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One of the most reputable consumer financing platforms in the United States is Navy Federal Credit Union, which is a credit union that provides services to active military members, veterans, and family members. Navy Federal provides a range of consumer products including banking services, credit cards, insurance, mortgages, and auto loans. One of the primary advantages of Navy Federal is being able to access their personal lending platform, which is vey favorable compared to more traditional banks.

navy-federal-personal-loan-reviewNavy Federal provides a wide range of personal loans, which do not have to be used for any intended purpose. The first type of loan that they provide is their unsecured personal loans. For individuals with reliable sources of income and strong credit histories, personal unsecured loans for up to $50,000 are available. Repayment terms and interest rates will vary based on the length of the loan, which can be extended up to 180 months. For shorter-term loans, interest rates can be as low as 7%.

For those that have some collateral that can be easily liquidated and pledged to the credit union, there are other personal financing options available. One option is to take out a cash-secured loan, which comes with interest rates as low as two percent. These loans are ideal for consumers that want to spend some money but don’t want to directly dip into savings, or are looking for a unique way to build their credit history without paying high interest rates.

navy-federal-personal-loan-review-2When looking to take out a personal loan, the entire application process can be completed online. In general, the online application process will take no more than fifteen minutes to complete. Once the application has been completed, and all necessary paperwork has been provided, you may be able to receive approval of the loan in as little as a few hours. Once approved, you should be able to get a check in the mail from the credit union immediately.

Overall, customers of Navy Federal Credit Union have spoken positively about both the personal lending products and the credit union as a whole. The personal loan options are far easier to be approved for from the credit union when compared to traditional banks. The application process is normally much quicker and the interest rates, even for unsecured loans, are typically much lower than what you would receive from most other lenders.

The only concern that some people have is that they do not have a way to talk to a lender face-to-face. While the credit union has people that can talk over the phone, some consumers would like to meet in person to ensure that all of their questions are answered.

References
https://www.navyfederal.org/products-services/loans/personal-loans/personal-loans.php
https://www.creditkarma.com/reviews/credit-union/single/id/navy-federal-creditunion1