Personal loans for veterans: what you need to know
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Some lenders help support veterans, military personnel and their families by offering special personal loan products or by extending more favorable rates and repayment terms. It is quite common for active service members to be able to receive assistance if they have difficulty repaying their loans while on active military duty.
You can use a veteran loan (which is a type of unsecured personal loan) to help you through a tough financial time, pay for an upcoming move, or cover medical expenses. Whether you have good or good credit, here are some veteran loans to consider.
Visit Credible for view your prequalified personal loan rates from various lenders, all in one place.
3 Personal Loans for Veterans and Military with Good Credit
If you have a good credit rating, you will have many borrowing options. Although not all lenders offer special benefits to veterans, many have programs or incentives available to all borrowers, including veterans.
Under the Servicemembers Civil Relief Act (SCRA), eligible service members may receive a low interest rate of 6% or less each year for debts they incurred before entering active duty. Reservists may receive this rate for debts they incurred prior to receiving their active duty notice.
These three credible partner lenders offer personal loans for veterans and military with good credit.
- Underline: Axos does not charge prepayment penalties if you prepay your loan and offers loans of large amounts.
- Eligibility criteria: Available in all 50 states; does not disclose the minimum income requirement
- Loan amounts: $10,000 at $50,000
- Minimum credit score: 700
- Benefits for veterans: While not a direct benefit, Axos partners with philanthropic organizations to help build military financial literacy.
- Underline: If you’re using a LendingClub personal loan to pay off credit cards or other debts, you might get a lower rate if you let LendingClub pay up to 12 creditors directly.
- Eligibility criteria: Available in all 50 states; no minimum income requirement
- Loan amounts: $1,000 to $4,000
- Minimum credit score: 600
- Benefits for veterans: This peer-to-peer lender can provide a loan decision in minutes and fund loans in about two days.
Marcus of Goldman Sachs
- Underline: Marcus offers discounts for setting up automatic payments and will also pay your creditors directly if you use the loan for debt consolidation.
- Eligibility criteria: Available in all 50 states; minimum income of $30,000 per year
- Loan amounts: $3,500 to $40,000
- Minimum credit score: 660
- Benefits for veterans: All borrowers who make 12 consecutive one-time payments can defer one monthly payment without interest.
Credible, it’s easy to compare personal loan rates from these and other lenders without affecting your credit score.
3 Veteran and Military Personal Loans with Fair Credit
If you only have a good credit score (or even a bad credit score), many lenders work with borrowers with lower credit scores and can help you achieve your financial and personal goals. These three credible partner lenders offer personal loans for veterans and military with fair credit.
- Underline: Funding is fast – as early as the next business day if you’re approved by 4:30 p.m. Central Time on a weekday – and the lender also offers an automatic payment discount.
- Eligibility criteria: Available in all states except CO, IA, HI, VT, NV, NY and WV; minimum income of $1,200 per month
- Loan amounts: $2,000 to $35,000
- Minimum credit score: 550
- Benefits for veterans: Avant accepts PO boxes for the military, while civilian borrowers must have a physical residence to qualify. Avant will not charge late fees or insufficient funds while in active service.
- Underline: Upgrade offers an automatic payment discount and can fund the loan within a day of validating the necessary verifications.
- Eligibility criteria: Available in all states except West Virginia; does not disclose the minimum income requirement
- Loan amounts: $1,000 to $50,000
- Minimum credit score: 560
- Benefits for veterans: Upgrade offers all borrowers free credit monitoring and educational resources.
- Underline: Upstart offers a wide range of personal loan amounts and can fund the loan within one business day.
- Eligibility criteria: Available in all 50 states; minimum income of $12,000 per year
- Loan amounts: $1,000 to $50,000
- Minimum credit score: 580
- Benefits for veterans: Upstart will consider borrowers with no credit score and assess education, major, and employment history when making loan decisions.
Financial Aid and Resources for Veterans
If you are a veteran who is struggling financially and needs support, here are some resources you can turn to for help:
- Coalition to Salute American Heroes — The Coalition to Salute American Heroes The organization provides financial assistance to seriously injured veterans in Afghanistan and Iraq.
- Operation Family Fund — If a veteran was severely disabled while serving in Operation Enduring and Iraqi Freedom, they can apply for grants through Operation Family Fund. Grant funds help cover housing, vehicle repairs, medical expenses and emergency transportation.
- Operation First Response — Operation First Response provides financial support to injured veterans and their families as they navigate the VA claims process. Since this process can take a year or more, these funds can help cover immediate needs, such as clothing, housing, groceries and utilities.
- USA Cares Emergency Assistance Program — Veterans struggling to cover their monthly bills can apply for a grant through the USA Cares Emergency Assistance Programwith an average grant amount of $650.
- U.S. Department of Veterans Affairs Help and Assistance / Home Assistance – This program helps veterans who receive a VA pension and who are bedridden or need another person to support them in their daily activities. Through this program, veterans may be eligible for an increase in the amount of monthly benefits per Help and assistance and home help.
If you need to apply for a personal loan, Credible makes it quick and easy compare personal loan rates to find the right one for your situation.