Rebecca has more than eight years of experience in personal finance. Her work has been featured by CNN, U.S. News & World Report, New York Post, USA TODAY Blueprint, and Buy Side WSJ.
Meredith Mangan is a senior editor at Credible and expert on personal loans.
Updated November 22, 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.”
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Navy Federal offers the best personal loans for military service members and veterans thanks to its high loan amounts and long repayment terms. If you're a service member or veteran looking to finance a large or small expense, you have options, including personal loans and home equity loans, plus grants and other financial assistance.
Personal loans are the most flexible - you can use them to pay for home renovations, consolidate high-interest debt, or cover almost any personal expense, and you don't need home equity to qualify.
Thanks to the Military Lending Act (MLA), service members and veterans don't have to worry about a military annual percentage rate (MAPR) exceeding 36% on a loan. Also, because of the Servicemembers Civil Relief Act (SCRA), you might access low rates starting around 6%.
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
pros
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
cons
No discounts offered
Secured loans not available
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
pros
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
cons
Good credit required
5,000 minimum loan amount
Loan amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
pros
Borrowers with bad credit considered
Funds as soon as the next business day
2-year loan terms available
cons
No discounts offered
Origination fee
Not available in HI, WA, IA, MA, ME, NY, VT, or WV
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
pros
Low minimum APR
May fund the next business day
Long loan terms available
Direct pay to creditors
No origination fee
cons
No discounts offered
Secured loans not available
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
pros
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
cons
Good credit required
5,000 minimum loan amount
Loan amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
pros
Secured loans available
Low minimum income requirement
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
cons
Origination fees
No discounts
Not available in DC, IA, VT, or WV
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
pros
Borrowers with bad credit considered
Funds as soon as the next business day
2-year loan terms available
cons
No discounts offered
Origination fee
Not available in HI, WA, IA, MA, ME, NY, VT, or WV
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
pros
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
cons
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
The best personal loans for service members and veterans have competitive APRs, flexible repayment terms, and few fees. You can find personal loans from banks, credit unions, and online lenders.
Some credit unions specifically cater to the military and may have insight into your needs as a borrower. However, it's worth shopping around with different lenders to find the best rate.
Best for officer candidates and home improvements
Navy Federal
Navy Federal offers membership to active duty, veteran, and retired service members and their families. Navy Federal offers:
Unsecured personal loans: Available up to $50,000 with repayment terms up to five years and interest rates from 8.99% to 18.00%. Home improvement loans are available up to $150,000 with repayment terms up to 15 years.
Secured personal loans: Can be secured with your Navy Federal savings account or Navy Federal CD at a lower rate and with no credit check. You'll have to apply over the phone or visit a physical branch.
Career Kickoff loan: Juniors and seniors at the U.S. Air Force Academy, U.S. Coast Guard Academy, U.S. Merchant Marine Academy, U.S. Military Academy or U.S. Naval Academy are eligible; ROTC and OCS/OTS officers and candidates are also eligible. APRs are 1.29% and 2.99%, respectively; repayment terms are available up to five years. Maximum loan amounts are $25,000 and $32,000.
Depending on the loan type, you may also defer payments up to 90 or 180 days.
Best for large loans
USAA personal loans
Membership at USAA is available to active, retired, and veteran service members and their families. It offers personal loans with loan amounts ranging from $1,000 to $100,000, repayment terms up to seven years, and APRs starting at 10.34% to no more than 18.51%.
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Email
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Scored second in J.D. Power's Consumer Lending Satisfaction Study
Funds in 1-3 business days
High close rate on loans through Credible platform
Origination fees
No discounts
Not available in DC, IA, VT, or WV
More details
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 9.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Not available in HI, WA, IA, MA, ME, NY, VT, or WV
More details
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
2 to 5 years
Methodology
Credible evaluated the best loans for the military 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.
Here are some tips for comparing personal loans for service members:
Prequalify with multiple lenders: Many personal loan lenders let you prequalify for a loan online. This process won't impact your credit, and it can let you preview the APR and other terms you might qualify for without committing to a specific lender. Prequalification is not an offer of credit, and the final rate you receive may differ from the estimate. Note that when you apply, most lenders will conduct a hard credit check, which could temporarily ding your score.
Review the APR: The lower the APR, the lower your monthly payment could be. The APR is the best way to compare loans, as it accounts for the interest rate and upfront fees. A personal loan calculator can help you estimate your long-term costs based on your loan amount, repayment term, and APR.
Consider repayment terms: The longer your repayment term, the more interest you may pay and the longer it can take to pay off. Most personal loan lenders offer repayment terms from two to seven years. Home improvement loans may have longer repayment terms, such as 15 or more years.
Look for available discounts: Find out if the lender offers any member benefits or rate discounts that could save you money. For example, some credit unions provide members with special perks, such as deals on car rentals and auto insurance. Banks and online lenders may reduce your interest rate slightly if you set up automatic loan payments.
Determine if you need a cosigner or co-borrower: A cosigner signs the loan with you and agrees to pay back the loan if you default. Cosigners do not have access to any of the loan funds. A co-borrower has the same responsibilities, but unlike a cosigner, they have equal access to the loan funds. If you need a cosigner, look for lenders that allow them as not all do.
