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Dedicated to service members and their families, Navy Federal Credit Union offers multiple loan consolidation terms into one monthly payment. It might just be the boost you need to beat your debts once and for all.
Does Navy Federal Offer Debt Consolidation Loans
Debt is something everyone experiences at some point in their life. The same debt that allows us to enjoy the moment and buy things and activities that enrich our lives can push us deeper and deeper into debt until it seems there is no more. end in sight. But as a helping hand from our military, Navy Federal Credit Union is here to provide you with loan consolidation service to get you back on your feet.
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Our guide will introduce you to Navy Federal Credit Union loan consolidation loans and what signing up for one of these loans can do for you. There are many benefits to getting a Navy Federal Credit Union loan consolidation loan, although there are a few caveats to consider. That said, many people have used debt consolidation loans to not only get out of debt faster, but also to pay fewer fees over the life of the loan.
Are you ready to find out how you can crush your debt with a Navy Federal Credit Union loan consolidation loan? Let’s start.
Debt consolidation describes the process of consolidating several of your debts into one. This can make it easier to pay off that debt by making just one payment, rather than a few each month. Plus, as long as you have good credit, you can get a better interest rate, saving you money on interest payments in the long run.
Many factors can determine when you should consolidate your credit. For example, if you have multiple monthly payments on credit cards or other debts, combining all of those payments into one can help you stay on track. Debt consolidation works best if you have a good credit rating because it can help you get lower interest rates on your new loan. At the same time, none of this matters unless you have a plan to stay out of debt and stick to it.
Debt Consolidation Calculator
Unlike a typical banking institution, the Navy Federal Credit Union (NFCU) was created for military personnel and veterans. With respect to credit unions versus banks, the NFCU may limit the service provider based on specific criteria. In this case, NFCU members must be veterans, military related (regardless of branch), serving in the Department of Defense or National Guard, or have an immediate family member who is already a member of the NFCU.
Navy Federal Credit Union offers personal loans as well as loan consolidation loans. Both loans are unsecured, which means there is no security in case of default. When it comes to paying off debt the smart way, NFCU debt consolidation loans may be the leg you need to get back into the black.
To qualify for a loan consolidation loan from NFCU, you must apply and agree to the terms and conditions. Depending on your financial situation, including your credit score, you may be offered loan terms that cover one or more of your debts, or all of your debt.
Once you are approved for a loan consolidation loan, you will receive the full loan amount within days. In some cases, you might even be able to get the money the same day you apply. You can use these funds to pay off your debts and consolidate all your money into one monthly payment. As long as you continue to make payments on time, you may be able to improve your credit score by paying off your existing debt.
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Applying for a Navy Federal Credit Union loan consolidation loan may seem the same to many applicants, but the terms you are offered are tailored to your specific situation. However, you can expect some significant benefits once you have accepted an NFCU loan consolidation loan.
For example, a monthly payment can be the difference between making one payment at a time and trying to remember a few payments with different dates. Building your credit this way can help set you up for success and turn the tide in your favor.
Navy Federal Credit Union offers flexible loans for up to 36 months or between 36 and 60 months. It is common to get a loan consolidation loan with terms of less than 36 months (or three years) for low interest loans. Longer terms will allow you to spread out your payments so you can manage larger debts over time.
In total, NFCU offers loans from $250,000 to $50,000, with no down payment or prepayment penalty. The former saves you money upfront while the latter can give you freedom once you meet the terms of the loan.
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Navy Federal Credit Union offers competitive interest rates based on your credit score, of course. Applicants with high credit scores can take advantage of rates as low as 7.49% APR for loan terms of less than 36 months. Interest rates for 37 to 60 month loan consolidation loans range from 14.79% to 18% APR.
As we said, there are no upfront fees or payment penalties if you register your loan consolidation loan early. You will also not pay any application fees.
However, NFCU charges a late fee of $29 for payments made after the due date. You will also be subject to the lowest interest rate you qualify for, which may or may not cost you more than most people are paying.
So how do people get into debt and get out of it? They have to make a plan and stick to it. Too much debt can affect your finances, so it’s best to put it in the bank when you can.
What’s The Deal With Debt Consolidation?
If debt consolidation loans are part of your long-term debt elimination plan, they can make your life easier.
If you have a lot of debt and want to consolidate it into one monthly payment, SoFi has the terms you’re looking for. You can borrow between $5,000 and $100,000, which should cover several debts, even if they are split between borrowers.
SoFi, like many on our list, doesn’t charge an upfront fee, although you need a minimum credit score of 680 to qualify. This debt consolidation lender offers loan terms of 24 to 84 months, giving you plenty of time to settle those big debts. Although it can take up to 11 days to receive your money (which is the longest of all our NFCU options), you can take advantage of competitive rates ranging from 7.99% APR to 23.43% APR.
Discover is one of the most popular loan consolidation providers. As long as you meet the application requirements (which are not much different from any other loan provider), you can apply for and receive a loan consolidation loan.
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Like NFCU, Discover does not charge its customers to prepay a loan or start a loan. Discover offers loans ranging from $2,500 to $35,000, depending on the terms you qualify for. You can also take advantage of loan terms of 36 to 84 months, at rates of 5.99% to 24.99% APR.
If high credit scores aren’t your forte and you have a score of 660 or less, you should consider applying for a loan consolidation loan from LendingClub. This lender offers terms of 36 or 60 months. There are 3-6% upfront fees, but no prepayment fees apply if you can pay off your debt consolidation loan quickly.
LendingClub interest rates range from 8.05% APR for excellent credit ratings to 35.89% APR. It’s one of the highest APRs on our list of alternatives, but it can be important if you’re trying to pay off credit card debt. A successful application opens the door to up to $40,000 in loan consolidation, as long as you qualify.
LightStream is proud to offer some of the best loan consolidation products on the market. In fact, their Rate Beat program works to earn your business by finding (and comparing) the lowest rates.
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You can borrow up to $100,000 from LightStream as long as you qualify. Interest rates start at 4.49% APR and are capped at 19.99% APR. Loan terms range from 24 months to a maximum of 84 months, or 7 years to repay your loan. There are no upfront costs and you can even receive your money the same day. Otherwise, LightStream usually pays the bills
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