Personal Loans for Veterans: What You Need to Know
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Some lenders support veterans, military personnel and their families by offering them special personal loan products or by providing more favorable interest rates and repayment terms. It is fairly common for active service members to be able to get assistance if they are having difficulty paying off their loans while on active military service.
You can use a veteran loan (a type of unsecured personal loan) to help get you through tough financial times, pay for an upcoming move, or cover medical bills. Whether you have good or fair credit, here are some veteran loans to consider.
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3 Personal loans for veterans and military personnel with good credit
If you have good credit, there are many credit options available to you. While not all lenders offer special benefits to veterans, many have programs or incentives available for all borrowers, including veterans.
Under the Servicemembers Civil Relief Act (SCRA), eligible service members may: a low interest rate of 6% or less each year for debt incurred prior to entering active service. Reservists may receive this rate for debt incurred prior to receiving their active duty notice.
These three credible partners offer lenders personal loans for veterans and military personnel with good credit.
- To mark: Axos does not charge prepayment penalties if you prepay your loan and offers large loan amounts.
- Conditions of participation: Available in all 50 states; does not disclose minimum income
- Loan Amounts: $10,000 to $50,000
- Minimum creditworthiness: 700
- Veteran Benefits: While not a direct benefit, Axos works with philanthropists to build financial literacy among military members.
- To mark: If you’re using a LendingClub personal loan to pay off credit cards or other debt, you may get a lower interest rate by letting LendingClub pay up to 12 creditors directly.
- Conditions of participation: Available in all 50 states; no minimum income required
- Loan Amounts: $1,000 to $4,000
- Minimum creditworthiness: 600
- Veteran Benefits: This peer-to-peer lender can make a loan decision in minutes and fund loans in about two days.
Marcus from Goldman Sachs
- To mark: Marcus offers discounts for setting up automatic payments and also pays your creditors directly when you use the debt consolidation loan.
- Conditions of participation: Available in all 50 states; Minimum income of $30,000 per year
- Loan Amounts: $3,500 to $40,000
- Minimum creditworthiness: 660
- Veteran Benefits: All borrowers who make 12 consecutive on-time payments can defer one monthly payment interest-free.
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3 Personal Loans for Veterans and Military Personnel with Fair Credit
If you only have fair credit (or even a bad credit), many lenders work with borrowers with lower credit ratings and can help you achieve your financial and personal goals. These three credible partners offer lenders personal loans for veterans and military personnel with a fair credit rating.
- To mark: Funding is fast — as early as the next business day if approved by 4:30 p.m. Central Time on a weekday — and the lender also offers an autopay rebate.
- Conditions of participation: Available in all states except CO, IA, HI, VT, NV, NY and WV; Minimum monthly income of $1,200
- Loan Amounts: $2,000 to $35,000
- Minimum creditworthiness: 550
- Veteran Benefits: Avant accepts PO Boxes for military personnel, while civilian borrowers must be physically resident to qualify. Avant will not charge late payment fees or insufficient balance fees during active service.
- To mark: Upgrade offers an autopay rebate and can fund the loan within a day of clearing the required reviews.
- Conditions of participation: Available in all states except West Virginia; does not disclose minimum income
- Loan Amounts: $1,000 to $50,000
- Minimum creditworthiness: 560
- Veteran Benefits: Upgrade offers free credit monitoring and educational resources to all borrowers.
- To mark: Upstart offers a wide range of personal loan amounts and can fund the loan within 1 business day.
- Conditions of participation: Available in all 50 states; Minimum income of $12,000 per year
- Loan Amounts: $1,000 to $50,000
- Minimum creditworthiness: 580
- Veteran Benefits: Upstart considers borrowers with no credit history and evaluates educational, academic, and professional backgrounds when making loans.
Financial support and resources for veterans
If you are a veteran who is struggling financially and needs assistance, you can contact the following resources for help:
- Coalition to Salute America’s Heroes – That Coalition to Salute America’s Heroes The organization offers financial assistance to veterans seriously wounded in Afghanistan and Iraq.
- Operation family fund — If a veteran was severely disabled while serving in Operation Enduring and Iraqi Freedom, they are eligible to apply for grants Operation Family Fund. Grant funds help cover housing, vehicle repairs, medical bills, and emergency transportation.
- Operation First Response — Operation First Response provides financial assistance to wounded veterans and their families while navigating the VA claims process. As this process can take a year or more, these funds can help cover immediate needs such as clothing, shelter, food and utilities.
- USA Cares Emergency Response Program — Veterans who are struggling to meet their monthly bills can apply for a grant through the USA Cares Emergency Response Programwhose average grant amount is $650.
- US Department of Veterans Affairs Aid and Attendance/Housebound Assistance – This program supports veterans who are on a VA pension and are either bedridden or need another person to assist them with daily activities. This program allows veterans to qualify for an increased monthly benefit amount Help and attendance and housebound help.
If you need to apply for a personal loan, Credible will help you quickly and easily Compare personal loan rates to find one that works for your situation.