Best Personal Loans For Veterans And Military

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Our goal here at Credible Operations, Inc., NMLS number 1681276, referred to as “Credible” below, is to give you the tools and confidence you need to improve your finances. Although we promote the products of our partner lenders who pay us for our services, all opinions are ours.

Are you looking for a personal loan to meet your financial needs? Learn more about veteran personal loans and other resources for veterans. (iStock)

Veterans and military personnel who need a little financial help to cover an unexpected expense or other expenses can take advantage of Veterans Loans. You can usually find this type of personal loan from credit unions and online lenders.

It is always a good practice to compare several lenders before signing up for a loan. With that in mind, here are the best personal loans for veterans and military personnel.

Personal loans for veterans and military

Veterans and military service members can use a veterans loan for unexpected expenses, debt consolidation, home renovations, and other costs.

Personal loans can be a good option when you need quick cash, but you need to make sure that the interest rate is manageable and the monthly payment is within your budget. Not all personal loans are suitable for veterans and military personnel, but you can opt for any personal loan you qualify for.

Check out Credible to compare personal loan rates from various lenders in minutes.

Best Personal Loans For Veterans And Military With Good Credit

A “good” FICO credit score is typically between 670 and 739. The following three lenders are credible partners who provide personal loans to borrowers with good credit:

Axos

  • Highlight of the lender: Get your funds the next business day
  • Loan amounts: $ 5,000 to $ 35,000
  • Minimum credit score: 740

PenFed

  • Highlight of the lender: Good for small loans
  • Loan amounts: $ 600 to $ 50,000
  • Minimum credit score: 670

SoFi

  • Highlight of the lender: Offers competitive rates for large amounts
  • Loan amounts: $ 5,000 to $ 100,000
  • Minimum credit score: Don’t disclose it, but an analysis of a recent $ 525 million batch of SoFi loans showed an average FICO score of 753

Whatever your credit score, you can compare personal loan rates with Credible.

Best Personal Loans For Veterans And Military With Fair Credit

If your credit score is in the “fair” category, between 580 and 669, you may be eligible for a personal loan from these nine credible partner lenders.

Best egg

  • Highlight of the lender: Competitive rates
  • Loan amounts: $ 2,000 to $ 50,000
  • Minimum credit score: 600

Discover

  • Highlight of the lender: Repayment terms of up to seven years
  • Loan amounts: $ 2,500 to $ 35,000
  • Minimum credit score: 660

Loan Club

  • Highlight of the lender: Being turned down doesn’t hurt your credit score
  • Loan amounts: $ 1,000 to $ 40,000
  • Minimum credit score: 660

Point Ready

  • Highlight of the lender: Streamlined approval and application process
  • Loan amounts: $ 2,000 to $ 36,500
  • Minimum credit score: 580

LightStream

  • Highlight of the lender: High loan amounts
  • Loan amounts: $ 5,000 to $ 100,000
  • Minimum credit score: 660

Marcus

  • Highlight of the lender: Can defer monthly interest-free payment after making 12 consecutive payments on time
  • Loan amounts: $ 3,500 to $ 50,000
  • Minimum credit score: 660

To pay

  • Highlight of the lender: If you lose your job, Payoff will work with you on payments
  • Loan amounts: $ 5,000 to $ 40,000
  • Minimum credit score: 600

Prosper

  • Highlight of the lender: No minimum income requirement
  • Loan amounts: $ 2,000 to $ 40,000
  • Minimum credit score: 640

Reached

  • Highlight of the lender: You only have to prove that you have income or that you will have income within six months
  • Loan amounts: $ 1,000 to $ 50,000
  • Minimum credit score: 580

Best Personal Loans For Veterans And Military With Bad Credit

You can still qualify for a personal loan with bad credit (usually a FICO credit score of 300 to 579). The following five lenders are credible partners who provide personal loans to borrowers with bad credit:

Before

  • Highlight of the lender: May be a good choice for borrowers who do not qualify elsewhere
  • Loan amounts: $ 2,000 to $ 35,000
  • Minimum credit score: 550

FreedomMore

  • Highlight of the lender: Quick decision and financing
  • Loan amounts: $ 7,500 to $ 50,000
  • Minimum credit score: Do not disclose

