Navy Federal Personal Loans Review (February 2025)

Headquartered in Virginia, Navy Federal Credit Union is the largest credit union in the U.S. As a credit union, Navy Federal serves a specific field of membership, which includes current and retired military members and their families.

Navy Federal offers several types of personal loans, including, personal expense loans, home improvement loans, debt consolidation loans, savings secured loans, and certificate secured loans

Best for military families and students

Unsurprisingly, Navy Federal personal loans are ideal for military families and students. To become a member of Navy Federal and use its products and services, you must meet certain eligibility requirements. This generally involves being a retired or active-duty member of the armed forces or being related to someone who meets these criteria.

If you qualify, there’s a lot to love about Navy Federal personal loans: 

• Rates are competitive, topping out at 18% APR.
• You could qualify for a loan with fair credit or even bad credit as credit score is not a determining factor.
• Customer service is highly accessible.
• The credit union has an extensive branch network with domestic and international locations near military installations.

Service academy and officer training/candidate loans

Career Kickoff Loans are available with rates as low as 1.25% APR to students in their junior or senior years at any of the following institutions:

• U.S. Military Academy
• U.S. Naval Academy
• U.S. Air Force Academy
• U.S. Coast Guard Academy
• U.S. Merchant Marine Academy

ROTC and OCS/OTS officers and candidates are eligible for loans at 2.99% APR, as well as appointed warrant officers and Navy select limited duty officers.

You may be eligible to defer payment until 90 days after graduating or up to 180 days after commissioning.

Great for home improvement loans

Navy Federal is one of very few lenders offering personal loans for home improvement over $100,000. Home improvement loans are available up to $150,000 and can be paid back over terms up to 180 months or 15 years. Note that the maximum repayment term available depends on how much you borrow. And you may have to provide collateral for larger home improvement loans.

Compare: Co-applicant vs. Cosigner: What’s the Difference?

Great for small-dollar loans

As a member of Navy Federal Credit Union, you can borrow as little as $250 and as much as $50,000. Compared to other lenders, $50,000 is a common maximum loan amount. But many of those lenders require that you borrow at least $2,000 or more — which could be prohibitive if you need less. Navy Federal, meanwhile, makes it easy to borrow smaller sums.

How Navy Federal compares to other lenders 

Pentagon Federal Credit Union (PenFed) and USAA Bank are two lenders with products and services similar to those offered by Navy Federal. Compare these three institutions’ personal loans using the table below:

How Navy Federal compares to other lenders: The Best Personal Loans

Types of loans Navy Federal offers

The following table summarizes these loan types and their respective terms, APRs, and available loan amounts:

Pros and cons of Navy Federal personal loans

If you’re considering a Navy Federal personal loan, consider these pros and cons first:

Pros

• Wide range of loan amounts: Borrow as little as $250 or as much as $50,000 for most loan types; borrow up to $150,000 with a co-applicant for a home improvement loan.
• Co-applicants allowed: If you can't qualify on your own, applying with a responsible co-applicant could improve your chances.
• Accessibility: Customer service is widely available via several channels, including a 24/7 phone line, online chat, secure message, social media, or in person.
• Low rates compared to other lenders: Navy Federal's lowest available rates are competitive with some of the best personal loan rates. And as a federal credit union, rates are capped at 18%. Meanwhile, other lenders' maximum rates can approach 36%. 
• Flexible loan requirements: While Navy Federal considers your credit report, your income, and the standing of your Navy Federal accounts, it doesn't make decisions based on your credit score.

Cons

• No flexible payment dates: Some lenders allow you to change your monthly payment date to better manage your cash flow, but Navy Federal isn't one of them.
• Membership required: You must qualify for credit union membership before getting a personal loan, and you need military ties to do so.

How to qualify for a Navy Federal personal loan

Navy Federal personal loans are only available to members, meaning you have to meet the credit union's eligibility criteria in order to borrow. Navy Federal caters to members of the armed forces, and the field of membership includes the following:

• Active duty members of the Army, Marine Corps, Navy, Air Force, Coast Guard, National Guard, and Space Force
• Delayed Entry Program (DEP)
• Department of Defense officer candidate/ROTC
• Department of Defense reservists
• Veterans, retirees, and annuitants
• Military family members, including parents, grandparents, spouses, siblings, children, grandchildren, and household members
• Department of Defense civilians
• Children and grandchildren of existing Navy Federal members

If you aren't already a member, you'll have to become one before qualifying for a loan. You can apply online with your Social Security number, home address, ID, and an external bank account to fund your required deposit.

Related: What Are the Requirements for a Personal Loan?

Your credit score and financial history

Navy Federal Credit Union doesn't have a credit score minimum for personal loans. However, you are able to apply for a loan with a co-applicant if you can't qualify on your own.

Additionally, Navy Federal offers two loan types that don't require a credit check — the savings secured loan and certificate secured loan. Unlike other personal loans, these loans let you borrow money using your savings account or share certificate balance as collateral. They can also help you build credit.

Your income and employment

Navy Federal doesn't disclose specific income or employment requirements for qualifying for a personal loan.

Navy Federal personal loan purposes

You can use a Navy Federal personal loan for almost any purpose, including:

• Personal expenses, like auto repairs, moving, vacations, and other major expenses
• Home improvement, repairs, or remodeling
• Debt consolidation
• Other major expenses

However, you aren't allowed to use your Navy Federal loan proceeds to pay for educational expenses (though the credit union does offer separate student loans).

Navy Federal personal loan fees and penalties

One major perk of Navy Federal personal loans is the lack of fees compared to other major lenders.

No loan origination fees

Origination fees are upfront fees that cover the administrative cost of processing a loan, often expressed as a percentage of the total loan amount. Navy Federal Credit Union doesn't charge personal loan origination fees.

No early repayment penalties

Early repayment penalties, or prepayment penalties, are fees lenders may charge if you pay off your loan early. Very few if any personal loan lenders charge this fee. Navy Federal also doesn't charge early repayment penalties.

Other fees

Other common fees that can accompany personal loans include application fees and late payment fees. While Navy Federal doesn't charge personal loan application fees, it does charge a late payment fee of $29.

How to contact Navy Federal

Navy Federal makes it easy to reach customer service online, over the phone, and in person.

For 24/7 phone support, you can call the member service department at 1-888-842-6328.

If you prefer contacting Navy Federal online, you can use its website's live chat feature, send a secure message when logged into your online account, or by contacting the credit union on Facebook or Twitter.

Finally, you can get support at one of Navy Federal's more than 360 branches, which are located both domestically and internationally. You can use the credit union's branch locator tool to find a branch near you.