Veterans can use a personal loan to pay for a significant unforeseen expense or to pay off debt. Other financial resources may be available to eligible veterans.
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Veterans making the transition to civilian life frequently encounter financial difficulties, such as losing military benefits or having trouble finding employment. They might have to rely on grants or other forms of financial support, or maybe even get a personal loan.
Veterans seeking to pay for a sizable unforeseen expense or consolidate high-interest credit card debt may want to consider a personal loan, which is money borrowed from a bank, credit union, or online lender and repaid in fixed monthly installments.
Veterans making the transition to civilian life frequently encounter financial difficulties, such as losing military benefits or having trouble finding employment. They might have to rely on grants or other forms of financial support, or maybe even get a personal loan.
Veterans seeking to pay for a sizable unforeseen expense or consolidate high-interest credit card debt may want to consider a personal loan, which is money borrowed from a bank, credit union, or online lender and repaid in fixed monthly installments.
Best Personal Loans for Veterans, Plus Other Financial Help
Loans for veterans with bad credit
For borrowers with poor credit, these lenders may provide lower rates and more accommodating terms.
Personal loans from Upstart are a quick funding option for borrowers with low credit scores and high earning potential, even though they don’t have any eye-catching features.
3 to 5 years
Your credit, income, and other details included in your loan application will be used to determine how much you can borrow. Not all applicants will qualify for the full amount. Different states have different minimum loan amounts: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), and OH ($6,000). The full range of available rates varies by state. All lenders using the Upstart platform will offer 5-year loans with an average APR of 25. 05% and 60 monthly payments of $25. 80 per $1,000 borrowed. For instance, the origination fee of $804 would bring the total cost of a $10,000 loan to $15,478. APR is computed using 5-year rates available in June 2022. There is no down payment and no prepayment penalty. Your credit, income, and other information included in your loan application will be used to determine your APR. Not all applicants will be approved. This offer is subject to final approval following our review and verification of all relevant financial and non-financial data. Rate and loan amount are subject to change depending on the data from your complete application. Only the person named in the offer, who is of legal age to enter into a contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US, may accept this offer. Duplicate offers are void. Your agreement to the terms and conditions on the Upstart and our verification of your information are required before we can close your loan. com website.
on Universal Credits website
on Universal Credits website
Flexible personal loans from Universal Credit are perfect for borrowers with bad credit.
3 to 5 years
Annual Percentage Rates (APRs) for personal loans obtained through Universal Credit are 11 percent. 69%-35. 93%. All personal loans have a 5. 25% to 8. 99% origination fee, which is deducted from the loan proceeds. For the lowest rates, you must set up autopay and pay off a portion of your existing debt upfront. Loans feature repayment terms of 36 to 60 months. Take a $10,000 loan with a 36-month term and a 28-day grace period, for instance. 47% APR (which includes a 22. You would receive $9,300 in your account and be required to make a $387 monthly payment (with a 99% annual interest rate and a 7% one-time origination fee). 05. Your monthly payments would total $13,933 over the loan’s term. 62. The APR on your loan could be higher or lower, and there might not be a range of term lengths available in your loan offers. Actual rate is determined by a number of factors, including loan term, credit history, and usage history. Your fixed rate loan’s cost could go up if you make late payments or incur additional charges and fees. When paying back a loan early, there are no fees or penalties.
on OneMain Financials website
on OneMain Financials website
OneMain gives a loan applicant’s capacity to pay back loans priority. Rates are high, but this lender accepts low credit scores.
2 to 5 years
Not all applicants will be accepted for loans with higher amounts or more favourable terms. Your ability to meet our credit standards (including a trustworthy credit history, enough income after monthly expenses, and the availability of collateral) will determine whether you are approved for a loan and what the terms of that loan will be. For larger loan amounts, a first lien must be placed on a car that is less than ten years old, meets our value requirements, is registered in your name, and has current insurance. Maximum annual percentage rate (APR) is 35. 99%, subject to state restrictions. APRs are typically higher for loans without a vehicle as collateral. The origination fee may be a flat sum or a percentage of your loan amount, depending on the state where you open your loan. State-specific flat fee ranges from $25 to $300. According to state regulations, percentage-based fees can be anywhere between 1% and 10% of the loan amount. Any vehicle may not be used as collateral for a loan by active duty military, their spouses, or dependents who are protected by the Military Lending Act. Proceeds from OneMain loans cannot be used for any business or commercial purpose, to buy securities, for gambling or illegal activities, or for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university, or vocational expenses. These are the minimum loan sizes that apply to borrowers in these states: Alabama: $2,100 California: $3,000. Georgia: $3,100 is the minimum loan amount unless you are an existing customer. Ohio: $2,000. Virginia: $2,600. The following states’ maximum unsecured loan sizes apply to borrowers (other than current clients): North Carolina: $7,500 New York: $20,000. An unsecured loan is one for which you are not required to give the lender any collateral, such as a car.
