Navy Federal Logo
star star star star_border star_border
2 User Reviews
LAST UPDATED: March 19th, 2021

Based in Merrifield, Virginia, Navy Federal Credit Union serves more than 6 million military families in the United States, helping them with their borrowing and banking needs. The credit union started doing business in 1933 when it served seven members. Tremendous growth in membership has been coupled with strong financial security, as the credit union has $75 billion in assets. The credit union is unique in that is focuses its services on those families of servicemen and servicewomen who have devoted their time to defining their country. The credit union also has a full spectrum of offerings, including personal loans, auto loans, RV loans, student loans and mortgage loans. The credit union does lag behind other competitors in terms of personal loan rates, which start a little higher than other lenders offer.

Top Ranked Companies


The Good

  • Plenty of Options
  • Never-Ending Membership
  • One-Stop Shop
  • Respected in Industry

Plenty of Options

Whether you are in the military or have formerly been in the military, you're like anyone else: there will come a time when you need to borrow money. Fortunately, Navy Federal has an offering for you. Whether you need help with a student loan or financing a car, whether you are buying a new house or want to refinance your current one, or even if you have some medical bills or other personal needs, Navy Federal has something to help you.

Never-Ending Membership

Even if you leave the military, change branches or retire, you can maintain your membership with Navy Federal. Once you're in, you're in as long as you want. You don't often see this type of loyalty in a company.

One-Stop Shop

Not only can you take care of all your borrowing needs with Navy Federal, but you can also get checking and savings accounts through the credit union. Plus, it's easy to transfer between accounts. We love the fact Navy Federal has about every type of financial product you would need, whether it be personal loans, auto loans, home loans, student loans or even checking and savings accounts. We love that you can conveniently bank online and through mobile apps. Also, the credit union allows people to join trough military family members.

Respected in Industry

Military personnel who belong to Navy Federal also appreciate that they can take care of all their financial needs in one place. Customers report that the application processes are simple and fast. And, of course, members appreciate that the credit union, despite its name, welcomes those who serve or have served in other military branches. Military personnel who belong to Navy Federal also appreciate that they can take care of all their financial needs in one place. Customers report that the application processes are simple and fast. And, of course, members appreciate that the credit union, despite its name, welcomes those who serve or have served in other military branches.


The Bad

  • Suspect Customer Service
  • High Personal Loan Rates
  • Be Wary of Mortgage Rates

Suspect Customer Service

One would think that when dealing with military servicemen and servicewomen that customer service would have impeccable respect, helpfulness and kindness. Unfortunately, this doesn't appear to be the case. An alarming number of customers report that customer service is rude and slow to respond to issues. There is also a strong sentiment that customer service agents are incompetent and simply don't have the training or knowledge to answer questions. Perhaps the most common complaint from customers is that customer service is far below what one should expect from a credit union, especially one serving the military. Customers are dismayed by the lack of knowledge and competence from agents and staff members.

High Personal Loan Rates 

Researching different lenders will quickly show you that personal loan rates can be on the high side. However, customers with good credit should be able to secure personal loans for rates below 10 percent. Navy Federal's rates are above 10 percent, and the rate increase as the loan amount increases. The high loan rates give us pause, and these should do the same for you. Even if you have a high credit score, you might find yourself paying an unfavorable rate. Do your homework before you decide to do business with Navy Federal. It's also concerning to see so much negativity regarding customer service.

Be Wary of Mortage Rates

The credit union advertises low, competitive mortgage rates; however, don't trust what you see online. Even customers with excellent credit scores have been quoted rates far above what the website shows.

View Best Personal Loan Companies


The Bottom Line

There are a number of advantages to doing business with Navy Federal Credit Union. Not only has the credit union been serving military members and their families for more than eight decades, but it offers financial products for just about anyone. If you are in the military and have multiple loans and financial accounts, we would recommend using Navy Federal. Be mindful, however, that rates can be a little higher, so make sure you know what you're getting yourself into. If you're looking for one type of loan, or if you have no connection to the U.S. military, Navy Federal isn't for you.

View Best Personal Loan Companies

Was this content helpful?
thumb_up Yes thumb_down No

Star Rating


star star star star_border star_border

2 Reviews

Review Breakdown

5 grade


4 grade


3 grade


2 grade


1 grade


Sentiment Criteria


star star star star star


star star star star star


star star star star star


star star star star star

Filter by:


Sort by:

star star star star star

Eddie Rios Ogden, UT

Navy Federal gave me my first credit start. For fair rates, trust, and an easy process-I thank you. It if wasn't for Navy Federal giving a working military man a shot at a fair loan, I would have had to extend my credit options with other ruthless alternatives. Navy Federal entrusted a young man the chance to start off right. And I will be forever grateful.

1 year ago

star star_border star_border star_border star_border

Darryl Ingram Edmond, OK

Unsatisfactory! I recommend using another financial institution, such as USAA. I had difficulty getting any financial help from NFCU after I retired from the Navy several years ago, but I remained a member with a token amount in share savings, thinking I might give them another try. However, they never really seemed easy to deal with. Recently, I thought I might give NFCU another try. However, when I looked at my account, I see that instead of receiving interest on my share savings, they debited my account due to inactivity! This was without even notifying me or contacting me!!! Totally unsatisfactory and inappropriate!!

5 years ago