Personal Loans
Stay on top of your finances with rates as low as 8.74% APRFootnote [1] for 36 months
When life throws you a curve ball, a personal loan can help you cover large expenses while still keeping a handle on your budget. Most personal loans fund the same day with a lump sum deposited right into your account.
You can use a personal loan for:
Personal loan types and rates
Personal Expense Loan
Access the money you need to cover planned or unplanned expenses, such as auto repairs, moving costs, vacations, major purchases and emergencies. Fixed rates, predictable payments and no fees work to keep your budget in check.
Features:
- Same-day funding available
- $250 to $150,000 loan amounts; loans more than $50,000 require a qualified co-applicant
- No fees and no prepayment penalties
- Easily apply via our mobile appFootnote [2] or online
| Terms | APRFootnote [1] |
|---|---|
| Up to 36 mos. | 8.74-18.00% |
| 37 to 60 mos. | 10.69-18.00% |
Home Improvement Loan
Finance bigger home projects like renovations, repairs or upgrades—such as adding a room, replacing your roof, upgrading your yard or building a pool.
Features:
- $250 to $150,000 loan amounts; loans more than $50,000 require a qualified co-applicant
- No collateral required
- No fees and no prepayment penalties
- Fixed rates for predictable payments
- $25,000 minimum loan amount for 61 to 84 months and $30,000 minimum loan amount for 85 to 180 months
| Terms | APRFootnote [1] |
|---|---|
| Up to 36 mos. | 8.74-18.00% |
| 37 to 60 mos. | 10.69-18.00% |
| 61 to 180 mos. | 13.29-18.00% |
Debt Consolidation Loan
Simplify how you pay down high-interest debt. Combine multiple balances into one easy payment. You may be able to lower your interest rate or monthly payment.
Features:
- $250 to $50,000 loan amounts for individuals
- Fixed rates for predictable payments
- No collateral required
- No fees and no prepayment penalties
| Terms | APRFootnote [1] |
|---|---|
| Up to 36 mos. | 8.74-18.00% |
| 37 to 60 mos. | 10.69-18.00% |
Savings Secured Loan
Borrow money using your savings as collateral. You could build or improve your credit while keeping your savings intact and earning dividends.
Features:
- No credit check required
- Low interest rate
- Fully secured by your Navy Federal savings account
- Extended terms of 61 to 180 months available for certain loan purposes,Footnote [3] subject to loan amount minimumsFootnote [4]
| Terms | APRFootnote [5] |
|---|---|
| 61 to 180 mos. | Share rate + 3.00% |
| Up to 60 mos. | Share rate + 2.00% |
Certificate Secured Loan
Borrow up to 100% of your certificate’s principal balance without paying early withdrawal penalties and continue earning dividends while you pay off the loan.
Features:
- No credit check required
- Low interest rate
- Fully secured by your Navy Federal Share Certificate account
- Not all Certificate accounts are eligible as collateral
| Terms | APRFootnote [6] |
|---|---|
| Up to 60 mos. | Certificate rate + 2.00% |
Career Kickoff Loans for our military members
With rates as low as 0.75%, our Career Kickoff Loans are designed to help juniors and seniors at US military service academies or those attending certain officer training programs. Funds can be used to:
- set up new households
- consolidate debt
- pay for uniforms
- cover other expenses
Deferred payment options are available, too!
It's easy to apply for your loan and get cash fast!
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1. Apply
It only takes a few minutes to apply online, by phone or at a branch. Use the checklist below to get started.
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2. Sign Your Loan
After approval, you can electronically sign your loan to save time—and paper.
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3. Receive Your Money
Your funds will be automatically deposited into your account in as little as 24 hours.
Application checklist
Here are a few things we'll ask when you apply for your loan:
- How much you want to borrow
- How long you'd like to finance your loan
- Current employment and income (including your employer's name and contact information)
- Your contact information, including phone number and email (If you'd like your loan documents sent to an address other than your address of record or to a Navy Federal branch, please call 1-888-842-6328)
- Information about your co-applicant, if applicable (date of birth, address, phone number, email, income, employer's name and phone number, Social Security number, NFCU Access Number)
Calculate your estimated monthly loan payment
Personal loan FAQs
Personal Loan Basics
What’s a personal loan?
