Compare Personal Loan Rates
Best Personal Loans That Cater to Veterans & Military Members
Best Overall For Veterans & Military Members
Navy Federal Credit Union
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
No requirement
APR range
7.49% to 18%
Loan amounts
$250 to $50,000
Minimum credit score
No requirement
APR range
7.49% to 18%
Loan amounts
$250 to $50,000
Why We Picked It
Since 1933, Navy Federal has grown from seven members to over 10 million, making it one of the most common credit unions for veterans or members of the armed forces. Not only that, but it also aims to “be the most preferred and trusted financial institution serving the military and their families.” Its reputation in the market and excellent products makes for an easy decision to include it as one of the institutions to find the best personal loans for veterans.
Navy Federal offers personal loans as low as $250 and up to $50,000, making it the lender with the smallest minimum loan limit. Loan limits of this range give veterans the ability to finance purchases of all different sizes. What’s more, repayment terms of up to 60 months are available. Applying for a loan with shorter repayment terms, however, will save you money on interest over the life of your loan.
Navy Federal personal loans have interest rates between 7.49% and 18.00%. The lowest of the range, 7.49%, is reserved only for loans with terms of up to 36 months and applicants with excellent credit. Active duty members also can receive a 0.25% autopay discount; however, non-active duty members cannot receive this perk.
Pros & Cons
- No prepayment penalties
- 0.25% autopay discounts for active duty members
- Same-day funding
- $29 late fee applied when you’re 10 days past due
- No autopay discounts for non-active duty personnel
- Lowest APR applies only to loans with terms of up to 36 months
Extra Details
Eligibility: You must be a member of Navy Federal to apply. To become a member, you or one of your family or household members must have ties to the armed forces, Department of Defense or National Guard. Members can apply online. Navy Federal does not have a minimum credit score requirement; however, borrowers with higher credit scores have a better chance of qualifying and receiving favorable terms. We recommend a minimum score of 670.
Loan uses: You can use Navy Federal personal loans for unplanned and planned expenses, including auto repairs, vacations and other major purchases; you cannot use them for higher education or to purchase a home. If you need to consolidate debt or finance a home improvement project, Navy Federal has personal loans designed specifically for those expenses.
Turnaround time: Navy Federal offers a simple online application process and different fund disbursement methods. The quickest way to receive your funds is through an automatic deposit, which you can receive immediately after approval.
Best For a Variety of Banking Needs
USAA
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
USAA does not disclose this information
APR range
8.89% to 18.51%
with autopay
Loan amounts
$2,500 to $20,000
Minimum credit score
USAA does not disclose this information
APR range
8.89% to 18.51%
with autopay
Loan amounts
$2,500 to $20,000
Why We Picked It
USAA is a full-service institution that offers insurance, banking and investing, making it a one-stop shop for veterans and military members who prefer to open loans and bank accounts under one bank. The opportunity to manage both your loans and cash with one bank can help you streamline your money and make your life easier.
USAA offers personal loans between $2,500 and $20,000 with repayment terms of up to 84 months. Rates range from 6.99% to 17.40%, which includes a 0.25% autopay discount; the lowest rates are reserved for members and applicants with the highest credit scores.
Not only can you open various banking products and services with USAA, but it also provides advice. USAA will help you prepare for major life events, both big and small. As a member, you have the opportunity to receive financial advice, helping you take control of your spending and saving.
Pros & Cons
- No prepayment fees
- Autopay discount available
- Offers a variety of banking products and financial advice
- Funds only dispersed Monday through Friday
- 5% late fee
- Smaller loan limits than other lenders that cater to veterans
Extra Details
Eligibility: You must be a member of USAA to apply. Membership is available to U.S. military members and their spouses, as well as children of USAA members. Precommissioned officers, including cadets, midshipman and officer candidates, also are eligible for membership.
You can become a USAA member online, and you also can apply for a loan online. USAA doesn’t have a minimum credit score requirement, but members with higher scores can qualify more easily and receive more favorable terms. We recommend a minimum score of 670.
Loan uses: You can use USAA personal loans for various personal expenses, including bills, remodels, repairs and unexpected expenses. Personal loans are typically flexible to meet your needs. However, you can’t use USAA personal loans to finance higher education expenses or to purchase a home.
Turnaround time: USAA provides a quick and easy online application. Once approved, funds are dispersed within 24 hours through a direct deposit into a USAA bank account (Monday through Friday only).
Best For Small Loans
PenFed
3.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
APR range
7.74% to 17.99%
Loan amounts
$600 to $50,000
Learn More
Via Fiona.com's Website
Minimum credit score
650
APR range
7.74% to 17.99%
Loan amounts
$600 to $50,000
Why We Picked It
Although PenFed was originally created to serve U.S. military members and veterans, in addition to federal employees and retirees, it has expanded its membership to non-military members. PenFed has several federal partners, including the American Society of Military Comptrollers, Coast Guard Auxiliary Association, Navy League of the United States and United States Army Warrant Officers Association.
PenFed offers fixed-rate, low-interest loans that start at $600 and top out at $50,000. If you’re looking for a mix of low interest rates and high loan limits, PenFed may not be the choice for you; look toward LightStream for higher limits.
PenFed personal loans carry rates between 5.99% and 17.99%, based on your application and credit information. Applicants with higher credit scores can typically snag the lowest rates. What’s more, PenFed also boasts no title or deed requirements, no early payoff penalty and no origination or hidden fees. Although PenFed is located on the East Coast, borrowers will have around-the-clock access to their accounts through the PenFed mobile app.
Anyone can apply for a loan through PenFed; however, if you’re approved and choose to move forward with your loan, you’ll need to become a member of the credit union. Becoming a member is easy, and it typically only takes a few minutes. While the membership is free, you’ll need to make a deposit of at least $5 into a new PenFed savings account.
Pros & Cons
- No origination or hidden fees
- Funds could be available the next day
- Few qualification requirements
- Loan amounts up to $20,000
- Branches only located on the East Coast
- Must open a PenFed savings account to become a member
Extra Details
Eligibility: PenFed requires borrowers to have a minimum credit score of 650 to qualify. However, favorable rates and terms are awarded to those with higher scores. Applying with a co-borrower may help you qualify for a lower interest rate if you have a low credit score.
PenFed does not require you to be a member to apply, but it does require you to become a member if you choose to move forward and fund your loan. No military service is required for membership.
Loan uses: You can use PenFed’s personal loans for debt consolidation, home improvement, transportation, medical and dental, life expenses and even to pay off credit card debt. Other uses, such as refinancing student loans or financing higher education, typically requires a different type of loan for that use.
Turnaround time: Funds through PenFed’s personal loans are available as early as the next day if you pay for expedited shipping. If you want to receive your money sooner, you’ll need to visit a local PenFed branchto pick up your check.
Best Personal Loans for Veterans & Military Members With Good Credit
Best Overall For Veterans & Military Members With Good Credit
SoFi
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
650
APR range
8.99% to 25.81%
with autopay
Loan amounts
$5,000 to $100,000
Learn More
Via Fiona.com's Website
Minimum credit score
650
APR range
8.99% to 25.81%
with autopay
Loan amounts
$5,000 to $100,000
Why We Picked It
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available between $5,000 and $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year.
Pros & Cons
- Prequalification with soft credit check
- Funding in as little as one to two days
- High loan amounts and lengthy terms
- Does not offer direct payment to third-party creditors for debt consolidation
- Some applicants report difficult qualification standards
- Co-signers are not permitted
Extra Details
Eligibility: Personal loan applicants should have a minimum credit scoreof 650. However, many successful applicants have a score of 700 or higher. Applicants also must have an annual income of at least $45,000, though the average income of a SoFi borrower is over $100,000.
Loan uses: In general, SoFi personal loans are limited to use for personal, family and household purposes. This means a borrower can use loan funds to cover things like medical costs, credit card consolidation, home improvements and relocation costs. However, SoFi loans cannot be used to fund a new business venture, the purchase of real estate, investments and securities, post-secondary education or short-term bridge financing.
Turnaround time:Borrowers typically receive funds within a few days—or as soon as the next business day after approval and acceptance of terms. However, funding times may be longer than a few days—especially for loans over $20,000.
Best For Low Interest Rates
LightStream
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
660
APR range
7.99% to 24.99%
with autopay
Loan amounts
$5,000 to $100,000
Learn More
Via Fiona.com's Website
Minimum credit score
660
APR range
7.99% to 24.99%
with autopay
Loan amounts
$5,000 to $100,000
Why We Picked It
LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T. The platform offers unsecured personal loans from $5,000 up to $100,000. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread payments out.
In addition to appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. Well-qualified borrowers who enroll in autopay also will have an opportunity to receive a loan with interest rates as low as 2.49%, the lowest on our list. It also offers a 30-day loan experience guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and a rate-beat program. LightStream will beat a competitor’s interest rate by 0.1% for applicants who meet certain criteria.
LightStream offers loans in all 50 states plus Washington, D.C. and Puerto Rico, and applicants can contact the lender’s customer support team seven days a week; current borrowers have access to customer support from Monday through Saturday. And, while LightStream doesn’t offer a mobile app for loan management, customers can access their account through LightStream.com.
Pros & Cons
- No origination, prepayment or late fees
- Low, competitive rates
- Fast approval and funding
- No prequalification process
- No due date flexibility
- Limitations on use of loan proceeds
Extra Details
Eligibility: LightStream requires a minimum FICO credit score of at least 660 to qualify for a personal loan. To increase their chances of approval, applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan.
LightStream doesn’t give prospective borrowers the ability to prequalify for a loan. This fact—combined with the minimum credit score requirement—makes the platform a better fit for those with a strong credit profile. Applicants with excellent credit also are more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can submit a joint application.
Loan uses: LightStream’s personal loans can be used for a wide range of purposes, from purchasing a new car, RV or jewelry to paying for home improvements. However, LightStream really stands out because loans can be used to finance land, timeshares and so-called tiny homes. As with other top lenders, LightStream prohibits use of its personal loans for post-secondary education costs, business purposes and illegal activities. Borrowers also are prohibited from using LightStream loan funds to refinance an existing LightStream loan.
Turnaround time: LightStream borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. To receive same-day funding, the applicant also must review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information; and complete the final verification process—all before 2:30 p.m. on the day the loan is approved.
Best Personal Loans for Veterans & Military Members With Bad Credit
Best Overall For Veterans & Military Members With Bad Credit
Upgrade
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
580
APR range
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
Learn More
Via Fiona.com's Website
Minimum credit score
580
APR range
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
Why We Picked It
Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.
Loan amounts, which start at just $1,000, are flexible but cap out at $50,000. Two- to five-year loan terms are available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.
Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.
Pros & Cons
- Low minimum credit score requirement
- Borrowers can use loans to cover business expenses
- Offers direct lender payoff for debt consolidation loans
- High APR range
- Charges fees for origination, late payment and insufficient funds
Extra Details
Eligibility: Prospective borrowers should have a minimum score of 580 to qualify for an Upgrade personal loan (the average borrower score is 697), making it an accessible option for those with fair credit. Furthermore, the lender does not require applicants to meet a minimum income requirement, although borrowers make $95,000 per year on average. Applicants should have a maximum pre-loan debt-to-income ratio of 45%, excluding their mortgage.
The lender also considers each applicant’s free cash flow, which demonstrates their likely ability to make consistent on-time loan payments. Ideally, applicants should have a minimum monthly cash flow of $800.
Upgrade increases loan accessibility by also allowing co-applicants.
Loan uses: As with most other personal loans, loans from Upgrade must be used to pay off credit cards, consolidate other debt, make home improvements or pay for other large purchases. However, Upgrade stands out from some lenders by allowing borrowers to use personal loan funds to cover business expenses. What’s more, Upgrade will directly pay off third-party lenders, making debt consolidation more convenient than with some competing lenders.
There are no specific prohibitions on the use of Upgrade loans other than those already imposed by law.
Turnaround time: Once an Upgrade loan is approved, it generally takes up to four business days for a borrower to receive the funds. However, if Upgrade is directly paying off a borrower’s loans to a third-party lender, it can take up to two weeks for the funds to clear.
Best For a Range of Repayment Options
Avant
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
580
APR range If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
9.95% to 35.99%
Loan amounts Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
$2,000 to $35,000
Learn More
Via Fiona.com's Website
Minimum credit score
580
APR range If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
9.95% to 35.99%
Loan amounts Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30. If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
$2,000 to $35,000
Why We Picked It
Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.
Maximum loan amounts are low compared to other lenders, but the low minimum amount and flexible repayment terms (two to five years) make it an accessible option for borrowers. However, as with many loans for subprime borrowers, Avant personal loans come with a price. In addition to charging an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is on the high end for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.
It’s also worth noting that Avant agreed to a $3.85 million settlement with the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among other things, Avant charged consumers late fees and interest they didn’t owe and collected payments from customers without permission or in amounts larger than authorized. We reached out to Avant to find out what they’ve done to adjust practices since the settlement but did not receive a response. Even so, Avant has a high 4.7 star rating on Trustpilot.
Pros & Cons
- Secured and unsecured loan options available
- Low credit score requirement (580)
- Loan terms available up to 60 months
- Charges an upfront administrative fee
- High starting APR for prime borrowers
- Co-signers and co-applicants not allowed
Extra Details
Eligibility: Avant aims to provide credit services to a range of customers, including those with fair credit. For that reason, Avant has a minimum credit score requirement of 580, with the average borrower score between 600 and 700. Likewise, Avant focuses on low- to middle-income borrowers and has a minimum income requirement of just $20,000, though most borrowers have an average household income of $40,000 to $100,000.
To expand eligibility, Avant also will consider more than just your employment income, including alimony and child support, and may include the income of other people within your household. That said, Avant does not allow co-signers or co-applicants.
Loan uses: As with many other personal loan providers, Avant loans can be used to consolidate debt and pay for things like medical expenses, auto repairs, home improvements moving or vacations and travel. Avant borrowers cannot use personal loan funds to cover business expenses, but the platform does allow current borrowers to refinance their existing Avant loans with another loan—possibly with a lower APR.
Turnaround time: Avant applicants who are approved for an unsecured loan before 4:30 p.m. Central time Monday through Friday may receive their funds the next business day. However, as with other lenders, the funding timeline varies depending on the borrower’s bank. It can also take longer for borrowers who take out secured loans.
Best For a Loan From a Traditional Bank
Wells Fargo
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum credit score
No requirement
APR range
7.49% to 23.74%
with autopay
Loan amounts
$3,000 to $100,000
Via Fiona.com's Website
Minimum credit score
No requirement
APR range
7.49% to 23.74%
with autopay
Loan amounts
$3,000 to $100,000
Why We Picked It
Wells Fargo offers fixed-rate personal loans with limits between $3,000 and $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as 84 months, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.
Wells Fargo personal loans boast interest rates between 7.49% to 23.24% for customers who qualify for the 0.25% relationship discount. To qualify, you need to have a Wells Fargo checking account and make automatic payments from a Wells Fargo deposit account. While Wells Fargo doesn’t have a minimum credit score requirement, maintaining a score of at least 670 will help you get favorable interest rates.
Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online. Non-existing customers will need to visit a branch location. Wells Fargo has branch locations in every state besides Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont and West Virginia.
Pros & Cons
- Receive funds by the next business day, if approved
- 0.25% discount when you enroll in autopay
- No origination fee or prepayment penalty
- Must have a Wells Fargo checking account to receive 0.25% discount
- New Wells Fargo customers will need to visit a branch to apply
- No option to prequalify
Extra Details
Eligibility: Wells Fargo personal loans are available for both existing and non-existing Wells Fargo customers. Existing customers can apply online, while new customers must visit a branch location. Although Wells Fargo doesn’t have a minimum credit score requirement, it’s a good rule of thumb to maintain a score of at least 670 to increase your chances of receiving a low personal loan rate.
Loan uses: You can use Wells Fargo personal loans for any type of purchase besides a home and higher education. For example, you can consolidate your debt, finance purchases like new appliances or furniture, fund renovations and cover expenses, such as medical bills and auto repairs.
Turnaround time: Wells Fargo offers a simple and quick application process for existing customers. If you submit an application online, you’ll receive an instant approval response. Once approved, you can typically receive your funds by the next business day.
Tips for Comparing Personal Loans for Veterans & Military Members
When comparing personal loans for veterans and military members, you should:
- Consider possible discounts. Our list includes a mix of credit unions, banks and online lenders. Because credit unions require memberships, they also often offer member perks and discounts, including deals on auto insurance, car rental savings and vehicle buying programs. You typically won’t see these perks at a bank or online lender; those institutions generally offer autopay discounts only. Consider which is more valuable to you.
- Compare the top-end range of interest rates. If you have bad credit, be aware of interest rates. Because rates largely depend on your qualifying credit score, you’re likely to land a rate at the top-end of the range with bad credit. So, when comparing personal loans for veterans and military members with bad credit, be sure to compare the maximum rate.
- If possible, prequalify with a provider. Several providers offer the opportunity to prequalify you for a personal loan. This means you can submit details like your income information, desired loan use, housing situation and other information to learn about potential loan limits, rates and repayment options. Prequalifying also only requires a soft credit check, which doesn’t hurt your credit score, so you can safely find the best rates.
- Check for additional fees. Some personal loan providers offer no origination fees, late payment fees or prepayment penalties. However, there are some that may charge all or a few of these fees. When comparing personal loans for veterans, be sure to look at the fee structure beyond the potential interest rate you can receive.
- Evaluate the lender’s customer support options. If you’ve found a lender, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews to make sure it’s a good fit.
Methodology
We reviewed 20 popular lenders based on 14 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We grouped loans into three categories: veteran-specific, good credit and bad credit.
Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.
Below you will find the methodology used for each category.
