4 best personal loans for veterans

When you need funds, a personal loan is often a good option due to the flexibility and affordability of this type of financing. You can use a personal loan for just about anything including home improvement, debt consolidation, emergency financing, and more.

This guide will look at personal loans for veterans with good, fair, and bad credit to help you find a financing option that’s right for you.

In this guide:

Personal loans for veterans

The following loans are offered by online lenders and are not part of all available options. As a veteran, you may be able to enjoy unique benefits from companies such as the Navy Federal Credit Union and other veterans-focused organizations. Be sure to compare all of your options.

LightStream

Tariffs (APR)

3.49%19.99%*
with AutoPay

Loan amounts

$ 5,000$ 100,000

While LightStream does not have specific loans for veterans, it does offer unsecured personal loans for a variety of uses. With competitive rates, no fees, and no prepayment penalties, LightStream is a great option for borrowers with a strong credit history.

  • Credit Score Category: Excellent, good
  • Pull on soft credit to check rates: Unavailable
  • Filing deadline: From the very day
  • Original costs: 0%
  • Late charge: Nothing
  • Discounts: 0.50% interest rate reduction for automatic payment registration
  • Repayment Terms : 24 – 144 months**

To improve

Tariffs (APR)

7.99%35.97%

Loan amounts

$ 1,000$ 35,000

Upgrading is a great option for borrowers with bad or fair credit, as well as those who need smaller loans. You can check the rates without affecting your credit score, and eligibility is more based on free cash flow than other lenders.

  • Credit Score Category: Fair, bad
  • Pull on soft credit to check rates: Yes
  • Filing deadline: The next day
  • Original costs: 2.9% – 8%
  • Late charge: $ 10
  • Repayment Terms : 36 or 60 months

Reached

Tariffs (APR)

6.27% – 35.99%1

Loan amounts

$ 5,000$ 30,0002

Upstart’s online lending platform uses artificial intelligence to streamline loan pricing and the funding process. This direct to consumer loan platform is a great choice for borrowers with average or bad credit and they offer a wide range of loan amounts.

  • Credit Score Category: Fair, bad
  • Pull on soft credit to check rates: Yes
  • Filing deadline: As fast as a working day3
  • Original costs: 0% – 10%
  • Late charge: $ 5 or 15% of payment (whichever is greater)
  • Repayment Terms : 36 months or 60 months1

Does the VA provide personal loans?

The US Department of Veterans Affairs does not provide loans itself and does not support personal loans to veterans.

However, if you are looking for a personal loan to pay for home renovations and have taken out your mortgage with a VA lender, you may be able to get a home improvement loan.

However, if the changes you want to make are purely cosmetic and won’t significantly improve the livability of the home, you may need to go with one of the above lenders instead.

What is a military debt consolidation loan?

Members of the military or veterans who own a home can consolidate high interest debt, such as credit card debt or student loan debt, with the VA Cash-Out Refinance Loan, which is a secured home loan. by VA which allows you to borrow against the equity in your home.

This loan allows you to refinance your mortgage by borrowing more than what you still owe, usually at a lower interest rate. You can use the balance to pay off debt or other purchases, and incorporate the repayment into your monthly mortgage payment.

Other grants, assistance programs and emergency loans for veterans

If you don’t want to go into debt or can’t qualify for a loan, consider these nonprofit programs that provide financial assistance to military personnel and veterans facing financial difficulties.

  • U.S. Disabled Veterans Charity: DAV helps over one million veterans access disability benefits, employment opportunities, financial benefits, and education each year.
  • USACares: This non-profit organization provides career, housing and emergency assistance to post-9/11 veterans and military families. It also helps veterans who have suffered post-traumatic stress disorder, head trauma or military sexual assault.
  • Military OneSource: This military and veteran resource site provides 24/7 support on matters relating to military life, including where to find loans, aid or grants.

*The terms of your loan, including the APR, may differ depending on the purpose of the loan, amount, term, and your credit profile. Excellent credit is required to benefit from the lowest rates. The rate is shown with the AutoPay discount. AutoPay rebate is only available before the loan is funded. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. The prices and conditions advertised are subject to change without notice.

**Example Payment: Monthly payments for a $ 10,000 loan at 5.95% APR with a three-year term would result in 36 monthly payments of $ 303.99.

1 The full range of rates available vary by state. The average 3 year loan offered by all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $ 35 per $ 1,000 borrowed. For example, the total cost of a loan of $ 10,000 would be $ 12,646, including the origination fee of $ 626. The APR is calculated based on the 3-year rates offered in the last month. There is no deposit or early repayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

2 Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be eligible for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $ 7,000. The minimum loan amount in Ohio is $ 6,000. The minimum loan amount in NM is $ 5,100. The minimum loan amount in GA is $ 3,100.

3 If you accept your loan before 5:00 p.m. EST (excluding weekends and holidays), you will receive your funds the next business day. Loans used to finance education-related expenses are subject to a 3 business day waiting period between loan acceptance and funding in accordance with federal law.

About Judith J. George

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