A personal loan is an unsecured loan with a fixed rate and payment. You pay the loan back in monthly installments. It provides financial flexibility and quick access to cash with no collateral required, plus no application, origination or early prepayment fees. If approved, you’ll receive your funds as a lump sum of money in your checking or savings account.
What can I use a personal loan for?
Debt consolidation, home renovations and big expenses are common ways that personal loans are used, but you're not limited to those. You could get the funds you need for medical expenses, taxes, weddings, adoptions, IVF and more.
Can I use a personal loan to pay off my credit cards?
Yes! You can use a personal loan to pay off any high-interest credit cards and combine your debt into a single loan with a predictable, fixed payment each month. It’s an easy way to simplify your finances and possibly pay less interest each month so you can build your savings.
What’s the difference between a personal loan and a debt consolidation loan?
A personal loan is a single unsecured loan with a fixed rate and payment while a debt consolidation loan is a type of personal loan that combines multiple debts into a single loan with a fixed monthly payment, interest rate and repayment term.
Applying for a Personal Loan
How can I apply for a personal loan?
You can apply online or in the mobile app.Footnote [2] After signing in to your account, you can apply for a personal loan in just a few minutes. There's no fee to apply, and most decisions take just a few seconds. You can also apply over the phone at 1-888-842-6328 or at a branch.
How long will it take for me to get a decision?
In most cases, decisions on personal loans take just a few seconds. However, there’s no guarantee that the loan will be approved.
How much will my monthly payment be?
Calculate your estimated monthly payments based on your assumptions for loan amount, interest rate and loan term. Your actual rates and payments may differ from the estimates provided by this calculator as a result of qualifying for a different loan amount, term, and rate; your actual creditworthiness; and our pricing and underwriting policies and guidelines. You’ll get your actual rate and payment amount upon an approved application.
What if rates change after my approval?
You’re protected. Our personal loans come with a fixed interest rate that never changes throughout the loan term, no matter what happens with the prime rate or federal funds rate. When the Fed changes its benchmark interest rate, Navy Federal may also change our rates. In a low-rate environment, you could save on interest costs by applying for another personal loan and pay off your current loan if approved at a lower rate.
What’s my debt-to-income ratio (DTI)?
This is a comparison of your monthly debt, including your new personal loan, to your monthly income. Many lenders prefer borrowers with a low DTI ratio because it means you’re more likely to be able to afford your monthly payments.
What are the fees associated with a personal loan?
A late payment fee will be charged if you don't make your monthly loan payments on time. Otherwise, there are no application or originations fees with a Navy Federal personal loan. Plus, there are no prepayment penalties if the loan is paid off early. If you don't pay your loan on time, a late payment fee will be charged.
Personal Loan Eligibility and Approval
What does it take to be eligible for a personal loan?
You must be at least 18 years old and a Navy Federal member. Learn more about joining Navy Federal. When reviewing your application, several factors are considered, such as credit history and income. Loan approval isn't guaranteed.
My personal loan was denied. What are my options?
If you were recently denied for a personal loan, review your adverse action notice to get a better understanding of why. You should also review your credit report to check for any inaccuracies. Easily monitor, manage and help your credit score with our Mission: Credit Confidence® Dashboard. Connect with our personal finance counselors for free guidance tailored to your needs on achieving your money goals. Get help setting up a budget, building savings and taking control of your finances.
Disclosures
Rates are subject to change and based on creditworthiness, so your rate may differ. Personal Loan rates range from 8.74% to 18.00% APR. Payment Example: A loan amount of $5,000 for 36 months has a payment range from $159 to $183 and finance charge range from $742 to $1,598.
↵We offer this service free of charge. Your mobile carrier will apply standard text messaging rates. Message and data rates may apply. Terms and Conditions are available.
↵Permissible loan purposes for extended term loans include home improvements and the purchase of land, airplanes, fully self-contained recreational vehicles, and boats. Terms may apply. Call or visit a branch for additional information.
↵In general, 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. Call or visit a branch for additional information.
↵Savings Secured Loan Payment Example: Share rate plus 2.00%. Loan amount of $3,000 at 2.25% APR for 36 months has a payment of $86.
↵Certificate Secured Loan Payment Example: Certificate rate plus 2.00%. Loan amount of $3,000 at 6.20% APR for 60 months has a payment of $59. (Payment example based on a 7-year certificate with a 4.20% APY.)
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