Navy Federal Personal Loan Review

A Navy Federal personal loan can be a great way to consolidate debt, finance home improvements, or cover unexpected expenses. Navy Federal offers multiple types of personal loans. As a credit union serving the military and their family members, it typically offers better rates than many banks.

Navy Federal personal loans have no origination or prepayment fees, and in many cases it offers same-day funding. Navy Federal offers different terms depending on the type of personal loan. Here are the loans, features, and the current APR of the Navy Federal personal loans.

Personal expense loan

A personal expense loan can be used for unplanned and planned expenses such as auto repairs, moving and relocating, vacations, and other major purchases. Rates are based on creditworthiness, so your rate may change.

Loan amount: $250 to $50,000

Rates are tiered for the personal expense loan based on different timelines:

• Up to 36 months
• 37 to 60 months

Home improvement loan

A home improvement loan can be used to finance your home improvement or repair projects. Unlike a mortgage loan or a HELOC, there is no collateral required with this loan.

Loan amount: $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months

Rates are tiered for the home improvement loan based on different timelines:

• Up to 36 months
• 37 to 60 months
• 61 to 180 months

Debt consolidation loan

A debt consolidation loan can be used to simplify your finances by consolidating high-interest debt at a competitive, fixed rate.

Loan amount: $250 to $50,000

Rates are tiered for the debt consolidation loan based on different timelines:

• Up to 36 months
• 37 to 60 months

Savings secured loan

A savings secured loan is a personal loan that is secured by the money in your Navy Federal savings account. You can secure financing without dipping into your savings, and at a lower rate than an unsecured personal loan. Your savings account continues to earn interest and you get access to it as soon as the loan is paid off.

Navy Federal offers extended terms of 61 to 180 months for certain loan purposes, but they’re subject to certain loan amount minimums. You can get an extended term loan for home improvements and the purchases of land, airplanes, fully self-contained recreational vehicles, and boats.

The following minimum loan amounts are required for extended term loans:

• $25,000 for loan terms of 61 to 84 months
• $30,000 for loan terms of 85 to 180 months
• Certain loan purposes may require higher minimum loan amounts.

Rates are tiered for the savings secured loan based on different timelines:

• 61 to 180 months
• Up to 60 months

Certificate secured loan

A certificate secured loan is a personal loan that is secured by a Navy Federal CD. You can borrow 100% of your certificate’s principal balance for different terms at a certain APR above the certificate’s rate. The loan amount cannot exceed your CD’s balance, and the loan term must be equal to or less than the term of the CD.

Tiered rates for the certificate secured loan: