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7 Best Personal Loans for Veterans, Plus Other Financial Help

Steve NicastroJuly 18, 2019

At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.

Compare unsecured personal loans from online lenders and credit unions that cater to military veterans, including those with good and bad credit.

Our picks for

Loans for veterans with bad credit

Options include online lenders and credit unions, some of which cater to veterans and may offer lower rates and more flexible terms for bad-credit borrowers.

LendingPoint

on LendingPoint's website

on LendingPoint's website

Min. Credit Score

585

Est. APR

10.99-35.99%

Loan Amount

$2,000-$25,000

Pros

  • Qualify with bad credit.
  • No prepayment fee.
  • Flexible payments.

Cons

  • Does not offer direct payment to creditors for debt consolidation loans.
  • No co-sign or secured loan options.
Read full review

Qualifications

  • Minimum credit score of 600.
  • At least $20,000 in annual income.
  • Debt-to-income ratio of less than 35%.
  • Live in the District of Columbia or one of the states where LendingPoint operates.

Available Term Lengths

  • 2 to 4 years

Fees

  • Origination fee: 0% - 6%.
  • Late fee: $30 after 15-day grace period.

Disclaimer: Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint's proprietary scoring and underwriting system's review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint's final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.99% APR, with terms from 24 to 48 months.

Avant

on Avant's website

on Avant's website

Min. Credit Score

580

Est. APR

9.95-35.99%

Loan Amount

$2,000-$35,000

Pros

  • Low minimum credit score.
  • Refinancing option.
  • No prepayment fee.

Cons

  • No co-sign or secured loan option.
  • Does not offer direct payment to creditors for debt consolidation loans.
Read full review

Qualifications

  • Minimum credit score of 580.
  • At least $20,000 in gross annual income.

Available Term Lengths

  • 2 to 5 years

Fees

  • Administrative fee: 4.75%.
  • Late fee: $25 (most states).
  • Unsuccessful payment fee: $15 (most states).

Disclaimer: $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. The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Avant branded credit products are issued by WebBank, member FDIC

OneMain

on OneMain Financial's website

on OneMain Financial's website

Min. Credit Score

None

Est. APR

18.00-35.99%

Loan Amount

$1,500-$20,000

Pros

  • Fast funding.
  • Co-sign option.
  • Free credit score access.

Cons

  • May charge origination fee.
  • High rates.
Read full review

Qualifications

  • Minimum credit score: None, average is 600 to 650.
  • Minimum credit history: Not provided.
  • Minimum annual income: None, average is $49,000.

Available Term Lengths

  • 2 to 5 years

Fees

  • Origination fee: Varies by state.

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 $30 to $150. Percentage-based fees vary by state ranging from 1% to 5% 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: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Our picks for

Lenders that cater to veterans

Navy Federal Credit Union Personal Loan
See my rates

on NerdWallet's secure website

Min. Credit Score

None

Est. APR

7.99-18.00%

Loan Amount

$0-$50,000

Pros

  • Low rates.
  • Flexible repayment terms.
  • No origination fee.

Cons

  • Hard credit pull.
  • Must be a member of Navy Federal.
Read full review

Qualifications

  • No minimum qualification requirements.
  • Must meet membership requirements.

Available Term Lengths

  • 1 to 5 years

Fees

  • Origination fee: None.
USAA Personal Loan
See my rates

on NerdWallet's secure website

See my rates

on NerdWallet's secure website

Min. Credit Score

None

Est. APR

8.99-18.00%

Loan Amount

$2,500-$50,000

Pros

  • Low rates.
  • No origination fee.
  • Fast funding.

Cons

  • Hard credit pull.
  • Must be a USAA member.
Read full review

Qualifications

  • No minimum qualifications disclosed.

Available Term Lengths

  • 1 to 7 years

Fees

  • Origination fee: None.
  • Late fee: 5% of payment amount.

Our picks for

Loans for veterans with good credit

Borrowers with good credit (a score of 690 or higher) can consider online lenders, most of which don't specifically cater to veterans, but may offer the best option.

Lending Club

on LendingClub's website

on LendingClub's website

Min. Credit Score

600

Est. APR

6.95-35.89%

Loan Amount

$1,000-$40,000

Pros

  • Offers a loan option with direct payment to creditors.
  • Co-sign option.
  • Offers hardship plan.

Cons

  • Charges origination and late fees.
  • No rate discount for autopayments.
Read full review

Qualifications

  • Minimum credit score of 600.
  • Minimum credit history of 3 years.
  • Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 1% - 6%.
  • Late fee: Greater of $15 or 5% of payment after 15-day grace period.
  • Check processing fee: $7.

Disclaimer: *All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

Prosper

on Prosper's website

on Prosper's website

Min. Credit Score

640

Est. APR

6.95-35.99%

Loan Amount

$2,000-$40,000

Pros

  • Check your rate with a soft credit check.
  • Fast funding.

Cons

  • Origination and late fees.
  • Does not offer direct payoff to creditors for debt consolidation loans.
Read full review

Qualifications

  • Minimum credit score: 640, but average is 710.
  • Minimum credit history: Two years, but average is 11.
  • Minimum annual income: None, but average is $89,000.
  • Maximum debt-to-income ratio: 50% (excluding mortgage).

