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 %
FICO 9: 
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
There Is a minimum payment
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
FICO 9:
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!
Filed Chapter 13 on 6/1/2017 after job loss. Discharged 6/1/2022.
Goal: Gardening!