Best Personal Loans For Veterans and Military Members

There are many different companies and kinds of personal loans that are available to veterans and military members. Your credit score, credit report and debt-to-income ratio will determine which loans you are eligible for. Certain companies, like Payoff, SoFi and LightStream offer great rates for borrowers with excellent credit, while other companies like Avant, LendingClub and OneMain can be better options for veterans with lower credit scores.

Additionally, companies like USAA, Navy Federal and Pioneer offer loans that are specifically geared towards veterans and active military members.

Introduction

Making the transition from active military to civilian life often comes with new opportunities and prestige. However, it can also come with significant financial hurdles. Veterans may be faced with a loss of benefits, including housing and health care, and may not know where to begin when it comes to starting a career outside of the military.

Personal Loans – Where savings, financial assistance or federal grants may not fill the financial gap, personal loans can help. Borrowing money directly from a bank or credit union and repaying it in monthly installments may be a good option to fund needs from financial emergencies to debt consolidation and housing deposits.

Personal Loans For Veterans With Good Credit – Payoff, SoFi, LightStream

Veterans with credit scores above 660 can be eligible for loans with lower interest rates and flexible repayment terms.

LightStream: With relatively low APRs starting at 3.34% and ranging up to 16.99%, LightStream offers loan repayment terms between two and seven years and funds as soon as the same day. Borrowers can take out amounts as little as $5,000 or as much as $100,000 for larger projects.

SoFi: SoFi is another company offering low rates to applicants with good to excellent credit. Their APRs start at 5.99% with a maximum of 16.49% with autopay options, and loan amounts start at $5,000 with a ceiling of $100,000. Although SoFi does not require a minimum credit score to apply, their users typically have higher average incomes.

Payoff: If you live in Massachusetts, Mississippi, Nebraska, Nevada, Ohio or West Virginia you can also consider a Payoff personal loan. Payoff’s loans range between $5,000 and $35,000 with APRs starting at 5.99% with a maximum APR of 24.99%. Their repayment terms are between two and five years.

In addition to living in one of their serviced states, Payoff borrowers should also have a minimum credit score of 640, a debt-to-income ratio less than 51% and three years of credit history with at least two accounts in good standing.

» MORE: Loans For People With Fair Credit

Personal Loans For Veterans With Bad Credit – Avant, LendingClub, OneMain

If you’re having trouble getting approved for personal loans that require excellent credit scores or high yearly income, you can consider loan companies like Avant, LendingClub and OneMain who offer loans to borrowers with poor to fair credit.

Avant: Avant’s APRs start at 9.95% with a maximum of 35.99%. Their loans range between $2,000 and $35,000, with loan repayment terms starting at two years with a maximum of five. They also charge an administrative fee of 4.75% of the loan amount, as well as fees late or returned payments. Avant’s minimum credit score required for approval is 580.

Their loans also often fund as soon as the next day, so Avant can be a good option to assist with urgent financial needs.

LendingClub: LendingClub offers loans as small as $1,000 with a maximum amount of $40,000. Their APRs range between 6.95% on the lowest end up to 35.89%, with repayment terms between three and five years. They also charge a fee of $15 or 5% of the payment, whichever is greater, for late payments and a $7 check processing fee.

To ensure eligibility for approval, borrowers should have a credit score above 600 and a debt-to-income ratio of less than 40% for single applications or 35% for joint applications.

OneMain Financial: OneMain’s minimum APR is slightly higher than some of its competitors, with rates starting at 16.05% and a ceiling of 35.99%. Their loans range between $1,500 and $30,000, with loan terms between two and five years.

Their loans can fund as soon as the same day and there is no minimum credit score to apply, although most of their borrowers have scores between 600 and 650. Their origination and late fees vary by state.

» MORE: Bad Credit Loans – 580+ Credit Score

Emergency Loans for Veterans – BestEgg, LendingPoint

Any number of unexpected events like health crises or natural disasters can trigger immediate financial needs. If you don’t have enough money in your savings or rainy day fund to manage those events, a personal loan may be your best option. With same or next-day funding times, lenders like BestEgg and LendingPoint may be worth taking a look at.

Best Egg: BestEgg’s loans fund within as little as one business day. The lender’s amounts range between $2,000 and $35,000, with APRs starting at 5.99% and going up to 29.99%. Their repayment terms are between three and five years, with a flat $15 late fee. If you’re considering BestEgg, you should have a credit score of at least 640.

LendingPoint: If you have a lower credit score and urgently need a loan, you may be able to get an offer through LendingPoint. Their loans have the potential to fund as soon as the next day, and there is a minimum required credit score of 600. Loan amounts range between $2,000 and $25,000, with APRs starting at 15.49% and a maximum rate of 35.99%. LendingPoint charges fees for late payment, and offers loan terms between two and four years.

» MORE: More Emergency Loans

Lenders That Cater To Active Military and Veterans – USAA, Navy Federal, Pioneer

Instead of borrowing from a general lender, you can consider borrowing from a company that specifically caters to active military and veterans. A military-oriented company like USAA, Navy Federal or Pioneer may offer rate discounts or special benefits to veterans or borrowers on active duty.

USAA: USAA provides financial services to current and former members of the armed forces, as well as their families. In order to be eligible for one of their loans, which start at $2,500, you should be approved for USAA membership and have good to excellent credit.

Navy Federal Credit Union: As per its name, Navy Federal Credit Union is mostly open to veterans, DOD employees and US Armed Forces members. They offer servicemembers perks like a 0.5% rate discount for active military and veterans. To be eligible for their loans, you should reside in one of the 30 states that they service, have a regular and verifiable source of income and have an active NFCU checking or savings account.

Pioneer: Pioneer offers personal loans from $500 up to $10,000, and has loans specifically geared towards servicemembers with bad credit. If you’re having trouble getting approved for other military-specific personal loans or are a high risk borrower, Pioneer may be able to make you an offer. However, their APRs tend to be higher for those with less favorable credit scores, with rates ranging between 10% and 36%.

Have a small business? Consider a Veteran’s Advantage business loan (SBA Loans)

Loans from the Small Business Administration (SBA) can be relatively difficult to obtain approval for. However, the SBA reserves a portion of its funding specifically for veterans with its Veterans Advantage program. If you’re looking for an SBA loan to support your small business, this program offers some extra perks that non-military borrowers don’t get. Through Veteran’s Advantage, you won’t have to pay upfront fees on SBA Express loans between $150,001 and $350,000 or SBA 7(a) loans of up to $125,000. Additionally, if you’re borrowing more than $150,0001 through an SBA 7(a) loan, you’ll be eligible to have your fees slashed in half.

» MORE: Learn more about small business loans for veterans