Upstart: Best for Loans for veterans with bad credit
Est. APR
7.80-35.99%
Loan amount
$1K-$50K
Min. credit score
None
View details
Qualifications:
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Universal Credit: Best for Loans for veterans with bad credit
Est. APR
11.69-35.99%
Loan amount
$1K-$50K
Min. credit score
580
View details
Qualifications:
A Universal Credit loan is a sound option for bad-credit borrowers looking to build credit, but rates are high compared to similar lenders.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
Upgrade: Best for Loans for veterans with bad credit
Est. APR
9.99-35.99%
Loan amount
$1K-$50K
Min. credit score
580
View details
Qualifications:
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Avant: Best for Loans for veterans with bad credit
Est. APR
9.95-35.99%
Loan amount
$2K-$35K
Min. credit score
550
View details
Qualifications:
Avant personal loans are a solid option for fair- and bad-credit borrowers who need fast funding, but their rates and origination fees can be high.
- Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
- Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.
- Must be a resident of a state where Avant’s loans are available.
- Must provide a Social Security number.
- Must have a personal bank account in your name.
- No active bankruptcies.
- Origination fee: Up to 9.99%.
- Late fee: $25.
- Nonsufficient funds fee: $15.
LendingClub: Best for Loans for veterans with fair credit
Est. APR
8.91-35.99%
Loan amount
$1K-$40K
Min. credit score
600
View details
Qualifications:
LendingClub personal loans are a solid option for good- and fair-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Best Egg: Best for Loans for veterans with fair credit
Est. APR
7.99-35.99%
Loan amount
$2K-$50K
Min. credit score
600
View details
Qualifications:
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
Rocket Loans: Best for Loans for veterans with good credit
Est. APR
8.99-29.99%
Loan amount
$2K-$45K
Min. credit score
640
View details
Qualifications:
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
SoFi Personal Loan: Best for Loans for veterans with good credit
Est. APR
8.99-29.99%
Loan amount
$5K-$100K
Min. credit score
None
View details
Qualifications:
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Loans for veterans with good credit
Est. APR
7.99-24.99%
Loan amount
$2.5K-$40K
Min. credit score
660
View details
Qualifications:
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
LightStream: Best for Loans for veterans with good credit
Est. APR
6.99-25.29%
Loan amount
$5K-$100K
Min. credit score
660
View details
Qualifications:
LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
USAA Personal Loan: Best for Lenders that cater to veterans
Est. APR
10.19-17.74%
Loan amount
$1K-$100K
Min. credit score
None
View details
Qualifications:
USAA offers fast personal loans to members and includes a wide range of loan amounts and terms to choose from.
- Must be a USAA member.
- Origination fee: None.
- Late fee: 5% of the loan payment.
- Returned payment fee: $25.
Navy Federal Credit Union Personal Loan: Best for Lenders that cater to veterans
Est. APR
8.99-18.00%
Loan amount
$250-$50K
Min. credit score
None
View details
Qualifications:
Navy Federal Credit Union personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
Upstart: Best for Loans for veterans with bad credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Upstart personal loans offer fast funding and may be an option for borrowers with low credit scores or thin credit histories. Upstart is a solid choice for financing large purchases.
- Must be a U.S. citizen or permanent resident living in the U.S.
- Must be at least 18 years old in most states.
- Must have a valid email address and Social Security number.
- Must have a full- or part-time job, a full-time job offer starting within six months or another source of regular income.
- Must have a personal bank account at a U.S. financial institution with a routing number.
- No bankruptcies in the last 12 months.
- No current delinquent accounts on your credit reports.
- Fewer than six hard inquiries on your credit report in the last six months, excluding student, auto and mortgage loans.
- Minimum credit score: None.
- Minimum annual income: $12,000.
- Origination: 0% to 12%.
- Late fee: 5% of the unpaid amount or $15, whichever is greater.
- Insufficient funds fee: $15.
Universal Credit: Best for Loans for veterans with bad credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
A Universal Credit loan is a sound option for bad-credit borrowers looking to build credit, but rates are high compared to similar lenders.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: 1 account.
- Maximum debt-to-income ratio: 75%, including mortgage and the loan you’re applying for.
