Personal Loans FAQs
Personal Loan Basics
What can I use a personal loan for?
From covering unexpected expenses to paying for home improvements and more, a personal loan can be used for many miscellaneous needs that don’t have their own specific loan categories. They can provide flexibility and quick access to funds.
Can I use a personal loan for higher education?
No, a personal loan doesn’t cover education expenses. However, our student loans can help you pay for college or refinance your current student loans.
Do I need a co-applicant?
No, it isn’t necessary to have a co-applicant. But, depending on your situation, a co-applicant may help you meet the credit requirements necessary for loan approval.
Can I get a personal loan if I have limited credit history?
Yes, but a co-applicant may be required, depending on the requested loan terms.
How is interest calculated on personal loans?
We calculate interest daily using the simple interest method. That means we calculate interest on the unpaid principal balance from the date of receipt of the last payment until the date of receipt of the current payment.
How are payments applied?
Each time a payment is received, we first pay off the interest that has accrued since the date of your last payment. The remaining amount goes toward your principal balance. So if you pay more than the minimum amount due, the funds reduce the loan balance and are applied as a partial payment toward the next regular payment.
Does Navy Federal offer small dollar loans?
We offer personal loans for as little as $250 and 6-month terms with no fees and a maximum of 18% APR, as an alternative to a small dollar loan program and payday loans.
Can I borrow more than $50,000 for a personal loan?
Yes! However, if the amount you need to borrow falls within the range of $50,001 to $150,000 for a personal expense loan, home improvement loan or debt consolidation, you'll need to apply at a branch or by calling us at 1-888-842-6328, and you'll need a qualifying co-applicant. There won't be collateral required and no change to the "as low as" rates advertised for a personal loan. Loans up to $50,000 can be applied for online or through our mobile app.Footnote 1
Applying for a Personal Loan
Managing Your Personal Loan
Debt Consolidation Loan
Savings Secured Loan
Certificate Secured Loan
Disclosures
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