As a credit union, Navy Federal Credit Union (NFCU) is a member-owned financial institution that offers all the services you would expect to find from any bank or credit union like it.
Where NFCU separates itself – and shines, in this writer’s opinion – is that its military/DoD exclusivity allows them to offer fairly good credit rates. This is due to the fact that the majority of the credit union’s members always have a constant stream of income from either being active duty military, working for the government, or receiving compensation for retirement or disability.
Accessing Your Account
When it comes to accessing your account online or filing for credit, NFCU is on par with their competitors like USAA and larger banking institutions like Bank of America or Chase. Logging in to an account is pretty simple and requires only the account’s access number and a password. This is much simpler than their previous login iterations which required a secondary screen for entering passwords.
When logged in, you can also easily apply for any loan or line of credit (like a credit card, car loan or mortgage) directly through the site. Responses are usually instantaneous, but at their longest we’ve experienced a delay of up to two days. If you have ever had to wait for a loan response before, you know that this waiting period is pretty phenomenal, even at its longest periods.
Current Loan Rates
Members of NFCU right now enjoy some of the lowest rates in the financial industry. Depending on the kind of loan you are looking for, the following are the rates* that you will find at this credit union:
Mortgage rates as low as 2.875 percent
Car loan rates as low as 1.49 percent
Equity rates as low as 4.24 percent
Private student loan rates as low as 3.02 percent
Personal loans with APR as low as 10.49 percent
Shares secured loans with rates as low as 2 percent
As you can see, the rates offered by NFCU are pretty extraordinary.
Those of us in the office who qualify for NFCU absolutely love this credit union. Along with exceptional rates, they have pretty great customer service, which can go a long way when dealing with financial issues.
NFCU Rating – 4/5
*Rates current as of February 21, 2020 and will change according to NFCU and the market.