NFCU NAVCHECK question

[hersheykisses]

What is the difference between a personal loan and nav check with NFCU?

[webhopper]

The personal loan will have to be paid back in fixed installments, and the account is usally closed after you pay it off.  The NavCheck acts like a credit card in that the limit is there if you need to use it, and there is a minimum payment which is based on your balance. The NavCheck can be used by itself using the checkbook they send you, or it can be used by intentionally or unintentionally overdrafting your checking account with Navy Federal.  If you are approved for NavCheck, the line of credit will become available again after you pay off existing debts owed on the line.

Kind of like a credit card but you have to write a check instead of swiping.  There are also no swipe fees for the merchant. 

Remember, if you put charges on your NavCheck, the balance on the line is exactly like the balance on a credit card, where it counts against utilization % 

[hersheykisses]

Oh ok that makes sense but there is no minimum payment? I dont think i realized what exactly it was that i'd applied for.

[LS2982]

There Is a minimum payment

[j_casteel]

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@kerbear1969 wrote:

Oh ok that makes sense but there is no minimum payment? I dont think i realized what exactly it was that i'd applied for.

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Why would you apply for it then?

There is a minimum payment...i don't have the exact terms, but its an "either -- or" payment...where you either pay 2% of the amount or $20 whichever is more.....if that makes sense.

[hersheykisses]

Well i suppose the reason i applied is because i saw everyone else on here had it LOL, just wanted to be part of the "in" crowd.  I got a little excited that i started app'ing.  It happens sometimes.  I did get approved for 10k which is nice. 

[webhopper]

I personally love the NavCheck. I can pay contractors without having to worry about whether they take a credit card.

Also, there is no fee in case you accidentally overdraft.  So, you'll be funded what you need to cover the transaction, and then you just pay that money back to the NavCheck instead of incurring overdraft fees