Upload your application, documents and forms by selecting Secured Document Upload (SDU) at the bottom of the page. 
If your business is a corporation, partnership or LLC, you also need to complete a beneficial owner form and submit it along with your application.
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Gather your documents and choose Download application. Go to the NFCU website and hover over Services in the main navigation bar. Not a business member yet? You and your partners will need to submit the business membership form first. Otherwise, follow these steps to apply online. If you want to borrow more than $50,000, you’ll need to call 87 to speak with NFCU’s business development team. Once you become a business member, you can apply for a business loan online, over the phone or at a local branch. Some also mention getting a better deal with another lender. But a few mention that the process could be faster. Many customers are happy with the quality of customer service they received when calling in. Navy Federal Credit Union gets mixed reviews. But you might also want to consider these drawbacks.ġ.19 out of 5 stars, based on 116 customer reviewsĤ.6 out of 5 stars, based on 511 customer reviews There are a few good reasons to apply for a NFCU business loan. Commercial real estate loan. Financing for all types of commercial-use properties with a range of repayment terms to choose from. Commercial vehicle loans. Get up to 80% financing for new and 75% financing for used financing for commercial, special or heavy-duty trucks, as well as rolling stock like tractor trailers. Business vehicle loans. Get up to 100% financing for new vehicles and 90% financing for used vehicles like cars, SUVs and light trucks. Checking line of credit. Protect your checking account from overdrafts up to $5,000 and rates fixed at 17.9% APR. Business line of credit. Secured and unsecured access to cash as you need it, with for credit limits up to $15,000 and variable rates. Secured term loans. Businesses that put up collateral can borrow up to 75% of the collateral’s value. Pay any remaining balance over a two-year term at 1% interest. You can borrow up to $10 million to cover payroll costs and get up to 100% of the loan forgiven. SBA PPP loans. This is the only loan program available during the coronavirus outbreak. On top of unsecured business loans, your business can apply for the following types of financing from NFCU: What other types of financing does NFCU offer? But since it’s a federal credit union, you likely won’t approved if your business is involved in any federally illegal activities. Navy Federal Credit Union doesn’t disclose any restricted industries. Business plan with three years of cash flow projections. 
Single- and multi-member LLC Documents to applyĪt a minimum, business owners typically need to provide the following documents and forms along with their application: You’re eligible to become a NFCU member if you fall into one of the following categories: And you may be able to qualify for a secured loan your business has been around for less than two years. NFCU doesn’t have any other hard requirements, but it still considers factors such as your credit score and revenue when processing your application. You must meet the following requirements to get an unsecured business loan through Navy Federal Credit Union: The maximum rate goes to borrowers who just squeak by NFCU’s requirements. You’ll likely get lower rates and qualify for larger loan amounts if your business has been around for several years and you have excellent credit - typically 740 or higher. The rates and terms you get depend on factors like your loan amount, your personal credit history, time in business and financial projections. Use the calculator below to learn how much your loan will cost each month based on different rates, loan amounts and terms. Without putting up collateral, you can borrow up to $25,000 - though loans up to $25,000 are available if you back your loan with equipment or other collateral. Your APR includes an origination fee that varies based on the amount you borrow. Rates on Navy Federal Credit Union’s unsecured term loans run as high as 18% APR with terms up to five years. But it should reopen before the deadline. It's also it's temporarily stopped accepting applications from members who file a 1040 Schedule C, to adjust to the recent changes to the formula self-employed borrowers can use to calculate their loan amount. These are only available to members who apply online - NDCU doesn't accept paper applications for the PPP. NFCU is currently accepting First and Second Draw applications for the Paycheck Protection Program until this round of funding ends on May 31, 2021.
Navy Federal Credit Union is accepting PPP loan applications
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