- Minimum length of credit history: 2 years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.
- Origination fee: 5.25% to 9.99%.
- Late fee: Up to $10.
- Non-sufficient funds fee: $10.
Upgrade: Best for Loans for veterans with bad credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Upgrade personal loans come with multiple rate discounts and offer direct payment to creditors. This lender has a low minimum credit score requirement, making the perks stand out even more.
- Minimum credit score: 580.
- Minimum number of accounts on credit history: One account.
- Maximum debt-to-income ratio: 75%, including mortgage payments.
- Minimum length of credit history: Two years.
- Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security, disability benefits and other sources.
- Origination fee: 1.85% to 9.99%.
- Late Fee: $10.
- Failed payment fee: $10.
Avant: Best for Loans for veterans with bad credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Avant personal loans are a solid option for fair- and bad-credit borrowers who need fast funding, but their rates and origination fees can be high.
- Minimum credit score: 550. Avant uses FICO score version 8.0 and VantageScore version 3.0 from TransUnion.
- Minimum monthly net income: $1,200. This lender accepts income from employment alimony, retirement, child support, Social Security payments or disability benefits.
- Must be a resident of a state where Avant’s loans are available.
- Must provide a Social Security number.
- Must have a personal bank account in your name.
- No active bankruptcies.
- Origination fee: Up to 9.99%.
- Late fee: $25.
- Nonsufficient funds fee: $15.
LendingClub: Best for Loans for veterans with fair credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
LendingClub personal loans are a solid option for good- and fair-credit borrowers looking to consolidate debt and build their credit.
- Minimum credit score: 600; average borrower score is above 700.
- Minimum income: None; lender requires proof of income. Borrower average is $100,000 per year.
- Maximum DTI: 40%.
- Minimum credit history: 36 months and two accounts.
- Origination fee: 3% to 8%.
- Late fee: 5% of payment or $15 after 15-day grace period.
- Insufficient funds: $15.
Best Egg: Best for Loans for veterans with fair credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Best Egg is worth considering for borrowers looking for a secured loan or to consolidate debt, but the loans come with an origination fee.
- Minimum credit score: 600.
- Maximum debt-to-income ratio: 70% including a mortgage.
- Minimum credit history: 3 years and 1 account.
- Acceptable income sources: Employment, household income, alimony, retirement, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident and at least 18 years of age.
- Origination fee: 0.99% - 9.99%.
Rocket Loans: Best for Loans for veterans with good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Rocket Loans personal loans stand out for fast funding, but they lack some features other lenders offer.
- Minimum credit score: 640.
- Minimum annual gross income: $24,000.
- Maximum debt-to-income ratio: 40% or 70% including a mortgage.
- Minimum credit history: 2 years.
- Must be at least 18 years old.
- Must be a U.S. resident living in one of the states where the lender does business.
- Origination fee: Up to 9%.
- Late fee: $15.
- Non-sufficient funds fee: $15.
SoFi Personal Loan: Best for Loans for veterans with good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
SoFi offers online personal loans with consumer-friendly features for good- and excellent-credit borrowers.
- Must be at least 18 years old in most states.
- Must be a U.S. citizen, permanent or non-permanent resident, including DACA recipients and asylum seekers.
- Must be employed, have sufficient income from another source, or have an offer of employment to start within the next 90 days.
- Acceptable income sources: Employment, spouse’s income, retirement, alimony, child support, Social Security payments and disability benefits.
- Origination fee: 0% to 7%.
- Late fee: None.
Discover® Personal Loans: Best for Loans for veterans with good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
With competitive rates and no origination fees, Discover personal loans are good options for borrowers with good and excellent credit.
- Minimum credit score: 660.
- Minimum annual household income: $25,000. Income can come from employment, retirement, alimony, child support, Social Security payments and disability benefits.
- Must provide a valid U.S. address and email address.
- Must be 18 years old with a valid Social Security number.
- Origination fee: None.
- Late fee: $39.
LightStream: Best for Loans for veterans with good credit
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
LightStream is a solid option for good-credit borrowers, with no fees and a promise to beat competitors’ rates.