Look at secured loan options:Secured loans require collateral, such as a CD, your car, or a savings account. Consider these loans if you have fair or bad credit, as they may have no credit check and low APRs. While you can get a lower APR because of collateral, you risk losing your asset to the lender if you default.
Consider funding time: Look for lenders that can disburse your funds quickly if that's important. Most lenders can send your money as soon as the same or next business day after approval. Some can take up to a week.
Read other lender reviews: Before picking a lender, check customer reviews to see what other borrowers say. It's also worth evaluating the lender's customer support options and any protections it may provide if you run into financial hardship down the line. Check out Trustpilot and Better Business Bureau (BBB).
Personal loans for the military work similarly to traditional personal loans. They provide a lump sum of funds that you pay off in monthly installments with interest over a set period.
Some lenders also charge an administrative or origination fee for providing the loan. Loan amounts can range from $1,000 to $100,000 or more depending on your lender, credit profile, and income. Repayment terms can range from two to seven years.
The MLA states that loans offered to active-duty servicemembers, their spouses, and dependents can't have MAPRs higher than 36% or charge prepayment penalties, along with other protections.
The MAPR is similar to a loan's APR and still accounts for the interest rate and upfront fees. However, the MAPR also accounts for participation and application fees, which may not typically be part of an APR.
Servicemembers Civil Relief Act
If you borrowed a loan before joining the armed forces, the SCRA allows you to reduce your interest rates to 6% when on active duty. If you leave active duty, the lender can't add any lost interest back.
You can apply for the interest rate reduction anytime on active duty and up to 180 days after. Inform your lender in writing and provide a copy of your orders. The SCRA also has other benefits, such as protections against loan default judgment and a limit on a lender's ability to repossess your property.
Good to know
The SCRA isn’t limited to just personal loans; it also covers auto and home loans.
Where to get a loan if you're in the military
You can find personal loans for veterans and service members from a variety of financial institutions, including:
Banks: Personal loans may be available at local community and large national banks.
Credit unions: Many credit unions provide personal loans, but you'll need to become a member to borrow. Some credit unions, such as Navy Federal Credit Union, are exclusively open to service members.
When you're ready to apply for a military loan, here are the general steps you'll need to take:
Check eligibility for grants and other options: Before you begin the process for a personal loan, consider checking your eligibility for any grants or other financial assistance programs. These options typically don't require you to repay.
Review your credit: A strong credit score can help you qualify for the best rates and terms on a personal loan. Check your score using Credible's free credit monitoring tool through your credit card issuer. You can get a free credit report once a year from AnnualCreditReport.com.
Shop around and prequalify: Research lenders that have the APR, loan amount, and terms you're looking for. Prequalify for loans, if possible, to compare your quotes without harming your credit score. The prequalification form may require your Social Security number and personal information, such as your address and date of birth. This information is typically required to proceed with prequalification. When you prequalify, it's not an offer of credit, and your final rate may differ from the quote.
Submit a loan application: Once you've chosen a lender, complete and submit a formal loan application. The lender will perform a hard credit check, only temporarily hurting your score.
Gather your documentation: The specific requirements can vary by lender, but you may need to provide pay stubs, tax returns, and bank statements.
Get your funds: Once approved, some lenders can disburse funds the same or next business day, while others may take a few business days.
Before taking out a loan, explore your options for free grants and financial assistance for veterans and service members. Here are a few programs you might qualify for:
American Legion: The American Legion offers a Temporary Financial Assistance grant up to $1,500 for qualifying veterans with a child 17 or younger.
Disability housing grants: The U.S. Department of Veterans Affairs offers disability grants such as the Specially Adapted Housing (SAH) Grant, Special Home Adaptation (SHA) Grant, and Temporary Residence Adaptation (TRA) Grant. These grants can provide money for building, renovating, or installing accommodations in a home.
Operation First Response: This charitable group offers funds for groceries, mortgage payments, and other essentials to disabled veterans and their families.
Total and Permanent Disability Discharge: If you owe federal student loans, you may be able to get them canceled through this program.
USA Cares: If you're a service member who served after 9/11, you may qualify for emergency financial assistance through this program.
VFW's Unmet Needs: This program has a $2,500 grant for daily necessities to eligible service members on active duty.
Get help from your local Red Cross chapter: Contact your local Red Cross for support.
Other services and programs: You can find more information about other available programs by visiting the National Resource Directory.
FAQ
Can I get a loan for the military with bad credit?
Open
It may be difficult to qualify for a personal loan with bad credit, but some lenders have more flexible credit requirements than others.
You might also improve your chances of approval by applying with a cosigner or co-borrower with good credit or backing your loan with collateral. Prequalify to compare rates and find lender who may be willing to approve your loan before you apply.
The VA does not offer personal loans. However, it does provide 0% down payment home loans to qualifying servicemembers, along with other benefits, such as education benefits, disability benefits, life insurance, and career counseling.
Should I get a loan in the military?
Open
Getting a loan while in the military comes down to your situation. If used responsibly, a personal loan can be a valuable tool for covering a large expense or consolidating debt.
However, avoid taking on debt if you're not confident about your ability to repay the loan. It's also worth exploring other, potentially more affordable options for financing, such as grants, assistance programs, or a loan from a friend or family member.
Rebecca Safier has more than eight years of experience in personal finance. Her work has been featured by CNN, U.S. News & World Report, New York Post, USA TODAY Blueprint, and Buy Side WSJ.