Upgrade is an excellent choice for borrowers with fair- and bad credit because of its customizable loan features and discount opportunities.
2 to 7 years
Upgrade personal loans come with 7 percent annual percentage rates (APRs). 96%-35. 97%. All personal loans have a 1. 85% to 8. 99% origination fee, which is deducted from the loan proceeds. For the lowest rates, you must set up autopay and pay off a portion of your existing debt upfront. Loans feature repayment terms of 24 to 84 months. Take a $10,000 loan with a 36-month term and a 17 percent interest rate, for instance. 59% APR (which includes a 13. assuming a 94% annual interest rate and a 5% one-time origination fee, you would receive $9,500 and be required to make a $341 monthly payment. 48. Your monthly payments would total $12,293 over the loan’s term. 46. The APR on your loan could be higher or lower, and there might not be a range of term lengths available in your loan offers. Actual rate is determined by a number of factors, including loan term, credit history, and usage history. Your fixed rate loan’s cost could go up if you make late payments or incur additional charges and fees. When paying back a loan early, there are no fees or penalties. Personal loans issued by Upgrades bank partners. Information on Upgrades bank partners can be found at https://www. upgrade. com/bank-partners/.
Loans for veterans with good credit
These online lenders don’t specifically serve veterans, but they may present the best choice for borrowers with good credit.
on Goldman Sachs website
Marcus by Goldman Sachs
on Goldman Sachs website
For borrowers with good credit, Marcus offers one of the best personal loans with no fees and flexible repayment terms.
3 to 6 years
The terms of your loan are not guaranteed, and they depend on our ability to confirm your identity and credit history. Rates range from 6. 99% to 24. Loan terms range from 36 to 72 months, and the APR is 99%. For NY residents, rates range from 6. 99%-24. 74%. For the lowest rates and longest loan terms, only the most creditworthy applicants are considered. Rates will generally be higher for longer-term loans. You must submit additional paperwork, including an application that could impact your credit score, in order to be approved for a loan. A number of variables, such as the purpose of the loan and our assessment of your creditworthiness, will affect the availability of a loan offer and the terms of your actual offer. Your creditworthiness (including your credit score and credit history) and the term of your loan (for instance, rates for 36-month loans are typically lower than rates for 72-month loans) are a few of the many variables that will affect your rates. Depending on your loan purpose, income, and creditworthiness, your maximum loan amount may change. Your ability to repay the loan must be supported by your verifiable income. All loans are provided by Goldman Sachs Bank USA, Salt Lake City Branch, which owns the Marcus by Goldman Sachs brand. Applications are subject to additional terms and conditions. Receive a 0. 25% APR reduction when you enroll in AutoPay. If AutoPay is not active, this discount will not be applied. When enrolled, more of your monthly payment is applied to the principal of your loan and less interest is charged, which could lead to a smaller final payment. See loan agreement for details.
LightStream is one of the best lenders for customers with good or excellent credit because of its low rates and absence of fees.
2 to 7 years
Rates quoted are with AutoPay. Your loan terms are not guaranteed and could change depending on the autopay or invoice payment method, loan amount, loan term, and purpose of the loan. Discount for AutoPay only applies when chosen before loan funding. Rates without AutoPay are 0. 50% points higher. You must submit an application on LightStream in order to get a loan. com which may affect your credit score. You might need to provide proof of your income, identity, and other application-related details. Payment example: Monthly payments for a $25,000 loan at 4. 20 years at 98% APR would require 240 payments of $164 per month. 71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist Financial Corporation’s service marks include Truist, LightStream, and the LightStream logo. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Few lenders are better for qualified borrowers than SoFi because of its zero fees and thoughtful extras like free financial advice and unemployment insurance.
2 to 7 years
Fixed rates from 7. 99% APR to 23. 43% APR reflect the 0. 25% autopay discount and a 0. 25% direct deposit discount. The SoFi rate ranges listed as of 8/22/22 are liable to change at any time without prior notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be determined by a number of variables, such as an assessment of your credit worthiness, income, and other factors, and will fall within the range of rates mentioned above. See APR examples and terms. The SoFi 0. You must consent to making monthly principal and interest payments via an automatic monthly deduction from a savings or checking account in order to receive the 25% AutoPay interest rate reduction. For periods when you do not pay by automatic deduction from a savings or checking account, the benefit will stop and be forfeited.
on Best Eggs website
on Best Eggs website
Borrowers who want to consolidate debt and obtain a loan can use Best Egg personal loans, but they lack some features provided by other lenders.