OneMain Financial

  • Highlight of the lender: No minimum credit score
  • Loan amounts: $ 1,500 to $ 20,000
  • Minimum credit score: Nothing

Universal Credit

  • Highlight of the lender: Free credit score monitoring and education tools
  • Loan amounts: $ 1,000 to $ 50,000
  • Minimum credit score: 560

To improve

  • Highlight of the lender: Good for quick loan financing
  • Loan amounts: $ 1,000 to $ 50,000
  • Minimum credit score: 560

Other lenders to consider

The following two lenders are not Credible partners, so you will not be able to easily compare your rates with them on the Credible platform. But they may also be worth considering if you are looking for a personal loan as a veteran or a military person.

Federal Navy Credit Union

  • Highlight of the lender: No origination or prepayment fees, and same-day financing in most cases
  • Loan amounts: $ 250 to $ 50,000 for personal expenses and debt consolidation loans; $ 25,000 minimum for home improvement loans
  • Minimum credit score: Nothing

United States

  • Highlight of the lender: Lend funds within 24 hours from Monday to Friday
  • Loan amounts: $ 2,500 to $ 20,000
  • Minimum credit score: Do not disclose

Methodology

Credible has rated the best personal lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, length of financing, loan terms and fees. Credible’s team of experts gathered information from each lender’s website, customer service, and email support. Each data point was checked to make sure it was up to date.

How to compare personal loans

Whenever you are shopping for a new personal loan, it is best to compare loan offers to make sure you get the best deal. Follow these steps to find the personal loan that’s right for your unique financial situation.

  • Pre-qualify with several lenders. Prequalify with at least three lenders, but preferably more. The more lenders you compare, the more likely you are to find the best loan deal for you.
  • Compare lenders who don’t use tough surveys. Many lenders who review your credit report will do a serious credit investigation, which can stay on your credit report for up to two years. You may want to turn to lenders who only conduct informal inquiries, which does not affect your credit.
  • Look for automatic payment discounts. Many of the major personal lenders offer a discount when you set up automatic payments.
  • Compare the total costs, not just the interest rate. When you compare personal loan offers, it is essential to look at the annual percentage rate, or APR, in addition to the interest rate. This is because the APR takes into account the fees to determine the total rate that you will pay annually on the loan.
  • Compare the monthly payment. Review the monthly payment for any loan you are considering to make sure it fits comfortably within your budget. Make sure you have money left over for your other bills and your rent or mortgage.

Use Credible to easily compare personal loan rates from different lenders.

Veterans Affairs Home Loans

Whether you need help covering a permanent job change, new furniture or appliances, or other expenses, a Veterans Affairs (VA) loan could provide you with the cash you need.

  • VA home loan – When you are ready to put down roots, a VA loan can help you buy a new home. The terms of VA home loans are hard to beat: no down payment required, no private mortgage insurance, relaxed credit requirements, and competitive interest rates.
  • Native American direct loan – This program helps veterans who are Native Americans or have a Native American spouse to obtain a loan to buy, build or improve a house on federal trust land.
  • Refinancing loan with reduced interest rates (IRRRL) – An IRRRL loan can help you free up money by reducing your monthly mortgage payments with a lower interest rate. You can also use an IRRRL to stabilize your monthly payments by converting a variable rate loan to a fixed rate loan.
  • Cash refinance loan – With a VA backed cash refinance loan, you can access a portion of the equity in your home or refinance a non-VA loan to a VA insured loan.

Financial assistance and resources for veterans

Many eligible veterans may turn to grants, vocational training programs, and nonprofit organizations for financial assistance, including:

  • Navy-Marine Corps Relief Society – This organization provides interest-free loans and grants to current and retired members of the Navy who need help with urgent financial needs.
  • Operation Homefront – Operation Homefront responded to more than 49,000 requests from military families with nearly $ 30 million in assistance. The organization quickly provides relief to eligible veterans who need help paying their mortgage, medical bills, and other expenses.
  • United Veterans Families – This all-volunteer organization connects veterans and their families with more than 800 resources. The organization provides financial resources with several funding options.
  • Foreign War Veterans Unmet Needs Program (VFW) – Veterans can apply for this program and receive financial assistance grants of up to $ 1,500 to meet their basic needs.


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