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Best Personal Loans For Veterans in October 2024

A personal loan for veterans can be used for almost any purpose, including debt consolidation, a large purchase, or to cover an unexpected expense.

Author
By Theresa Stevens

Written by

Theresa Stevens

Writer

Theresa Stevens has over seven years of experience in personal finance, specializing in credit cards, banking, and insurance. Her work has been featured on Forbes Advisor, Bankrate, and USA TODAY Blueprint.

Edited by Jared Hughes

Written by

Jared Hughes

Editor

Jared Hughes has over eight years of experience in personal finance. He has provided insight to Fox Business, New York Post, and NewsBreak.

Updated October 17, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

Featured

If you’re a veteran that needs to pay bills, finance a large purchase or consolidate debt, a personal loan can cover your expenses. You can also find lenders that work specifically with veterans and their families, which can be a benefit when considering a personal loan. Nonprofit organizations can also be a valuable resource and provide some financial assistance.

Below, we cover some of the best personal loans to help veterans take control of their financial situation. We compared the annual percentage rate (APR), loan amounts, fees, funding times, and other factors from various lenders to come up with a list of the best personal loans for veterans.

Compare veteran loan rates in October 2024

Advertiser Disclosure

All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms

Lenders that work specifically with veterans

These lenders can cater to active-duty service members, military veterans, and their families. However, they aren’t Credible partner lenders.

Navy Federal Credit Union

If you have bad credit, you may have a better chance of qualifying for a loan from a credit union than a traditional bank. That’s because credit unions typically aren’t as strict with their requirements. Navy Federal Credit Union offers membership to veterans, active-duty military, Department of Defense civilian employees, and their family members.

Navy Federal Credit Union offers loan amounts up to $50,000 and loan terms of five years for a personal loan. It also offers home improvement loans with loan amounts up to $30,000 and loan terms as long as 15 years. You can expect funds as soon as the same day.

USAA

USAA offers membership to military service members, veterans, and their families. You can take out loans up to $100,000 and repayment terms range from one to seven years. Funds can be deposited into your account within two business days after documents have been verified.

Loans for veterans with good credit

If you have a credit score of 670 or higher, these are the best lenders to consider:

Best overall

SoFi

SoFi

4.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 29.99%1

Loan Amount

$5,000 to $100,000

Min. Credit Score

Does not disclose

Pros and cons

More details

Best for no origination fees (and low rates)

Discover Personal Loans

Discover Personal Loans

4.4

Credible Rating

Check Rates

on Credible’s website

Est. APR

-

Loan Amount

$2,500 to $40,000

Min. Credit Score

660

Pros and cons

More details

Best home improvement loans and low rates

Lightstream

LightStream

4.2

Credible Rating

Check Rates

on Credible’s website

Est. APR

6.94 - 25.29%

Loan Amount

$5,000 to $100,000

Min. Credit Score

700

Pros and cons

More details

Best for high close rates if pre-approved

Best Egg

Best Egg

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

8.99 - 35.99%

Loan Amount

$2,000 to $50,000

Min. Credit Score

600

Pros and cons

More details

Best online experience

Lending club

LendingClub

4

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.06 - 35.99%

Loan Amount

$1,000 to $40,000

Min. Credit Score

660

Pros and cons

More details

Related: Best Personal Loans for Good Credit

Loans for veterans with bad credit

You can find lenders who specialize in bad credit loans, but you’ll likely receive a higher APR.

Best for fair credit

Upgrade

Upgrade

4.5

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.99 - 35.99%

Loan Amount

$1,000 to $50,000

Min. Credit Score

600

Pros and cons

More details

Best debt consolidation loans for bad credit

Universal credit

Universal Credit

4.3

Credible Rating

Check Rates

on Credible’s website

Est. APR

11.69 - 35.99%

Loan Amount

$1,000 to $50,000

Min. Credit Score

560

Pros and cons

More details

Best bad credit personal loans

One main

OneMain Financial

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

18.00 - 35.99%

Loan Amount

$1,500 to $20,000

Min. Credit Score

No minimum

Pros and cons

More details

Best fast personal loans for all credit types

Upstart

Upstart

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

7.80 - 35.99%

Loan Amount

$1,000 to $50,000

Min. Credit Score

620

Pros and cons

More details

Best for all credit types

Avant

Avant

3.9

Credible Rating

Check Rates

on Credible’s website

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 to $35,000

Min. Credit Score

550

Pros and cons

More details

Related: Best Personal Loans for Bad Credit

Methodology

Credible evaluated the best personal loan lenders for veterans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. 

Credible’s team of experts gathered information from each lender’s website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

Compare personal loans for veterans

When comparing personal loans, there are several factors to look out for, including:

