|APR (Fixed APR)||N/A|
|Loan Term (Months)||N/A|
Navy Federal Credit Union Business Loan Review
Navy Federal business loan is a business financing offering by Navy Federal Credit Union, based in Vienna, VA. Founded in 1933, Navy Federal Credit Union offers access to small business loans in 50 states (and Washington, DC).
Navy Federal business loan FAQ
What are Navy Federal business loan’s rates?
Navy Federal business loan offers a fixed APR business financing product but they do not disclose their rates.
Does Navy Federal business loan charge an origination fee?
Yes, Navy Federal business loan charges a loan origination fee of $150
What limitations does Navy Federal business loan set on the purpose of the business loan?
Navy Federal business loan considers business loan applications for business purposes, such as:
- Equipment Purchase
- Lease Improvement
- Product or Service Expansion
- Technology Investment
- Working capital
What types of small business loans does Navy Federal business loan offer?
Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Navy Federal business loan provides access to the following business loan types:
- Secured Term Business Loans
Does Navy Federal business loan charge prepayment fees?
No, Navy Federal business loan does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.
What do you need to qualify for Navy Federal Credit Union Business Loan?
Navy Federal Credit Union Business Loan does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.Applicants with a credit score of at least 600 and up to 850 may be eligible for Navy Federal Credit Union Business Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Navy Federal Credit Union Business Loan. Their rates fall within the limits of The Military Lending Act.
U.S. citizens are, of course, eligible for the services offered by Navy Federal Credit Union Business Loan. Permanent resident / green card holders are also eligible to apply.
To qualify, applicants may need to provide the following documentation:
- Recent bank statements
- Business formation documents
- Driver's license
- Government issued photo ID
- Proof of identity
Does Navy Federal Credit Union Business Loan report your account activity to credit bureaus?
Yes, Navy Federal Credit Union Business Loan reports your account activity to the following credit reporting agencies:
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.
Other Services by Navy Federal Credit Union
- Washington, DC
- North Carolina
- North Dakota
- New Hampshire
- New Jersey
- New Mexico
- New York
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Origination Fee ($)||$150|
|Business Financing Requirements||
|Credit Score Range||600 - 850|
|Employment Statuses Considered||
|Immigration Status Considered||
|Verification Documents Required||
|Business Loan Type||Secured Term Loan|
|Intended Use of Funds||
|Credit Bureau Reporting||
|Payment Options||Automatic Payments|