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Veterans and active military members can qualify for special personal loan rates and terms. Learn more about veteran loans. (Shutterstock)
Some lenders help support veterans, military personnel, and their families by offering them special personal loan products or extending more favorable rates and repayment terms. It’s fairly common for active service members to be able to receive support if they struggle to pay back their loans during active military service.
You can use a veteran loan (which is a type of unsecured personal loan) to help you navigate difficult 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.
Visit Credible to see your prequalified personal loan rates from various lenders, all in one place.
3 personal loans for veterans and military members with good credit3 personal loans for veterans and military members with fair creditFinancial assistance and resources for veterans 3 personal loans for veterans and military members with good credit
If you have a good credit score, you’ll have plenty of borrowing options. While not all lenders offer special benefits for veterans, many have programs or incentives available for all borrowers, including veterans.
Under the Servicemembers Civil Relief Act (SCRA), eligible service members can receive a low interest rate of 6% or less each year for debt they incurred before entering active duty. Reservists can receive that rate for debt they incurred before they received their notice of active duty.
These three Credible partner lenders offer personal loans for veterans and military members with good credit.
Axos BankHighlight: Axos doesn’t charge prepayment penalties if you pay off your loan early, and it offers large loan amounts.Eligibility requirements: Available in all 50 states; does not disclose minimum income requirementLoan amounts: $10,000 to $50,000Minimum credit score: 700Veteran benefits: While it’s not a direct benefit, Axos partners with philanthropies to help strengthen financial literacy among military members.LendingClubHighlight: If you use a LendingClub personal loan to pay off credit cards or other debt, you might get a lower rate if you let LendingClub pay up to 12 creditors directly.Eligibility requirements: Available in all 50 states; no minimum income requirementLoan amounts: $1,000 to $4,000Minimum credit score: 600Veteran benefits: This peer-to-peer lender can provide a loan decision in minutes and fund loans in about two days.Marcus by Goldman SachsHighlight: Marcus offers discounts for setting up automatic payments and will also pay your creditors directly if you’re using the loan for debt consolidation.Eligibility requirements: Available in all 50 states; minimum income of $30,000 per yearLoan amounts: $3,500 to $40,000Minimum credit score: 660Veteran benefits: All borrowers who make 12 consecutive on-time payments can defer one monthly payment interest-free.
Credible makes it easy to compare personal loan rates from these and other lenders, without affecting your credit score.
If you only have a fair credit score (or even a bad credit score), many lenders work with borrowers with lower credit scores and can help you meet your financial and personal goals. These three Credible partner lenders offer personal loans for veterans and military members with fair credit.
AvantHighlight: Funding is quick — as soon 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 autopay discount.Eligibility requirements: Available in all states except CO, IA, HI, VT, NV, NY, and WV; minimum income of $1,200 monthlyLoan amounts: $2,000 to $35,000Minimum credit score: 550Veteran benefits: Avant accepts P.O. boxes for military members, while civilian borrowers must have a physical residence to qualify. Avant won’t charge late fees or nonsufficient fund fees during active service.UpgradeHighlight: Upgrade offers an autopay discount and can fund the loan within a day of clearing necessary verifications.Eligibility requirements: Available in all states except West Virginia; does not disclose minimum income requirementLoan amounts: $1,000 to $50,000Minimum credit score: 560Veteran benefits: Upgrade offers all borrowers free credit monitoring and educational resources.UpstartHighlight: Upstart offers a wide range of personal loan amounts and can fund the loan in as soon as one business day.Eligibility requirements: Available in all 50 states; minimum income of $12,000 per yearLoan amounts: $1,000 to $50,000Minimum credit score: 580Veteran benefits: Upstart will consider borrowers with no credit score, and will evaluate education, major, and job history when making lending decisions.Financial assistance and resources for veterans
If you’re a veteran who’s struggling financially and needs support, these are some resources you can turn to for help:
Coalition to Salute America’s Heroes — The Coalition to Salute America’s Heroes organization offers financial assistance to veterans who were severely wounded 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 bills, and emergency transportation.Operation First Response — Operation First Response offers financial support to wounded veterans and their families while they navigate the VA claims process. Since this process can take a year or more, these funds can help cover immediate needs, like 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 Program, whose average grant award amount is $650.U.S. Department of Veterans Affairs Aid and Attendance/Housebound Assistance — This program assists veterans who receive a VA pension and who are either bedridden or need another person to support them with daily activities. Through this program, veterans may qualify for an increased monthly benefit amount through Aid and Attendance and Housebound Assistance.
If you need to apply for a personal loan, Credible lets you quickly and easily compare personal loan rates to find one that works for your situation.