa card should bear in mind that you must qualify for Navy Federal Credit Union membership first, before you can apply for the card. Anyone connected to the U.S. Armed Forces or Department of Defense, including family members, may be considered for membership.
Alternatives to Getting a Navy Federal Amex Credit Card
You can request a Navy Federal balance transfer when you apply for any NFCU credit card. If you already have a Navy Federal card, you can make a transfer request through either your online account or the mobile app. The Navy Federal balance transfer fee is $0. The NFCU balance transfer APR could be as low as 0.99% (intro) or as high as 15.24% - 18% (V), depending on the card.
Keep in mind that you have to become a Navy Federal Credit Union member before you can apply for the Navy Federal nRewards Secured Card. To be eligible for a Navy Federal membership, you have to be an active duty or retired service member of the armed forces, or have other ties to...
Yes, Navy Federal Credit Union does offer debt consolidation loans. You can take out a personal loan from Navy Federal Credit Union and use it to pay off existing debts, thus consolidating those debts into a single new balance with one monthly payment that you must make to Navy Federal Credit Union.
Quick Facts About Navy Federal Credit Union Debt Consolidation Loans
The Navy Federal credit card approval requirements include a credit score of at least 700 (good credit), in most cases. You might be able to get other Navy Federal Credit Union credit cards with bad credit. You also have to be an NFCU member to apply for one of their credit cards.
In addition, the issuer will also verify your credit history and ability to pay. Your credit score, income, debt level, and other factors will help...
You can get a Navy Federal credit card cash advance at a bank branch or an ATM that displays the logo of your card's network. For ATM cash advances, your Navy Federal credit card must have a PIN. You can request or reset a PIN by sending a secure message through your online account, or at a local branch. You can also call (888) 842-6328 for assistance. There is no cash advance fee if you use your credit card at...
Note that you'll be charged an APR of 18% (V) on your purchases if you don't pay your Navy Federal nRewards Secured Card balance in full every month. This secured card gives you a path toward...
The easiest way you can get a Navy Federal credit limit increase is through your online account. Alternatively, you can request a credit limit increase either by sending a secure message or by calling customer service at (888) 842-6328.
You need to wait for at least 3 months after opening your account before asking to get a Navy Federal credit limit increase. You should also wait a minimum of 3 months in between future credit limit increase requests.
This card is a good option if you want to build or rebuild credit. You can use it anywhere Mastercard is accepted. Plus, you can earn 1 point per $1 spent on all purchases. Just keep in mind that since Navy Federal is a credit union,...
To apply for a Navy Federal Credit Union personal loan, first decide which way you will apply (online, by phone or in person), then enter your personal and financial information on the application. Next, verify the accuracy of the information, submit the application and wait to receive a decision.
How to Apply for a Navy Federal Credit Union Personal Loan
Decide which way to apply. You can apply for a Navy Federal Credit Union personal...