It is a fast application process and it’s a personal loan with a low fixed rate. Moreover, Navy Federal Credit Union is the official credit union for the United States Navy, Marine Corps and United States Coast Guard. As a member-owned financial institution, Navy Federal provides a wide range of loan options for members of the military. The personal loan options are designed to help military members purchase homes and start businesses – which is said to be convenient and flexible.
Navy Federal Credit Union Personal Loans Interest Rates and Fees
Interest Rate: The interest rates charged by the Navy Federal Credit Union Personal Loans can vary between 7.49% to 18%. This APR is considered to be relatively low if you compare it to other interest rates of lenders.
Origination fees: Lucky for active-duty or non-active members of military and veteran, Navy Federal Credit Union Personal Loans doesn’t charge any origination fees.
Late payment and prepayment fees: Borrowers needs to pay a late payment fee of $29 if they forgot to pay their dues on time. There are no grace periods. Prepayment fees, on the other hand, is not charged by the Navy Federal Credit Union Personal Loans.
Discounted rates: The discounted rates members of military and veteran can get from Navy Federal Credit Union Personal Loans can go up to 0.25% if it’s a personal expense loan.
Advantages and Features of Navy Federal Credit Union Personal Loans
Free updates of FICO scores online: One of the most significant features is the free FICO score updates that the Navy Federal Credit Union loans offer. The FICO score is a measurement of your credit score. It is the most commonly used credit score in the United States.
Extensive range of loan amount options: With Navy Federal Credit Union Personal Loan, you may choose from an extensive range of loan amount options to meet your specific financial needs. This loan is the perfect option for military or veteran members with a low credit score who want to borrow the amount they need to help them reach their goals.
Discounts if you subscribe to auto pay: Navy Federal Credit Union has a personal loan that offers discounted rates if you make your loan payments automatically.
How to apply for Navy Federal Credit Union Personal Loans?
Applying for Navy Federal Credit Union Personal Loans is easy especially if you are already an eligible military member or a veteran. To apply, follow the preceding steps.
- First, you need to fill out an application form which can be found online or visiting a branch of credit union.
- After that, Navy Federal Credit Union will personally take a look on your application and approve it. Keep in mind that they will contact you in case they need more information.
- Assuming that you are approved, it’s time to sign the agreement and wait for your loan funds to arrive on your bank account.
- You can get the money as quickly as possible or even the same day you applied for Navy Federal Credit Union Personal Loans.
Personal loans are a necessity for many military members. It’s important to remember that because of the nature of the military and the lifestyle that it entails, many people often don’t have a lot of personal time. As a result, many of the military members are looking to get a personal loan in order to get the money that they need and Navy Federal Credit Union Personal Loans is one of them.
Navy Federal Credit Union Personal Loans are the answer for military members and veterans who need to borrow money. With the help of this loan, you can finance your vehicle, consolidate debt, pay off other loans and more.