- Minimum credit score: 660, but can vary depending on the loan purpose and amount.
- Maximum debt-to-income ratio: 50%.
- Minimum credit history: 3 years.
- Income sources accepted: Employment, retirement, rental income, alimony, child support, Social Security payments and disability benefits.
- Must be a U.S. citizen or permanent resident who is at least 18 years old and has a U.S. bank account.
- Origination fee: None.
- Late fee: None.
USAA Personal Loan: Best for Lenders that cater to veterans
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
USAA offers fast personal loans to members and includes a wide range of loan amounts and terms to choose from.
- Must be a USAA member.
- Origination fee: None.
- Late fee: 5% of the loan payment.
- Returned payment fee: $25.
Navy Federal Credit Union Personal Loan: Best for Lenders that cater to veterans
Est. APR
Loan amount
Min. credit score
View details
Qualifications:
Navy Federal Credit Union personal loans may be a good fit for most members, thanks to flexible amounts, consumer-friendly features and quick funding time.
- Must be a Navy Federal Credit Union member to apply.
- No minimum credit score requirement.
- Must provide personal information and contact details.
- Must provide information on income and employment.
- Origination fee: None.
- Returned payment fee: $29.
- Late fee: $29.
- Federal Express fee: $5.65.
- Certified Mail fee: $5.83.
What are personal loans for veterans?
Personal loans for veterans are typically unsecured loans offered by banks, credit unions and online lenders. These loans range from $1,000 to $50,000 and are repaid in fixed monthly installments, spread out over several years. Personal loans are available to veterans even if they have bad credit (629 credit score or lower).
Veterans in particular face numerous financial challenges that may lead them to seek out a personal loan. Active duty — which may include unpredictable deployments, base relocations or spouse unemployment — can stress household budgets, and there are often additional hardships once veterans transition to civilian life, like medical issues or loss of military benefits.
This can leave veterans vulnerable to predatory lenders, especially since protective legislation like the Military Lending Act and the Servicemembers Civil Relief Act applies only to active duty service members. It’s important to go with a reputable provider when applying for a personal loan.
What is the Military Lending Act?
The Military Lending Act, or MLA, is a federal law that protects active duty service members, their spouses and their dependents from predatory lending.
The MLA established a few automatic protections — most notably, a 36% interest rate cap, meaning lenders can’t charge more than 36% interest when extending credit.
What is the Servicemembers Civil Relief Act?
The Servicemembers Civil Relief Act, or SCRA, provides financial protections to active duty service members, but it only covers debt taken on before active duty service began.
Among its protections, the SCRA establishes that any pre-service loans may charge a maximum 6% interest rate.
When to consider a personal loan as a veteran
The best reason to use a personal loan is when it’s the least costly method of borrowing and it helps you realize a financial goal, such as consolidating your debt at a lower rate or increasing the value of your home with a home improvement project.
However, many borrowers use a personal loan to cover a large, unexpected expense, like an emergency car repair. Personal loans are a better option than high-interest alternatives like payday loans, since they’re easier to repay and can even help build your credit score.
Compare multiple offers from lenders to find the best deal and check your budget to ensure you can comfortably repay the personal loan as scheduled.
How to choose the best personal loan for veterans
There are a few things to consider as you compare personal loans.
Annual percentage rate: The 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.
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 up 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 might offer other benefits that may appeal to you. For example, if you’re using a loan to consolidate debt, search for lenders that will pay your creditors directly so you don’t have to. Other lenders may include free financial education or a free monthly credit report as part of their loan product. Some lenders may offer special perks to active duty or retired military, like a rate discount.
» COMPARE: Best debt consolidation loans
What veterans need to qualify for a personal loan
Eligibility requirements
Lenders consider these to determine your eligibility for a personal loan:
Credit score and history.
Income.
Existing debts.
A loan applicant with good to excellent credit (a score of 690 or higher) is most likely to qualify for a personal loan with a low rate. However, some lenders specifically cater to applicants with bad credit and limited credit history.
Not all lenders publish income requirements, but they ask about your income on loan applications to ensure you earn enough to make the monthly payments. Include all sources of income in your application, such as disability benefits or rental income.
