Personal Loans FAQs

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 long does it take to receive my funds?

Once your loan is approved, you’ll have same-day access to funds in most cases. 

What can I use a debt consolidation loan for?

You can use debt consolidation loans to merge several types of debt into one fixed monthly payment, including:

• auto loans
• credit cards
• medical debt
• payday loans
• personal loans

While a debt consolidation loan doesn’t erase your debt, using this kind of loan can make paying off your debt simpler and sometimes even less expensive. Managing one loan payment can help you to stay on top of your bills.

What is a savings secured loan?

A savings secured loan uses the value of your existing savings account to back your loan. It allows you to borrow money for most purposes while leaving the funds in your savings account in place, so it can earn dividends. Savings secured loans are also a great way to build credit.

Will Navy Federal pull my credit if I apply for a savings secured loan?

No. We don’t require a credit report check for a savings secured loan.

I see 2 balances. What do they mean?

Your savings account displays 2 balances: your current balance (how much is in your savings as of the previous day's close of business) and your available balance (how much is available for you to use at that time).

What happens after I'm approved for the loan?

After being approved for savings secured loan, a hold will be placed on the available balance in your savings account in the amount you’re applying for.

What will happen to my balance as I make payments?

As you make payments, your available balance will increase by your payment amount minus this payment’s interest due. Funds are released 24 to 48 hours after a payment is made.

Will I continue to earn dividends?

Yes, you’ll continue to earn dividends on the full current balance in your savings account.

What is a certificate secured loan?

A certificate secured loan uses the value of your existing certificates to back your loan. It allows you to borrow money for most purposes while leaving the funds in your certificate account in place where it can earn dividends. A certificate secured loan is also a great way to build credit. 

Will Navy Federal pull my credit for a certificate secured loan? 

No. We don’t require a credit report check for a certificate secured loan.