Best Personal Loans for Veterans, Plus Other Financial Help

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How to choose the best personal loan

There are a few things to consider as you compare loan products.

Annual percentage rate: Annual percentage rate includes the loan’s interest rate and any fees, and it’s one of the best ways to measure affordability. For example, a two-year $5,000 loan with a 15% APR would cost $818 in interest. The same loan with a 10% APR would cost $537 in interest. The lower the APR, the cheaper it is to borrow the money.

Monthly payments: Consider a personal loan only if you're certain you can afford the monthly payments for the full term. Missing loan payments can lead to costly fees and lower your credit score, so make sure there’s enough room in your budget. Use our personal loan calculator to estimate your monthly payment.

Repayment term: Repayment terms on personal loans usually range from two to seven years, though longer terms are available from some lenders. If you choose a longer repayment term, you’ll have lower monthly payments, but you’ll also pay more in interest.

Funding time: Online lenders tend to fund loans faster than banks or credit unions, which can take a few days to a week to deposit the money into your account after you’re approved. Many online lenders promise next- or same-day funding.

Special perks: Lenders will offer other benefits that may appeal to you. For example, if you’re using a loan to consolidate debt, some lenders offer direct payment to creditors, meaning they’ll send the money to your credit card companies so you don’t have to. Other lenders may offer free financial education or a free monthly credit report.

How to pre-qualify for an online personal loan

Pre-qualifying for an online loan gives you access to potential loan terms, including the loan’s interest rate, loan amount and monthly payments. This includes a soft credit check, which won’t hurt your credit score.

By taking the steps to pre-qualify, you have the advantage of comparing multiple loan products to select the most affordable option.

» MORE: Pre-qualify with lenders on NerdWallet

Financial assistance, grants and resources for veterans

Veterans seeking personal loans or short-term emergency cash may have other resources such as grants, which provide free money with no repayment required, and financial assistance.

A complete list of Veterans Service Organizations can be found through the Department of Veterans Affairs.

Federal benefits

U.S. Department of Veterans Affairs: The VA’s annual guide to federal benefits for veterans, dependents and survivors offers information on disability compensation, housing grants for disabled veterans and educational assistance.

Job training and placement

Blue Star Families: This nonprofit organization provides free resources and services to more than 1.5 million military families each year, including long-term job opportunities for military spouses.

Hiring Our Heroes: The U.S. Chamber of Commerce Foundation launched this nationwide initiative to help veterans, transitioning service members and military spouses find employment opportunities. Hiring Our Heroes hosts in-person and virtual hiring fairs and education and networking programs, and offers a corporate fellowship program.

Grants

VFW Unmet Needs Program: The Veterans of Foreign Wars offers this program for military families who have financial difficulties stemming from deployment or other military-related activity or injury. It provides grants up to $1,500 and can be used for eligible expenses, which include household expenses, car repairs, utilities, childcare and medical bills.

American Legion Temporary Financial Assistance Program: This nonprofit veterans organization awards cash grants of up to $1,500 to children of current active duty military or American Legion members to help meet an urgent need like shelter, food or health care costs.

Business grants and resources for veterans: Veterans looking to start a business or existing business owners can seek financial assistance through the Small Business Administration, which offers funding, training and federal contracting opportunities for veterans, as well as resources for military spouses.