Navy Federal Credit Union serves members of the military, including active armed forces personnel, veterans, and Department of Defense employees and their family members. It offers a variety of banking services, including personal loans. In order to qualify for a personal loan, applicants must meet Navy Federal’s income and debt-to-income requirements. It also checks borrowers’ credit history and their employment status.
Navy Federal primarily uses TransUnion to check credit scores, although it may also use other credit bureaus to verify information. It doesn’t have a minimum credit score requirement, but it does look at your payment history, balances, and how you use credit. In addition, the lender looks at your debt-to-income (DTI) ratio to ensure that you can afford your monthly debt payments.
The lender says that, in most cases, you can get your money the same day you’re approved for a personal loan. This makes it a great choice for people who need quick access to funds. Navy Federal also offers auto loans, which offer competitive rates for new and used vehicles. However, it’s important to remember that you should always make a down payment on your vehicle.
Navy Federal doesn’t have a tool for prequalifying for a loan, so you’ll need to undergo a hard inquiry when you apply for a loan. This can temporarily lower your credit score by a few points. You can improve your Navy Federal internal score by making all of your payments on time, lowering your credit utilization, and closing unnecessary accounts. You can also consider working with a credit repair company to remove negative items from your credit report.
Navy Federal Business Accounts
If you are a small business owner with military ties, you may want to look into Navy Federal’s unique small business banking services. The credit union offers checking and savings accounts for businesses of all sizes, as well as business loans and lines of credit. Additionally, it offers a variety of other financial solutions, such as investment products and retirement plans.
The first thing to do when considering Navy Federal’s business banking services is to determine your eligibility. Membership is available to active duty and retired members of the armed forces, Department of Defense civilian employees, and their family members. Additionally, members of the National Guard and their family members are also eligible for membership.
Navy Federal offers three business checking accounts, all of which earn interest. The free Business Checking account allows for a limited number of non-electronic transactions per month at no charge, while the Business Plus and Business Premium accounts offer unlimited fee-free electronic transactions. These accounts also feature lower wire transfer fees and a monthly service fee that varies between $0 and $20.
While Navy Federal’s business services are a great choice for many small businesses, it may be worth comparing its offerings to those of other lenders. For example, Bank of America has a wide range of business loans and provides competitive rates and fees. In addition, it offers a free small business bank account and has mobile apps to make managing your business finances easier.
CD Rates
In addition to its savings and checking accounts, NFCU offers certificate of deposit (CD) options with competitive rates. Its standard CDs offer terms from three months to seven years and earn higher interest tiers with larger balances. Its shorter-term CDs have mediocre APYs, but its longer-term CDs have competitive rates that beat those of online banks.
NFCU also offers a money market account that pays a competitive rate for a large balance and a special 15-month certificate with an APY of 5.00%. The credit union has a large fee-free ATM network and offers no monthly maintenance fees on most savings and checking accounts. Its mobile apps give members easy access to their accounts and let them transfer funds between accounts.