Personal Loans That Cater to Veterans & Military Members Methodology
We chose lenders that cater to veterans and military members and ranked them based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Personal Loans for Veterans & Military Members With Good Credit Methodology
We chose lenders that have a minimum credit score requirement of 660 and ranked them based on the weighting assigned to each category:
- Loan cost: 35%
- Loan details: 20%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Personal Loans for Veterans & Military Members With Bad Credit Methodology
We chose lenders that have a minimum credit score requirement of 600 or lower and ranked them based on the weighting assigned to each category:
- Eligibility and accessibility: 30%
- Loan cost: 25%
- Loan details: 20%
- Customer experience: 15%
- Application process: 10%
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .
Related:Compare Personal Loan Rates
Why Do Veterans and Military Members Need Personal Loans?
Veterans and military members may come to a point in their lives where they need to cover unexpected expenses, medical bills, home improvement projects or consolidate high-interest debt. What’s more, veterans moving back into civilian life may face financial challenges, such as the loss of military benefits or difficulty finding a job. Personal loans can help these groups of people access necessary funds and financing when they need it most.
How to Apply for Veteran and Active-duty Military Loans
While the process varies by lender, follow these general steps to apply for veteran and active-duty military loans:
- Check your credit score. First, check your credit score for free through your credit card issuer or another website that offers free scores. This will help you understand your creditworthiness and qualification chances. Aim for a score of at least 610; however, a score of at least 720 will yield the most favorable loan terms.
- If necessary, take steps to improve your credit score. If your score falls below 610 or you want to boost your score to receive the best terms possible, take time to improve your score before applying, such as repaying debt and lowering your credit usage.
- Determine how much you need to borrow. Once you check your credit score, calculate how much money you need to borrow. Only borrow what you need because you’ll receive your money as a lump sum and pay interest on the entire amount.
- Shop around for the best terms and interest rates. Many lenders let you prequalify before applying, which lets you see the terms you may receive with just a soft credit inquiry. Prequalifying lets you shop around for the best rates without hurting your credit score. Be sure to compare lenders that specifically cater to veterans and military members along with traditional online lenders available to all civilians.
- Submit your application. After you find a lender that offers you the best terms, submit your application online or in person. This process can take a few hours to a few days, depending on your lender.
Related: 5 Personal Loan Requirements To Know Before Applying
Financial Resources for Veterans and Active-duty Military
Veterans can access a plethora of support beyond personal loans, such as specific programs, benefits, resources and financial assistance. You can search for different financial resources for veterans through the following websites:
- USA.gov. Provides information regarding military and veteran benefits like health care, housing and education. You can also find programs that help with military life, including job search help for spouses and support during deployments.
- PenFed Foundation. Here you’ll find a wide variety of emergency financial resources available to veterans and service members.
- Veterans Families United. Get information about veteran and military financial assistance. Programs range from financial support, career counseling, housing assistance and recreational therapy programs to assistance for the wounded, mortgage support and advocacy assistance.
Best Personal Loans for Veterans & Military Members Ratings
Best Personal Loans That Cater to Veterans & Military Members
| Rank | Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating - Image | Minimum credit score | APR range | Learn More CTA text | Learn more CTA below text | VIEW MORE |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Navy Federal |  | 4.0 |  | No requirement | 7.49% to 18% | View More | ||
| 2 | USAA |  | 4.0 |  | USAA does not disclose this information | 8.89% to 18.51% with autopay | View More | ||
| 3 | PenFed |  | 3.0 |  | 650 | 7.74% to 17.99% | Learn More | Via Fiona.com's Website |
Best Personal Loans for Veterans & Military Members With Good Credit
| Rank | Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating - Image | Minimum credit score | APR range | Learn More CTA text | Learn more CTA below text | VIEW MORE |
|---|---|---|---|---|---|---|---|---|---|
| 1 | SoFi |  | 4.0 | | 650 | 8.99% to 25.81% with autopay | Learn More | Via Fiona.com's Website | |
| 2 | LightStream |  | 4.0 | | 660 | 7.99% to 24.99% with autopay | Learn More | Via Fiona.com's Website |
Best Personal Loans for Veterans & Military Members With Bad Credit
| Rank | Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating - Image | Minimum credit score | APR range | Learn More CTA text | Learn more CTA below text | VIEW MORE |
|---|---|---|---|---|---|---|---|---|---|
| 1 | Upgrade |  | 4.0 | | 580 | 8.49% to 35.99% | Learn More | Via Fiona.com's Website | |
| 2 | Avant |  | 3.5 |  | 580 | 9.95% to 35.99% | Learn More | Via Fiona.com's Website | |
| 3 | Wells Fargo |  | 3.5 | | No minimum recommended score reported by lender. | 7.49% to 23.74% with autopay | Learn More | Via Fiona.com's Website |
Frequently Asked Questions (FAQs)
Does the VA offer personal loans?
