Search results
Results From The WOW.Com Content Network
Hello all. I am currently an ROTC cadet scheduled to commission May of next year into AD. I have recently been looking at the Career Starter Loan from Navy Federal Credit Union. I don’t have any debt in any form right now and don’t anticipate needing this loan to pay off any current or near future expenses.
I got off the phone with a navy fed rep and they said that you should have signed a disclosure saying that you don’t have the USAA career starter loan explicitly. This checks with my memory. OP, understand this, I think starting your career engaging in financial fraud isn’t worth the couple hundred bucks you stand to make by taking both loans.
Posted by u/davidj1-6 - No votes and 7 comments
I’m already “active duty” through a collegiate program and I have a Navy Federal account. Anyone know how difficult it is to get approved for this loan? I think my credit is pretty good… I know these apps aren’t “official” credit reports but this is what I have. My car loan is at 4.45% with ~$19,000 so I’ll put most towards that.
I prefer banking with navy federal as you get paid a day before usaa and can see pending deposit for your pay a few days before that. Additionally they have branches near most instillations (including some overseas) and depending where you are you can get an interest free partial pay advance up to 2 or 300 bucks.
I'm going to be a junior at the Naval Academy, and we have this Career Starter Loan available to us through Navy Federal. It's up to $32,000 with a 1.25% APR for 60 months. A lot of people take the loan to pay for cars and other expenses. My thing is, I already have a car, and I have a pretty nice lump of savings (like 8k).
Disclosure - I work for USAA and specially work the Career Starter Loan Capt MJ is correct in that we do not value the membership of an academy cadet/mid over a ROTC or direct Commissioned. The amount and rate is based on the cost of money (these are unsecured signature loans and cannot be resold) and the default rate.
Background: Single. No kids. 24. Male. O1 in the Navy. Commissioned this past summer. Credit is good but not great at ~710. Recently received the Career starter loan from USAA (25k at 2.99% for 60 months) to pay off some higher interest debt.
If the terms for the USAA and NFCU career starter loan terms and requirements are still the same, auto-payments start about 60-90 days after graduation and must come from a USAA or a NFCU account, and military pay must be set up for Direct Deposit to the lending institution.
so many of my friends (myself included) took the career loan and took the full amount. A few of us invested it completely and a few of us bought cars, went on vacation, and used it for first month’s rent, security deposit, furnishing apartments, DITY moves, etc.