Review of Navy Federal Credit Union Personal Loans 2022 – 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 compare:
Navy Federal Credit Union vs. USAA
USAA is another credit union that caters to veterans and military. However, its loan amounts do not compare well to those of the NFCU. For example, USAA only offers personal loans between $2,500 and $20,000, while NFCU offers loans between $250 and $50,000.
If you focus on loan terms, however, 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 up to 180 months or 15 years. But if you’re using your funds for personal expenses or debt consolidation, USAA offers terms of up to seven years, compared to five years for NFCUs.
Related: USAA Personal Loans Review
Navy Federal Credit Union vs. PenFed
Although PenFed started out serving only veterans and military members, anyone can join today. It offers terms between 12 and 60 months, which is fully NFCU compliant, unless you gamble on using your loan for home improvement purposes. In this case, NFCU offers terms up to 180 months or 15 years.
Additionally, 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: PenFed Personal Loans Review
Navy Federal Credit Union vs. SoFi
SoFi serves the general public and has 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 offers an unemployment protection program where, if you are approved, it will put your loan on forbearance and help you find a new job.
Related: SoFi Personal Loans Review