Navy Federal Credit Union - Navy Federal - No place to consolidate your bills.
Buyer Beware!I am a Retired Naval Officer and been with NFCU for 16 years.
I asked for help in consolidating my loans after I retired from the Navy, and they were all to glad to place me into a 17.9% (regardless of my 769 FICO score and multiple sources of income, and very little debt to income ratio) loan that collects all the interest up front, this is not a simple interest loan, it compounds daily, via a daily accrual rate. I made nearly $5,800 in payments over six months, where they took $4,215 in interest for themselves, plus I made an extra payment during the billing cycle, in which, they told me the payment does not reduce the principle until the payment cycle completes, therefore, the collection of the loan is inconsistent with the terms. You will be hearing from my lawyer.
Oh, and I will be finding another bank.
-LCDR, USN (Ret.)
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