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Best Personal Loans for Veterans to Consider in 2023
Personal loans for veterans can help former servicemembers access funds for any purpose. These are unsecured loans that don’t require collateral. When you work with an online lender, you may be approved instantly and may have access to funds the same day or the next day.
Written by:Eric Rosenberg
Personal loans offer quick access to cash for a variety of uses. They’re popular for debt consolidation, home improvement projects, and many other uses. Personal loans for veterans are not good or bad; the question is whether or not the loan is right for your unique financial situation.
If you’re a veteran or military family interested in a personal loan, you’ve come to the right place. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded with the ideal loan for your needs.
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Top Picks Best Personal Loans for Veterans
- LightStream - Best Lender for Families
- Upstart - Best for Debt Consolidation
- SoFi - Best Online Lending Experience
- AmOne - The Best Comparing Multiple Lenders
- Marcus by Goldman Sachs - Best for Smaller Loans
- PenFed Credit Union - Best Credit Union for Veterans
- Oportun - Best for People with Bad Credit
- Upgrade - Best For Veterans with Fair Credit
Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.
Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the ten best overall personal loans for veterans. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.
Best Personal Loans for Veterans in 2023 - Full Overview
Best Overall
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LightStream - The Best Lender for Families
APR.
2.99% to 19.99%
Loan Amount
$5,000-$100,000
Min. Credit Score
Not Disclosed
Key Features
- Funding as soon as the same day
- Allows joint applications
- No origination fee
Pros & Cons
- They have some of the lowest fixed rates on this list.
- There are no fees or prepayment penalties.
- They offer a wide range of lending options.
- You can manage your account on an easy-to-use mobile app.
- There is no pre-approval process.
- Applying will likely affect your credit score.
- You must have a credit score of 660 or higher to be eligible for a loan.
Overview
For young families, life is full of surprises. Having a lender that can finance a wide range of projects, life events, or emergencies is crucial when there may not be enough money to go around. Lightstream is a good option for military families due to its extensive range of loan services, low APRs, and excellent customer support.
Main Features
Lightstream offers personalized loans up to $100,000 for about anything you can think of: car financing, solar panel installation, landscaping, adoption, fertility treatments, pre-K thru 12th-grade school financing, and more. Depending on the type of loan, term lengths can range from three to 20 years. APR is fixed over the term of your loan, ranging from 3.99% to 19.99%, and you can receive a 0.5% rate discount if you sign up for autopay when applying.
With Lightstream, it’s also very easy to manage your loan. The application, payment, and customer service processes happen online through your account page or the Lightstream mobile app.
Veterans with families can receive many benefits from Lightstream’s many financing options. While you’ll need pretty good credit to qualify for a loan at Lightstream, their transparency and easy-to-access online management make them an ideal choice for busy families.
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Upstart - The Best Choice for Debt Consolidation
APR.
3.09% - 35.99%
Loan Amounts
$1,000-$50,000
Min. Credit Score
600+
Key Features
- Loans can be funded in one busines day
- Prequalification with a soft credit check
- Accepts borrowers with fair credit
Pros & Cons
- Personal loans are funded just one business day after accepting the offer.
- You can make direct payments to credit card consolidation loans.
- You can choose and change your payment date as needed.
- Prequalifying for a loan won’t affect your credit score.
- Their minimum credit score is 300.
- An origination fee applies to most borrowers.
- Late fees also apply.
- They only offer two types of repayment term options.
- There isn’t a mobile app that is currently available to users.
Overview
Upstart is another lender that doesn’t specifically tailor any of its services or loans to military members. Regardless, they are a quick option that many veterans may find beneficial, especially for debt consolidation.
Main Features
Upstart offers personal loans that range from $1,000 to $50,000. Its APR ranges from 5.22% to 35.99%; the better your credit history, the more favorable your APR should be. Upstart only offers three and five-year repayment terms, and they charge origination fees—usually 1% to 8% of the total loan amount—as well as late fees. But, there are no prepayment fees, and their customer service is top-notch, making it easier to accept that they don’t offer a mobile app.
While there aren’t specific services for military members, Upstart is a transparent company that is great for veterans or current service members who need to consolidate debt, get access to cash quickly, or don’t have a good, established credit history.
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SoFi - The Best Online Lending Experience
APR.
6.99% to 21.78%
Loan Amount
Up to $100,000
Min. Credit Score
680+
Key Features
- No origination, prepayment, or late payment fees
- Joint applications accepted
- Offers .25% discount for autopay
- Borrowers up to $100,000
Pros & Cons
- SoFi offers same-day funding.
- There are unemployment protection options available.
- Their online platform is easy to use with a good user experience interface.
- SoFi offers an auto-pay discount.
- They offer loans that range from $5,000 to $100,000.
- Payoff periods range from 24 to 84 months.
- There isn’t an origination fee.
