Navy Federal Personal Loans Review
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Being a military worker or a retired soldier, you have definitely heard about Navy Federal Credit Union and Navy Federal personal loans.
Currently, the credit union encounters more than 5 million people all around the world. The financial institution has been approved as the largest natural member union in the US considering assets and membership.
Originally, the services were offered for navy officers only, while nowadays the whole department of defense and coast guard can use these advantageous issues.
About Navy Federal
The work of Navy Federal Credit Union is focused on the convenience and comfort of military workers and their families.
Personal loans are the most required options available in Navy Federal, since the company offers loans to the borrowers who are not likely to be qualified with any other bank.
Quick services, simple transfers, a variety of convenient services and other are highly appreciated in NFCU. However, numerous cases of fraud and scam have also been reported.
Generally, Navy Federal loans are considered to be helpful and convenient ways to receive the necessary sum of money without extra concern.
Personal Loan with Navy Federal – Exclusive Chance for Army Members to Borrow Money
Apart from other loans, Navy Federal Credit Union offers multiple types of personal loans, including:
- Traditional personal loans are offered mainly for home improvements. The term of this loan type reaches up to 60 months. Depending on your credit score and income, you will be able to get funds right to your checking account.
- Certificate pledged loan provides you with a chance to receive 100% of the principal balance of your certificate. The loan is offered for different terms with the APR equal to 2% above the certificate’s rate. The loan term should correspond to the certificate term. This loan type can be applied to money within jumbo, share or money market certificate.
- Shared secured loan is used mainly to improve the credit score or make a major purchase. Shares, indispensable within the loan, can be pledged for your family, friends or other people.
Generally, you always have a chance to select the loan type suiting your needs and requirement. The documentation is very strict within NFCU, so make sure you have all the necessary documents before you start the application process.
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Check the APRs and other conditions to ensure a simple application process will result in beneficial experience.
Rates, Terms and Conditions of Personal Loan with Navy Federal
Navy Federal considers your credit worthiness as the primary factor of the APR rates. Thus, your credit history and score, income information and other factors will determine your interest rate.
However, NFCU will still offer beneficial services for every client to suit his/her personal needs and requirements.
Personal loans with Navy Federal are available for a term up to 180 months. However, the APR will differ correspondingly.
Thus, 10.49% is the interest rate for the loans up to 36 months, 13.75% for 37-60 months and 14.25% for 61-180 months.
The minimum loan amount ranges from $25,000 to $30,000 for borrowers, who take the loan for over 61 months
How to Apply for the Loan
To apply for a personal loan with NFCU, you will have to undergo a simple process.
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Check the documents and information you should possess before the application:
- Amount of money you want to borrow;
- Term of your loan;
- Your income and current employment;
- Phone number, address and other contact information;
- Information about your co-applicant, if necessary.
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Fill in the application form with the mentioned information, get qualified and start using one of Navy Federal personal loans for your needs.