The Navy Federal Credit Union offers Department of the Navy (DON) personnel, contractors and their families an excellent payday loan alternative called the NAVchek Line of Credit.
The NAVchek Line of Credit can be an instant loan or automatic overdraft protection for your checking account and Visa Check Card. Loans are available from $500 to $15,000 (in $500 limits). The monthly payments are $20 or 2% of the loan principal, whichever is greater.
There are no required minimum advances – only the exact amount requested or overdrawn.
The following personnel are eligible to join Navy Federal Credit Union:
- Department of the Navy (DON) personnel (including active duty, reserves and civilian employees)
- contractors on DON sites
- government personnel working at Navy installations
- retired (from any of the above)
- families and household members
From their website:
You can leave the military, change employers, move, retire, get married – and never have to leave Navy Federal. “Once a member, always a member.”
Navy Federal Credit Union (External Link)
For more resources, see Interest-Free Loans for Military Personnel.