A Navy Federal Pledge Loan is a type of secured loan offered by Navy Federal Credit Union, a financial institution primarily serving members of the U.S. military and their families.
In this type of loan, the borrower uses their savings, certificate of deposit (CD), or other assets held with Navy Federal as collateral to secure the loan. The amount you can borrow is typically based on the value of the collateral you pledge. By using collateral, borrowers may qualify for lower interest rates compared to unsecured loans, as it reduces the risk for the lender.
The pledged assets remain with Navy Federal as security until the loan is fully repaid. If the borrower fails to repay the loan according to the agreed terms, Navy Federal may seize the collateral to recover the outstanding balance.
Pledge loans can be used for various purposes such as home improvements, debt consolidation, or other personal expenses. It's important for borrowers to carefully consider their ability to repay the loan and understand the terms and conditions before applying for any type of loan.
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