3 to 5 years
*Trustpilot TrustScore as of June 2020. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender, are the lenders of Best Egg personal loans, including the Best Egg Secured Loan. “Best Egg” is a trademark of Marlette Holdings, Inc. , a Delaware corporation. The Best Egg Personal Loan, the Best Egg Secured Loan, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg Personal Loan,” as appropriate, are all references to “Best Egg.” Your credit score, income, debt repayment obligations, loan amount, credit history, and other factors will all be taken into consideration when determining the term, amount, and APR of any loan we offer you. Your loan agreement will contain specific terms and conditions. The majority of our clients receive their money the following day. Your money can be deposited into your bank account within 1-3 business days of successful verification. Depending on the procedures of your bank, the timing of the funds becoming available after loan approval may change. Loan amounts range from $2,000– $50,000. Massachusetts residents can borrow a minimum of $6,500, New Mexico and Ohio residents can borrow $5,000, and Georgians can borrow $3,000 Your total outstanding Best Egg loan balances cannot exceed $100,000 for a second Best Egg loan. Annual Percentage Rates (APRs) range from 8. 99%–35. 99%. The annual percentage rate, or APR, represents the cost of credit and includes both your interest rate and a 0 percent origination fee. 99%–8. 99% of the amount of your loan, which will be subtracted from any loan proceeds you receive A loan with an origination fee will have a term of at least four years. 99%. Your APR, which might be higher than our lowest advertised rate, will depend on the length of your loan. To be eligible for our lowest APR, you must have a minimum FICO® score of 700 and an individual annual income of $100,000. For example: a 5‐year $10,000 loan with 9. 99% APR has 60 scheduled monthly payments of $201. 81, and a 3‐year $5,000 loan with 7. 99% APR has 36 scheduled monthly payments of $155. 12. Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account in order to assist the government in combating the funding of terrorism and money laundering activities. What this means for you is that when you open an account, we will ask for information such as your name, address, date of birth, and other identifying characteristics. We might also request to see your driver’s license or other forms of identification. You cannot purchase Best Egg products if you reside in Iowa, Vermont, West Virginia, the District of Columbia, or the United S. Territories.
Lenders that cater to veterans
These lenders either cater only to military personnel or provide special benefits.
on NerdWallets secure website
PenFed Credit Union Personal Loan
on NerdWallets secure website
For borrowers with good credit looking for a personal loan with a low interest rate, PenFed’s personal loans are the best option.
2 to 5 years
Personal Loan rates range from 7. 74% to 17. 99% APR. Current as of October 2022 and subject to change are the rates and offers. * Based on your creditworthiness, which is determined at the time of disbursement and includes an assessment of your credit history and the length of your PenFed membership Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other eligibility requirements may apply. The minimum monthly payment for all loans is $50. Insured by NCUA. Membership in PenFed is required in order to receive any advertised goods. Equal Housing Lender.
on NerdWallets secure website
on NerdWallets secure website
Good credit USAA members may be eligible for a personal loan that can be funded in just one business day.
1 to 7 years
on NerdWallets secure website
Navy Federal Credit Union Personal Loan
on NerdWallets secure website
For members with fair credit who want to fund a home improvement project, Navy Federal’s personal loans are a particularly good fit.
1 to 5 years
How to choose the best personal loan
When comparing loan products, there are a few things to take into account.
One of the best ways to gauge affordability is annual percentage rate, which includes the interest rate and any fees for the loan. For instance, the interest on a $5,000 loan with a two-year term and a 15% APR would be $818. The interest on the same loan at 10% APR would be $537. The cost of borrowing money decreases as the APR decreases.
If you are certain you can afford the monthly payments for the entire term, only consider a personal loan. Make sure there is enough money in your budget to cover missed loan payments because they can result in expensive fees and a drop in your credit score. Use our personal loan calculator to estimate your monthly payment.
Repayment period: The repayment period for personal loans typically lasts between two and seven years, though some lenders offer longer terms. A longer repayment period will result in lower monthly payments but higher interest costs.
Compared to banks or credit unions, which may take several days to deposit the money into your account after you’re approved, online lenders frequently fund loans more quickly. Many online lenders promise next- or same-day funding.
Lenders will provide additional benefits that may be of interest to you. For instance, if you’re taking out a loan to consolidate your debt, some lenders offer direct payment to creditors, which means they’ll send the funds to your credit card companies on your behalf. Other lenders might provide free financial advice or a free credit report each month.
