December 11, 2022

Navy Federal Credit Union Personal Loans Review 2021 – Forbes Advisor


NFCU is not your only option when it comes to getting a personal loan. Here are some similar personal lenders and how they stack up:

Navy Federal Credit Union v USAA

USAA is another credit union that caters to veterans and military personnel. However, the amounts of its loans do not compare well to those of the NFCU. For example, USAA only offers personal loan amounts between $ 2,500 and $ 20,000, while NFCU offers loans between $ 250 and $ 50,000.

However, if you focus on the loan terms, which credit union is right for you depends on the purpose of your loan. If you plan to use the funds for home improvement projects, NFCU offers terms of up to 180 months or 15 years. But if you’re using your funds for personal expenses or debt consolidation, the USAA offers terms of up to seven years, compared to five years for NFCUs.

Related: USAA Personal Loan Review

Navy Federal Credit Union v PenFed

Although PenFed started serving veterans and military only, anyone can join today. It offers terms ranging from 12 to 60 months which is very much NFCU compliant unless you gamble on using your loan for home improvement purposes. In this case, NFCU offers terms of up to 180 months, or 15 years.

Additionally, the loan amounts for personal expenses and debt consolidation are similar between the two: NFCU offers loans between $ 250 and $ 50,000 while PenFed offers loans between $ 600 and $ 50,000.

Related: Review of PenFed Personal Loans

Navy Federal Credit Union v SoFi

SoFi serves the general public and offers the lowest rates and highest loan amounts of these three alternatives. For example, his personal loans range from $ 5,000 to $ 100,000.

SoFi also offers unique benefits that are hard to find elsewhere. For example, it provides an unemployment protection program where, if you are approved, it will put your loan on hold and help you find a new job.

Related: Review of SoFi Personal Loans