Find the Best Personal Loan for Your Needs
What is Navy Federal Credit Union?
The Navy Federal Credit Union is a financial organization that caters to members and veterans of the armed forces, DoD, Coast Guard and National Guard exclusively. If proven to be affiliated with any of the abovementioned groups, members can receive exclusive access to the services and solutions offered by this organization. Checking and savings accounts along with credit cards and loans are provided.
Do They Offer Personal Loans?
Of the loans offered, personal loans are one of them. Individuals who are seeking to borrow additional funds to consolidate debt, covering outstanding expenditures, or attempting to receive money for any necessary reason, can obtain a loan from the Navy Federal Credit Union. However, being a member is compulsory.
To become a member of this organization, one can sign up online. Specific information such as social security number, driver’s license or government ID, home address, telephone number, and other pertinent details are requested. Once the status with any of the mentioned groups has been confirmed, individuals are welcome to access any of the Navy Federal Credit Union’s services, including personal loans.
What Is Provided By Navy Federal Credit Union For Personal Loans?
Despite the name they don’t just offer loans for veterans or active duty. The maximum bank loan amount offered is $50,000. The typical term provided for loans is 60 months. For terms ranging from 61 to 84 months, a minimum loan of $25,000 is required. A minimum loan of $30,000 is necessary for members to qualify for terms ranging from 84 to 180 months. To receive this extension, consumers must apply for personal loans through a representative. However, terms higher than 60 months are offered for personal loans allocated to home improvements.
Contingent on creditworthiness, rates vary. Members can receive an APR as low as 6.99% to 18.00% for up to 36 months. For 37 to 60 months, an APR as low as 13.95% to 18.00% can be received. AN APR of 14.45% to 18.00% for 61 to 180 months is also available. They don’t do online loans for bad credit though so you’ll have to look elsewhere.
What Are the Requirements For Personal Loans?
To apply for a personal loan, it can be done online by signing in and completing an application. However, before doing so, individuals must ensure that they are aware of the amount needed for the loan as well as how long they wish to finance the loan. Contact information, as well as current employment and income details, are also required.
Again, to receive a personal loan or qualify for any services from Navy Federal Credit Union, individuals must be a member as it is a private membership organization. Once proven to be associated with the any of the mentioned groups, individuals can expect to receive discounts and elite services. Read more about getting a personal line of credit here.
Christine has a solid background in personal finance as she spent the last eight years working at one of the biggest banks in the US. She managed her own team of financial advisors that helped hundreds of people with their financing needs. Her innate understanding of different financial products and loans helped her move up the ranks quickly after graduating with a degree in Business Administration.