The Veterans Affairs (VA) does not offer personal loans. VA loans give military service members and veterans the ability to purchase a home. Militarybenefits.info also states, “You cannot buy a home with a VA loan, apply for more money than you need to purchase and close the deal and take the remainder in cash.” This means there isn’t a loophole for using VA loan money to finance personal expenses, as you would with a traditional personal loan.
What credit score do I need to get a personal loan as a veteran?
Minimum credit score requirements vary depending on the lender you choose to apply with. Because loan terms, such as interest rates, fluctuate based on your credit score, it’s always a good idea to improve your credit prior to applying for a loan. A score of at least 670 can help get you the most favorable loan terms. However, there are bad credit veteran loans available that require a minimum credit score of 580 .
Can active-duty military members get loans?
Yes. Active-duty military members can access financing while they are serving the country. Similar to veterans, active-duty members have the choice of applying for a personal loan through a credit union that caters specifically to military members or a traditional bank or online lender. However, credit unions that require military service for membership typically have more perks and benefits that can assist active-duty members.
Do veterans get free loans?
Veterans, along with active-duty military members, don’t get free loans. However, they may be eligible for interest-free loans, where the borrower only pays back the borrowed amount. They may also be eligible for grants, which is a lump-sum amount of money that doesn’t have to be repaid and might be seen as a free loan.
Where can you find emergency loans for veterans?
Emergency loans help cover unexpected expenses, including medical bills, rent or mortgage payments, utilities, funerals and home or car repairs. Veterans can find the best emergency loans through a variety of online lenders.
Are there any grants for disabled veterans?
The U.S. Department of Veterans Affairs offers housing grants for veterans and service members with specific service-connected disabilities to help them buy or change a home to live more independently. These grants include Special Housing Adaptation (SAH) and Temporary Residence Adaptation (TRA) Grant. You can apply online.
What are military spouse loans?
Military spouse loans are personal loans that cater to active-duty military members that also include spouses as eligible borrowers. For example, from the lenders on our list of the best personal loans for veterans and military members, Navy Federal Credit Union, USAA and PenFed offer military spouse loans.
FAQs
Does the VA have a personal loan program? ›
Available to military service members and their families, VA personal loans provide funds you need within days. VA Mortgage Loans up to $417,000 with no down payment. Business loan amounts for veterans up to $350,0000 and 1-5 year terms. Apply for a personal loan for any purpose, up to $40,000 with fixed rates.
What are the easiest loans to get approved for? ›The easiest loans to get approved for are payday loans, car title loans, pawnshop loans and personal loans with no credit check. These types of loans offer quick funding and have minimal requirements, so they're available to people with bad credit. They're also very expensive in most cases.
What type of loan is specifically for veterans? ›The VA loan is a benefit of military service and only offered to veterans, surviving spouses and active duty military. Listed rates are offered exclusively through Rocket Mortgage. Mortgage rates could change daily. Actual payments will vary based on your individual situation and current rates.
What is minimum credit score for VA loan? ›There is no minimum credit score requirement. Instead, VA requires a lender to review the entire loan profile. For more information, see the complete VA credit guidelines at www.benefits.va.gov/warms/pam26_7.asp.
How much will the VA let me borrow? ›VA loans are available up to $726,200 in most areas but can exceed $1,00,000 for single-family homes in high-cost counties.
What is a VA guaranteed loan program? ›A VA home loan guaranty means that a purchaser obtains a loan through a private lender, such as a bank, credit union or mortgage company. VA then works with the lender to guarantee the loan. If the home owner defaults on the loan, VA will pay the debt to the lender.
What is the easiest online personal loan to get? ›| Company | Forbes Advisor Rating | APR range |
|---|---|---|
| LendingPoint | 4.0 | 7.99% to 35.99% with autopay |
| Universal Credit | 3.5 | 11.69% to 35.99% |
| Upstart | 3.5 | 4.60% to 35.99% |
| Avant | 3.5 | 9.95% to 35.99% |
HDFC Bank offers pre-approved loans to customers in 10 seconds flat*. Non – HDFC Bank customers can get loans in 4 hours. If you've wondered how to get an instant loan, wonder no more.
What is the easiest government loan to get? ›Common loan programs include: Stafford Loans: These are easy to qualify for, and you might receive interest subsidies. PLUS Loans: Parents can borrow substantial amounts, but that means parents will have to repay. 2.
Does the VA give hardship loans? ›If you're struggling because of life situations like losing your job, having a sudden decrease in income, or having an increase in out-of-pocket family health care expenses, we can help.