Lenders also review your debt-to-income ratio, which is the percentage of your monthly income that goes toward debt payments. A DTI below 36% is ideal for many lenders, but some accept borrowers with more debt.
How to boost your chances of qualifying
If you have bad credit, low income or a high debt-to-income ratio, you can boost your chances of qualifying for a personal loan with a joint, co-signed or secured loan.
Joint loans and co-signed loans involve adding another person — ideally with better credit or more income — to your loan application. This person is equally responsible for loan repayment and, depending on the type of loan you choose, may have access to the loan funds.
A secured loan involves tying collateral to the loan, like a car or an investment account. This helps guarantee the loan, which makes the lender more likely to approve you, but you risk losing the collateral if you fail to repay the loan.
How to get a personal loan for veterans
1. Check your credit
You can get your free credit score at AnnualCreditReport.com or by signing up for a NerdWallet account. If you have time before applying, look for quick ways to build your score, such as disputing errors on your credit report, paying down any small debts or asking for a credit limit increase on existing credit lines.
2. Pre-qualify with multiple lenders
Pre-qualifying is one of the best ways to determine whether a personal loan is the right choice. The process lets you preview potential loan terms, including APR, loan amount and monthly payments, without impacting your credit score.
3. Submit an application
Once you’ve chosen an offer, it’s time to apply. Personal loan applications are typically available online. You’ll be asked to provide basic personal information, including your Social Security number, and contact information like a home address, phone number and email address.
You also may be asked to include proof of identification and proof of employment and income.
» MORE: How to apply for a personal loan
4. Get funded
After submitting your application, approval time can be instantaneous or take a few days, depending on the lender. Expect your loan to be funded within a week. Many online lenders say they can fund a loan the same- or next day after approval.
Once you receive the funds in your account, make a plan to repay the loan. Missing even one payment can hurt your credit score and trigger late fees.
Other financial resources for veterans and active duty military
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.
These are just a few of the many resources available to veterans. 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, survivors and caregivers offers information on disability compensation, housing grants for disabled veterans and educational assistance.
U.S. Government Guide to Military Pay and Benefits: The U.S. Government maintains a webpage dedicated to military pay and retirement benefits (including pensions), plus tuition assistance, health benefits and burial and survivor benefits.
Job training and placement
Blue Star Families: This nonprofit organization helps connect military families with free resources and services, including 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. Hiring Our Heroes hosts 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 $2,500 and can be used for eligible expenses, which include household expenses, vehicle expenses, 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 and health care costs.
Business grants and resources for veterans: Veterans who are looking to start a business or who are 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.
Grants and resources for disabled veterans: The Department of Defense publishes a comprehensive Compensation and Benefits Handbook for wounded, ill and injured service members of the armed forces. It covers medical care, family and caregiver support, Social Security benefits and more.
Last updated on October 23, 2024
- 35+ personal loans reviewed and rated by our team of experts.
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Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial technology companies and financial institutions. We collect over 50 data points and cross-check company websites, earnings reports and other public documents to confirm product details. We may also go through a lender’s pre-qualification flow and follow up with company representatives. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. Our ratings award fewer points to lenders with practices that may make a loan difficult to repay on time, such as charging high annual percentage rates (above 36%), underwriting that does not adequately assess consumers’ ability to repay and lack of credit-building help. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
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NerdWallet's Best Personal Loans for Veterans in 2024
- Upstart: Best for Loans for veterans with bad credit
- Universal Credit: Best for Loans for veterans with bad credit
- Upgrade: Best for Loans for veterans with bad credit
- Avant: Best for Loans for veterans with bad credit
- LendingClub: Best for Loans for veterans with fair credit
- Best Egg: Best for Loans for veterans with fair credit
- Rocket Loans: Best for Loans for veterans with good credit
- SoFi Personal Loan: Best for Loans for veterans with good credit
- Discover® Personal Loans: Best for Loans for veterans with good credit
- LightStream: Best for Loans for veterans with good credit
- USAA Personal Loan: Best for Lenders that cater to veterans
- Navy Federal Credit Union Personal Loan: Best for Lenders that cater to veterans