How to pre-qualify for an online personal loan
You can view potential loan terms, such as the interest rate, loan amount, and monthly payments, by pre-qualifying for an online loan. A soft credit check is also part of this, and it won’t lower your credit score.
Pre-qualifying gives you the opportunity to compare various loan products and choose the one that is most affordable.
Financial assistance, grants and resources for veterans
Veterans may have access to grants, which offer free money with no repayment necessary, and financial assistance if they need personal loans or short-term emergency cash.
A complete list of Veterans Service Organizations can be found through the Department of Veterans Affairs.
Federal benefits
U.S. Department of Veterans Affairs: The VA’s annual guide to federal benefits for veterans, dependents and survivors offers information on disability compensation, housing grants for disabled veterans and educational assistance.
Job training and placement
Blue Star Families: This nonprofit organization provides free resources and services to more than 1.5 million military families each year, including long-term job opportunities for military spouses.
Hiring Our Heroes: The U.S. Chamber of Commerce Foundation launched this nationwide initiative to help veterans, transitioning service members and military spouses find employment opportunities. Hiring Our Heroes hosts virtual hiring fairs and community engagement events, and offers a corporate fellowship program.
Grants
VFW Unmet Needs Program: The Veterans of Foreign Wars offers this program for military families who have financial difficulties stemming from deployment or other military-related activity or injury. It provides grants up to $1,500 and can be used for eligible expenses, which include household expenses, car repairs, utilities, food and clothing, and medical bills.
American Legion Temporary Financial Assistance Program: This nonprofit veterans organization awards cash grants of up to $1,500 to children of current active duty military or American Legion members to help meet an urgent need like shelter, food or health care costs.
Business grants and resources for veterans: Veterans looking to start a business or existing business owners can seek financial assistance through the Small Business Administration, which offers funding, training and federal contracting opportunities for veterans, as well as resources for military spouses.
Grants and resources for disabled veterans: The Department of Defense publishes a comprehensive Compensation and Benefits Handbook for wounded, ill and injured service members of the armed forces. It covers medical care, family and caregiver support, Social Security benefits and more. The American Association of People with Disabilities also maintains a page for veterans that lists nongovernment and government resources.
Last updated on May 24, 2022
More than 35 financial institutions’ personal loan products are evaluated and rated by NerdWallet. We interview company representatives, gather over 45 data points from each lender, and compare each lender to others that target the same clientele or provide a comparable personal loan product. Every year, NerdWallet’s writers and editors complete a thorough fact check and update, as well as making any necessary updates throughout the year.
Our star ratings give lenders points for providing customer-friendly features, such as soft credit checks for pre-qualification, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, quick funding times, reachable customer service, reporting of payments to credit bureaus, and financial education. Additionally, we take into account legal actions brought by organizations like the Consumer Financial Protection Bureau. Based on our evaluation of which are most significant to consumers and how significantly they affect consumers’ experiences, we weigh these factors.
This methodology only applies to lenders who cap interest rates at 36%, which is the highest amount that most financial experts and consumer advocates concur is necessary to make a loan affordable. NerdWallet does not receive compensation for our star ratings. Learn more about our editorial standards and rating methodologies for personal loans.
To recap our selections…
NerdWallet’s Best Personal Loans for Veterans, Plus Other Financial Help
Jackie covers personal loans for NerdWallet. She had previously operated a freelance writing and editing company. She graduated from Indiana University with a degree in journalism. Email: [email protected] Read more.
FAQ
Are there special loans for veterans?
Personal loans from VA Financial are available to military personnel and their families, and they can help you get the money you need quickly. VA Mortgage Loans up to $417,000 with no down payment. Veterans can get business loans up to $350,000 with terms of 1 to 5 years.
What kind of loans are available to veterans?
- Home Loan for Regular Purchase. …
- Interest Rate Reduction Refinance Loan (IRRRL) …
- Cash-Out Refinance Loan. …
- Veterans Life Insurance Policy Loans and Cash Surrenders.
What is the VA minimum credit score?
There is no minimum credit score requirement. Instead, VA demands that a lender examine the full loan profile. Visit www. to view the complete VA credit requirements for more details. benefits. va. gov/warms/pam26_7. asp. How Can You Start the Process?.
Can I get a VA loan with a 540 credit score?
The VA doesn’t have a minimum credit score. Instead, lenders can set their own requirements. At Rocket Mortgage, the minimum qualifying credit score is 580. Remember that a higher score entitles you to more favourable terms.