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NFCU Navcheck question

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rubberman2003
Established Member

NFCU Navcheck question

I was approved for a 4K navcheck a few days ago.  Could someon explain to me how this works.  I know I can use it as a loan.  Say my interest rate is 13.95%

 

Say i take out 3K, how long do i have to pay it back and what would my payments be?  THanks all

Message 1 of 7
6 REPLIES 6
msbia
Established Contributor

Re: NFCU Navcheck question

Navcheck is a line of credit that backs up your checking account. It's not really a loan; if you overdraw your checking it won't show as overdrawn the difference will be taken from your Navcheck. The amount used will be like a credit card payment with interest accruing at your 13% rate. You would pay it back just like a credit card payment.
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Message 2 of 7
rubberman2003
Established Member

Re: NFCU Navcheck question

I guess the daily interest confuses me lol

Message 3 of 7
msbia
Established Contributor

Re: NFCU Navcheck question

Interest starts accruing from the day you use the Navcheck. It is good to have backup for your checking account, but I personally use my Navcheck for utilization purposes. You should at some point request the max of $15,000 on your Navcheck.

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Mission Accomplished.
Thanks MyFico!
Message 4 of 7
credit-hunter
Frequent Contributor

Re: NFCU Navcheck question

NFCU will issue you checks to draw against the CLOC/NAVCHECK

Message 5 of 7
Anonymous
Not applicable

Re: NFCU Navcheck question


@msbia wrote:
Navcheck is a line of credit that backs up your checking account. It's not really a loan; if you overdraw your checking it won't show as overdrawn the difference will be taken from your Navcheck. The amount used will be like a credit card payment with interest accruing at your 13% rate. You would pay it back just like a credit card payment.



Message 6 of 7
Anonymous
Not applicable

Re: NFCU Navcheck question


@msbia wrote:
Navcheck is a line of credit that backs up your checking account. It's not really a loan; if you overdraw your checking it won't show as overdrawn the difference will be taken from your Navcheck. The amount used will be like a credit card payment with interest accruing at your 13% rate. You would pay it back just like a credit card payment.

That's not entirely true.  While it does serve as an overdraft protection they also issue you checks that you can write against your LOC for any purpose which in effect is a loan.

Message 7 of 7
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