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 2.4% - 5%.
  • Late fee: $15 or 5% of unpaid amount (whichever is greater).
  • Insufficient funds fee: $15.

Disclaimer: For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility 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 loans made by WebBank, member FDIC.

Summary of Best Personal Loans for Veterans, Plus Other Financial Help

LenderBest ForEst. APRMin. Credit ScoreLearn More
LendingPoint

LendingPoint

on LendingPoint's website

Loans for veterans with bad credit

10.99-35.99%

585

on LendingPoint's website

Avant

Avant

on Avant's website

Loans for veterans with bad credit

9.95-35.99%

580

on Avant's website

OneMain

OneMain Financial

on OneMain Financial's website

Loans for veterans with bad credit

18.00-35.99%

None

on OneMain Financial's website

Navy Federal Credit Union Personal Loan

Navy Federal Credit Union Personal Loan

See my rates

on NerdWallet's secure website

Lenders that cater to veterans

7.99-18.00%

None

See my rates

on NerdWallet's secure website

USAA Personal Loan

USAA Personal Loan

See my rates

on NerdWallet's secure website

Lenders that cater to veterans

8.99-18.00%

None

See my rates

on NerdWallet's secure website

Lending Club

LendingClub

on LendingClub's website

Loans for veterans with good credit

6.95-35.89%

600

on LendingClub's website

Prosper

Prosper

on Prosper's website

Loans for veterans with good credit

6.95-35.99%

640

on Prosper's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
LendingPoint

LendingPoint

on LendingPoint's website

Loans for veterans with bad credit

10.99-35.99%

585

on LendingPoint's website

Avant

Avant

on Avant's website

Loans for veterans with bad credit

9.95-35.99%

580

on Avant's website

OneMain

OneMain Financial

on OneMain Financial's website

Loans for veterans with bad credit

18.00-35.99%

None

on OneMain Financial's website

Navy Federal Credit Union Personal Loan

Navy Federal Credit Union Personal Loan

See my rates

on NerdWallet's secure website

Lenders that cater to veterans

7.99-18.00%

None

See my rates

on NerdWallet's secure website

USAA Personal Loan

USAA Personal Loan

See my rates

on NerdWallet's secure website

Lenders that cater to veterans

8.99-18.00%

None

See my rates

on NerdWallet's secure website

Lending Club

LendingClub

on LendingClub's website

Loans for veterans with good credit

6.95-35.89%

600

on LendingClub's website

Prosper

Prosper

on Prosper's website

Loans for veterans with good credit

6.95-35.99%

640

on Prosper's website

» MORE: Personal loans for bad credit

How to pre-qualify for an online personal loan

Pre-qualifying for an online loan can get you access to potential loan terms, including the loan’s interest rate, loan amount and payments. Take the steps to pre-qualify and compare offers to find the loan that gives you an amount you need and a payment you can afford.

» MOREPre-qualify with multiple lenders on NerdWallet

Financial assistance, grants and resources for veterans

Veterans seeking personal loans or short-term emergency cash may have other resources available, such as grants, which provide free money with no repayment required, and financial assistance. Here’s a list of some potential resources.

FINANCIAL ASSISTANCE AND 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.

veteran service officer at the National Veterans Foundation can help you write and submit benefits claims to the VA.

The Coalition to Salute America’s Heroes: This nonprofit helps veterans cover expenses such as utility bills, car and mortgage payments, and medical bills for wounded veterans and families of Operation Enduring Freedom, Operation Iraqi Freedom and Operation New Dawn. Applicants must meet eligibility requirements to be considered for financial aid and other services.

JOB TRAINING AND PLACEMENT

Blue Star Families: This nonprofit organization provides free resources and services to more than 1.5 million military families, such as training and job placement, career networking events and mentoring.

Hiring Our Heroes: The U.S. Chamber of Commerce launched this nationwide initiative to help veterans, transitioning service members and military spouses find employment opportunities. Hiring Our Heroes hosts free job fairs throughout the country, and also offers a corporate fellowship program, resources for creating a resume, and access to thousands of volunteer mentors.

GRANTS

Rebuild Hope: This volunteer-driven nonprofit provides financial counseling to disabled Iraq and Afghanistan veterans and their families. Qualified applicants may receive emergency financial assistance grants between $1,500 and $2,000.

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, food and clothing and medical bills.

Modest Needs Homecoming Heroes Grant: This nonprofit corporation offers a financial assistance grant to eligible military veterans who have recently returned from overseas deployment. The grant helps with one-time emergency expenses or a temporary loss of income.

The American Legion: This nonprofit veterans organization offers a Temporary Financial Assistance program, which awards cash grants of up to $1,500 to children of current active-duty or American Legion members.

Business grants and resources: Veterans looking to start a business or existing business owners can seek financial assistance through small-business grants, as well as education and training programs aimed at helping veteran entrepreneurs.

Last updated on July 18, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Best Personal Loans for Veterans, Plus Other Financial Help