Does the VA make direct loans? ›
We offer VA home loan programs to help you buy, build, or improve a home or refinance your current home loan—including a VA direct loan and 3 VA-backed loans. Learn more about the different programs, and find out if you can get a Certificate of Eligibility for a loan that meets your needs.
What is a jumbo VA loan? ›What is a VA Jumbo Loan? Typically, a VA loan is considered a VA jumbo loan when the loan amount exceeds the county-specific VA loan limit. The VA loan limit for most counties in 2023 is $726,200 but reaches $1,089,300 in high-cost areas.
What is the average credit score in VA? ›| State | 2019 | 2020 |
|---|---|---|
| Utah | 716 | 723 |
| Vermont | 726 | 731 |
| Virginia | 709 | 717 |
| Washington | 723 | 730 |
The VA doesn't have a minimum credit score requirement. Instead, lenders can set their own requirements. At Rocket Mortgage, the minimum qualifying credit score is 580. Keep in mind, you can qualify for more favorable terms with a higher score.
What is a good score for a VA loan? ›The U.S. Department of Veterans Affairs doesn't set a specific VA loan credit score requirement. Lenders, however, can set their own minimum requirements for a VA loan. Most require a score of at least 620, but some go as low as 500.
What is the VA loan limit for 2023? ›The standard VA loan limit in 2023 is $726,200 for most U.S. counties, increasing from $647,200 in 2022.
What is the VA income threshold for 2023? ›| Veteran With: | VA National Income Threshold | VA Priority Group 8 Relaxation Threshold |
|---|---|---|
| 0 dependents | $39,849 | $43,834 |
| 1 dependent | $47,818 | $52,600 |
| 2 dependents | $50,561 | $55,617 |
| 3 dependents | $53,304 | $58,634 |
How much is the guaranty? VA will guarantee up to 50 percent of a home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available.
Which of the following is a disadvantage of VA loans? ›Disadvantages of a VA loan
While you won't pay for mortgage insurance with a VA loan, you will pay a funding fee at closing (although this fee can be financed into your loan, increasing the total amount you owe).
Whether you have a full-time job or you're unemployed, you'll need to provide proof of income to your lender. That income can be from any source including permanent disability, retirement income, investments, or your spouse's job.
Which borrower is eligible for a VA guaranteed loan? ›
You must have served at least 90 days on active duty and been discharged or released under other than dishonorable conditions. If you served less than 90 days, you may be eligible if discharged because of a service-connected disability.
Which bank is best for online personal loan? ›- HDFC Bank Personal Loan. ...
- Kotak Mahindra Personal Loan. ...
- Axis Bank Personal Loan. ...
- Citibank Personal Loan. ...
- Bajaj Finserv Personal Loan. ...
- Bank of Baroda Personal Loan. ...
- Standard Chartered Personal Loan. ...
- Tata Capital Personal Loan.
If you're new to credit, the best place to get a first-time personal loan is your current bank or credit union. If you already have a checking or savings account with a financial institution, it may be more willing to approve your application, though you may still need a personal loan cosigner.
How can I borrow money and get it instantly? ›If you need to borrow money immediately, the most popular options are personal loans, cash advances online, payday loans, pawn shop loans, and banks or credit unions. But be careful with cash loan options that promise you a quick loan with no credit check.
What banks are more likely to give a personal loan? ›The best banks for personal loans are Discover, American Express, Wells Fargo and Citibank. These banks are great for personal loans because they provide the most competitive terms on the market, including low APRs, $0 origination fees, large loan amounts, long payoff periods and more.
Which loan is easier to get banks or online loans? ›Comparing banks vs.
Since the process of getting a bank loan is more rigorous, banks are typically able to offer lower interest rates and sometimes provide perks for existing customers. Online lenders are less regulated than banks, allowing faster application processes and more lenient eligibility requirements.
Personal loans typically require that you have at least fair credit — usually between 580 and 669. Good and excellent credit above 670 will give you the best chance of getting approved with a competitive interest rate.
What loans are guaranteed by the US government? ›- FHA Loans. Loans insured by the Federal Housing Administration are more accessible than USDA and VA loans because they don't require you to be a member of the military or purchase your home in a certain area. ...
- USDA Loans. ...
- VA Loans.
A hardship loan doesn't have an official definition, but many personal finance institutions may offer their own version of hardship loans. At its core, a hardship loan is a loan that can help you get through unexpected financial challenges like unemployment, medical bills, or caregiving responsibilities.
What is the most popular government loan? ›The most common government loans are student loans, housing loans, and business loans. Other loans include those for veterans and disaster relief.
What program provided generous funds for veterans? ›
The VA Grant and Per Diem (GPD) program – This VA grant program funds "community agencies providing services to homeless Veterans.
