9 Best Personal Loans for Veterans, Plus Other Financial Help

Key facts

Pros

• Accepts borrowers new to credit.

• Able to fund loans within one business day.

• Offers direct payment to creditors with some debt consolidation loans.

Cons

• Borrowers can choose from only two repayment term options.

• Charges origination fee.

Qualifications

• Minimum credit score: 580.

• Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.

• Minimum gross income: $12,000.

• Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.

• Must have U.S. residential street address where borrower resides (unless military personnel on active duty).

• Must be at least 18 years old.

• Valid email account required.

• Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: 0% - 8%.

• Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 24.4% and 36 monthly payments of $36 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Rate discount for autopay.

• Special features including rate beat program and satisfaction guarantee.

Cons

• No option to pre-qualify on its website.

• Requires several years of credit history.

Qualifications

• Minimum credit score: 660.

• Several years of credit history; excellent-credit borrowers have at least five, according to LightStream.

• Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

• Strong payment history with few or no delinquencies.

• Investments, retirement savings or other evidence of an ability to save money.

• Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. AutoPay discount of .50% points is only available when selected prior to loan funding. Rates without AutoPay will be .50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.14% APR with a term of 3 years would result in 36 monthly payments of $304.85. Truist Bank is an Equal Housing Lender. ©2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Key facts

Pros

• Option to choose your payment date.

• Offers joint and secured loans.

• Able to fund a loan the same or next business day.

• Offers online educational resources.

Cons

• Rates are high compared to other online lenders.

• Charges origination fee.

• Does not offer direct payment to creditors on debt consolidation loans.

Qualifications

• Minimum credit score: None.

• Minimum income: Not disclosed; average is $45,000.

Available Term Lengths

2 to 5 years

Fees

• Origination fee: $25 to $400 or 1 - 10%.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Key facts

Pros

• No fees.

• Competitive rates among online lenders.

• Wide variety of repayment term options.

• Rate discount for autopay.

• Offers direct payment to creditors for debt consolidation loans.


Cons

• No co-sign, joint or secured loan option.

Qualifications

• Minimum credit score: 660.

• Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

• Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.

• May need to provide proof of income, including recent pay stubs or bank statements.

Available Term Lengths

3 to 6 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.

Key facts

Pros

• Able to fund loans the next business day.

• Option to change your payment date.

• Soft credit check with pre-qualification.

• Offers secured loan option.

Cons

• Charges an origination fee.

• Does not offer direct payment to creditors with debt consolidation loans.

• No co-sign or joint loan option.

Qualifications

• Minimum credit score of 550.

Available Term Lengths

2 to 5 years

Fees

• Administrative fee: Up to 4.75%.

• Late fee: $25 (most states).

• Unsuccessful payment fee: $15 (most states).

Disclaimer

A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC

Key facts

Pros

• No origination fee.

• Offers wide range of loan amounts and repayment terms.

• Able to fund loans same-day.

• Offers co-sign, joint and secure loan options.

Cons

• Exclusive to credit union members.

• No option to pre-qualify.

• No rate discount for autopay.

• No option to change your payment date.

Qualifications

• No minimum qualification requirements.

• Must meet membership requirements.

Available Term Lengths

1 to 5 years

Fees

• Origination fee: None.

Key facts

Pros

• Option to change your payment date.

• Offers joint loan.

• Offers wide range of loan amounts. 


Cons

• No rate discount for autopay.

• Charges origination and late fees.

• Borrowers can choose from only two repayment term options.

Qualifications

• Minimum credit score: 640; borrower average is 726.

• Minimum credit history: 2 years.

• Minimum income: No minimum income requirement; borrower average is $113,000.

• Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment.

• No bankruptcies filed within the past year.

• At least three open accounts on credit report.

• Fewer than five credit bureau inquiries in the last six months.

• Must be at least 18 years old.

• Must provide Social Security number and a U.S. bank account.


Available Term Lengths

3 to 5 years

Fees

• Origination fee: 2.41 to 5%.

• Late fee: $15 or 5% of unpaid amount (whichever is greater).

• Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.

Key facts

Pros

• Competitive rates among good-credit lenders.

• No origination or prepayment fee.

• Rate discount for autopay.

• Option to include a co-signer.

Cons

• Must be a USAA member.

• No option to pre-qualify.

• Offers a small range of loan amounts.

• Charges late fee.

Qualifications

• USAA does not publicly disclose many of its borrower requirements. Borrowers with good and excellent credit scores will likely qualify for the lowest rates.

Available Term Lengths

1 to 7 years

Fees

• Origination fee: None.

• Late fee: 5% of payment amount.

Key facts

Pros

• Soft credit check with pre-qualification.

• Joint loan option.

• Offers mobile app to manage your loan.

• Offers small loans of $500.

Cons

• Does not offer direct payment to creditors with debt consolidation loans.

• No co-sign or secured loan option.

• No option to change your payment date.

Qualifications

• Minimum credit score: 700.

• Minimum credit history: Three years.

• Low debt-to-income ratio — many lenders require a DTI of 40% or lower.

• Minimum income: None.

Available Term Lengths

1 to 5 years

Fees

• Late fee: $29

• Returned payment fee: $30

• Membership fee: $5