  • APR: The APR represents the total cost of borrowing, including the interest rate and upfront fees, expressed as a percentage. It’s more common for lenders to show the APR than just the interest rate and can be a better tool for comparison purposes. The average APR on a 24-month personal loan was 12.33%, according to the latest data from The Federal Reserve.
  • Loan amounts: Personal loan amounts vary by lender but can be between $1,000 and $100,000 or more. You should choose a loan amount based on your needs. For example, if you want a debt consolidation loan, you may want a personal loan that covers the amount of your debt. The loan amount you qualify for depends on the lender, your credit score, and your income.
  • Repayment terms: Review the repayment terms, such as the amount of time you have to repay the loan, payment frequency and amount. Generally, loans with longer repayment periods have lower monthly payments but may cost you more in interest over time. Common terms can range from one to seven years.
  • Fees: Loan origination fees, late fees, and returned payment fees are a few costs to consider. You may want to choose a loan with minimal fees, as they can add to the overall cost. Origination fees can be 1% to 12% of the loan, depending on the lender.
  • Cosigner option: Some personal loans allow you to add a cosigner to your application to boost your approval odds. This is especially helpful for veterans with bad credit who might have trouble qualifying for a personal loan on their own. However, keep in mind that a cosigner can be responsible for making payments if you default.
  • Secured or unsecured: Personal loans can be secured or unsecured. Secured loans require collateral, like your house or car, to secure the loan. However, if you default, the lender can seize your collateral to recoup their money. Unsecured loans don’t require collateral, but they typically have a higher APR as a result.
  • Time to fund: The time it takes to receive personal loan funds after approval varies by lender but can generally take anywhere from one day to one week. Some lenders can even offer same-day funding.
  • Lender reputation: It’s best to choose a lender with a good reputation, especially in terms of fee transparency, security, and customer service. You can get a good idea of a company’s reputation by looking at its customer reviews. Trustpilot and Better Business Bureau (BBB) are good resources to check.

How to qualify for veteran loans

Veterans may need to meet certain eligibility requirements to qualify for personal loans. Eligibility criteria vary by lender but can generally include:

  • Credit score: Your credit score is a three-digit number, typically between 300 and 850, that represents your credit profile. Your credit score is one of the main factors lenders look at to decide whether to lend you money, but exact credit score requirements can vary by lender. If you have a good credit score, you may generally have the best approval odds and qualify for the lowest APRs.
  • Income: Some lenders have minimum income requirements to qualify for personal loans. For example, Upstart requires borrowers to have a minimum income of $12,000. You may be asked to verify your income with pay stubs or bank statements as part of your loan application.
  • Debt-to-income ratio (DTI): Your DTI represents the portion of your gross monthly income that’s used to pay debts. Lenders use your DTI ratio to determine if you can afford an additional loan payment. A high ratio means more of your income is going toward debts, while a lower ratio means you have fewer debt payments. Most lenders prefer a DTI of 35% or less.

Learn More: What Are the Requirements for a Personal Loan?

How to get a personal loan for veterans

Here are general steps you can take to get a personal loan.

  1. Check your credit: You can check your credit before comparing lenders using Credible's credit monitoring tool for a free credit report. If you find any errors, you can report them to the credit bureaus and potentially improve your score.
  2. Compare lenders: Comparing personal loan lenders is crucial because APRs, repayment terms, loan amounts, and eligibility requirements can vary widely between companies. The best personal loan lenders can offer flexible loan terms, reasonable APRs, and low fees.
  3. Prequalify: Some lenders offer the ability to prequalify for personal loans, which won’t impact your credit score. But applying for the loan may. Prequalification gives you an idea of the potential loan amount and rate you may qualify for, but doesn’t guarantee approval. Prequalification is not an offer of credit, and your final rate may be different.
  4. Pick a loan option: Choosing the right loan involves understanding your financial situation and specific funding needs. For example, if your priority is getting cash as quickly as possible, a lender with same-day funding might be right for you.
  5. Complete the application: Personal loan applications vary slightly between lenders, but generally ask for your personal information, such as your name, date of birth, contact information, and income. You can complete your application online or in-person at a branch, depending on the lender. Once you formally apply, the lender will run a hard credit pull to confirm the information on your application before making a final lending decision. This can temporarily impact your credit score.
  6. Get your funds: If you’re approved for a loan, the next step is to get your funds. Depending on the type of loan, the money might be delivered directly to your checking account. If you’re getting a debt consolidation loan, the money may be sent directly to your creditors. Expect funds to arrive as soon as the same or next business day.

Related: How To Get a Personal Loan

Pros and cons of personal loans for veterans

There are pros and cons to consider with personal loans for veterans.

Pros

  • Fast funding
  • Long repayment terms
  • Can have large loan amounts
  • Options for borrowers with bad credit scores
  • Lower average APRs than credit cards

Cons

  • Can be difficult to get approved for a loan if you have bad credit
  • Some loans may have higher fees than others
  • Unsecured loans have higher APRs
  • Collateral is required for secured loans

Alternative financial options for veterans

Aside from personal loans, there are other financial resources available for veterans to tap into:

The National Veterans Foundation

The National Veterans Foundation offers a vet-to-vet helpline for veterans and their families to learn about available benefits and resources, such as education funding and VA home loans. The foundation also has a job board to help connect veterans to employment opportunities.

Coalition to Salute America’s Heroes

This nonprofit organization provides various resources, such as emergency financial aid and employment resources to veterans. If you’re struggling to afford your mortgage, utility bills, groceries, or other urgent expenses, you can fill out this application form to be considered for aid.

Department of Veterans Affairs

The U.S. Department of Veterans Affairs is your home base for veteran-related information and resources. The website can help direct you to VA resources in your community.

211

Depending on your area, you can contact 211 to be connected to essential veterans services and resources in your community.

Veterans of Foreign Wars

Veterans of Foreign Wars, perhaps better known by its acronym, VFW, is the nation’s oldest major war veteran’s organization. It offers various services, such as benefits counseling, financial assistance, and help filing VA claims.

FAQ

Can veterans with bad credit get a personal loan?

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Are there any benefits or discounts for veterans when applying for a personal loan?

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Where to get personal loans for veterans?

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What credit score is required for veterans?

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Meet the expert:
Theresa Stevens

Theresa Stevens has over seven years of experience in personal finance, specializing in credit cards, banking, and insurance. Her work has been featured on Forbes Advisor, Bankrate, and USA TODAY Blueprint.