Does the VA give loans to veterans? ›VA direct and VA-backed Veterans home loans can help Veterans, service members, and their survivors to buy, build, improve, or refinance a home. You'll still need to have the required credit and income for the loan amount you want to borrow.
What does the VA consider extreme financial hardship? ›For a claim to be expedited based on financial hardship, it must be “extreme.” Examples of extreme financial hardship include eviction notices, collection notices from creditors, home foreclosure, seizure of property or assets, bankruptcy, and termination of utilities.
What is a HUD 184 loan? ›The Section 184 Loan Program within HUD's Office of Native American Programs was designed to provide access to mortgage financing to Native American and Alaskan Native tribal members. Section 184 home loans are guaranteed 100% by the Office of Loan Guarantee to the lender in the event of foreclosure and claim.
Are VA loans more likely to be approved? ›It's generally easier to receive a VA loan approval than a conventional mortgage because of the low credit score requirements for VA loans. The Department of Veterans Affairs itself doesn't require a minimum credit score. Instead, the minimum comes from the mortgage lenders that offer VA loans.
Is Veterans United the same as a VA loan? ›Veterans United specializes in VA loans, and the online convenience makes it a strong choice for military borrowers.
What is the minimum credit score for a VA jumbo loan? ›The minimum score for a VA jumbo loan is 640. A higher score may enable you to get a lower down payment or avoid one altogether, but we'll look at this in a minute.
What is the biggest advantage of a VA loan? ›No Down Payment. By far, the single-largest benefit of the VA loan is that qualified Veterans can purchase without a down payment. This huge advantage allows Veterans and service members to buy homes without having to spend years saving for that typical lump-sum payment. Check your eligibility for a $0 down VA loan.
Do you need a down payment with a VA loan? ›You may need to pay the VA funding fee. This one-time fee helps to lower the cost of the loan for U.S. taxpayers since the VA home loan program doesn't require down payments or monthly mortgage insurance. Your lender will also charge interest on the loan in addition to closing fees.
Can you borrow money from your VA disability? ›Disability Payments Can Help You Get a VA Loan
To be eligible for a VA loan, income must meet three standards – it must be stable, reliable and expected to continue. The key factor in using disability pension toward a VA loan is that your payments are likely to continue.
Is it possible to get an advance on VA disability? ›
C. If VA approves a request for advance, VA will process the advance as close to the actual disbursement date when the contractor or grantee will pay for the associated allowable costs. Whenever possible, VA will consolidate advance payments by recipients.
How to get a VA loan without a job? ›There are other kinds of income that can be used for VA home loans including retirement income, social security income, your spouse's income, a family member's income and investment income.
What disqualifies me from the VA loan? ›If you've received an other than honorable, bad conduct, or dishonorable discharge, you may not be eligible for VA benefits.
What is the lump sum payout for VA disability? ›Disability severance pay is a one- time lump sum payment. The amount equals 2 months of basic pay for each year of service which includes active service and inactive duty points, but the total service years cannot exceed 19 years.
What is the veterans Cola Act 2023? ›This act requires the Department of Veterans Affairs (VA) to increase the amounts payable for wartime disability compensation, additional compensation for dependents, the clothing allowance for certain disabled veterans, and dependency and indemnity compensation for surviving spouses and children.
What is the 5 year rule for VA disability? ›The VA disability 5 year rule allows the VA to ex-examine your VA disability rating within 5 years of your initial examination if your condition is expected to improve over time. However, the VA may still change your disability rating past the 5-year deadline if your condition has significantly improved.
How hard is it to get 100% disability from the VA? ›To receive a rating of 100 percent, there must be sufficient evidence to support the severity of the service-connected condition. This can come from medical documentation as well as testimony from friends, family, co-workers, and others who can attest to the seriousness of the disability.
How much do I need to make to buy a $300 K house with VA loan? ›To purchase a $300K house, you may need to make between $50,000 and $74,500 a year. This is a rule of thumb, and the specific salary will vary depending on your credit score, debt-to-income ratio, type of home loan, loan term, and mortgage rate.
What do VA loans lack? ›No private mortgage insurance (PMI)
No matter what you put down, VA loans do not have PMI, which can save Veterans thousands. FHA borrowers have a form of PMI known as a Mortgage Insurance Premium (MIP) that typically spans the life of the loan. They also have an upfront fee due at closing.
To obtain a VA loan, you'll need to receive a VA Certificate of Eligibility which verifies your status as a qualifying veteran, service member or surviving spouse. You can receive this form from the U.S. Department of Veterans Affairs.