- SoFi reserves the right to modify its products at any time without notice.
- They have higher APRs than other lenders on this list.
Overview
Social Finance, Inc., better known as SoFi, does not have any veteran or military personnel-specific loans or services; however, they still have a lot to offer. Their personal loans are best suited for those with higher credit scores, although anyone with a score of 680 or better can qualify.
Main Features
SoFi offers several benefits, but at the expense of higher APRs, unpredictable service, and product changes. Their APR ranges from 6.99% to 21.28% at a fixed rate. Terms range from two to seven years, and they do not penalize prepayments or early loan payoffs. SoFi loans are unsecured—meaning they don’t require collateral for a customer to receive a loan—which is why they only approve loans for customers with good credit. They may also temporarily pause payments for customers who have lost their jobs.
SoFi is the best option for veterans with high credit scores who want more significant personal loans with long payoff timelines. While their APR is higher than other lenders, they don’t have many applicable fees for their loans.
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AmOne - The Best Service for Comparing Lenders
APR.
4.37%-35.99%
Loan Amount
$100-$50,000
Min. Credit Score
550+
Key Features
- Variety of personal and business loans
- Fast application process
- Loans are available for borrowers with low credit scores
Pros & Cons
- It offers instant access to valuable information about multiple lenders
- Because there are so many lenders, you can compare several types of personal loans to find the perfect fit.
- This is not a lending corporation; it is only a service to find an appropriate lender for you.
- There is no guarantee you will be approved for a loan.
Overview
If you’re unsure which lender you want to choose from, use a centralized site to compare multiple lenders quickly. It’s a great way to get the information you need efficiently. Veterans can use AmOne to compare the best lenders for their specific needs. AmOne is not a lender; instead, it is a service that gives you quick and easy access to many lenders designed for civilians and veterans alike.
Main Features
Since AmOne is a brokerage site of many different lenders, you should be able to find a loan that matches your financial needs. You can shop for adoption loans, boat loans, debt consolidation loans, and more. It’s a great way to determine which lending company best fits your specific goals.
Veterans can use AmOne to compare multiple lenders. They can personalize their shopping criteria and get precisely the lending company needed. While veteran-specific loans usually offer better terms, you may qualify for an even better contract with a company that is not veteran-centered. It’s always a good idea to check all of your options before making any decisions.
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Marcus by Goldman Sachs - The Best Option for Smaller Loans
APR.
6.99% to 19.99%
Loan Amount
$3,500-$40,000
Min. Credit Score
660+
Key Features
- No origination fees or late fees
- Customizable monthly payment
- No prepayment penalties
Pros & Cons
- You can make payments in as little as six months with MarcusPay.
- There are no fees or deposits required.
- Marcus has lower APRs for both its personal loans and MarcusPay
- You need a minimum credit score of 660 to qualify.
- Marcus will not accept joint applications.
Overview
Marcus by Goldman Sachs offers the usual personal loans, but what makes them unique from other lenders on this list is their MarcusPay program. With MarcusPay, you can finance bigger purchases into smaller chunks, paying them off in a much shorter period than loan terms typically allow.
Main Features
Marcus by Goldman Sachs offers up to $40,000 for personal loans at an APR of 6.99% to 19.99%. Customers can choose to pay back their loans in three to seven years. There are no fees, a fixed interest rate, and rewards for making payments on time for a year.
What sets Marcus apart, and why we chose it for this list, is its MarcusPay program. MarcusPay is a way to finance more significant purchases for six to 18 months. The program covers a $300-$10,000 purchase, which you can pay back with a fixed APR between 8.99% to 29.99%. And like the personal loans, MarcusPay comes without any fees.
For veterans or service members looking to finance big purchases without being stuck with payments for years, MarcusPay might be the right thing. Sometimes a smaller loan with shorter terms is all that’s needed.
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PenFed Credit Union - The Best Credit Union for Veterans
APR.
4.99% to 17.99%
Loan Amount
$600-$50,000
Min. Credit Score
Not disclosed
Key Features
- Low interest rates
- No origination fees
- You can apply with a co-borrower
Pros & Cons
- Rates start as low as 5.49% APR.
- You can check your rate without affecting your credit score.
- There isn’t an origination fee.
- You can pay off your loan early without any penalty.
- You may only borrow up to $50,000.
- There is a monthly payment minimum of $50.
Overview
PenFed is an excellent credit union for military members who want to borrow personal loans. While you must be a member to receive a loan, anyone can join, and the application process is simple.
Main Features
PenFed personal loans have excellent terms; you can borrow money for as low as 5.49% APR, with payment plans of up to 60 months. The website includes a handy loan calculator that estimates your monthly payments based on your credit score, loan amount, and term length. Unlike other banks and credit unions, there is no origination fee or early payoff penalty. They also pride themselves on having no hidden fees.
PenFed also has multiple customer service channels with helpful service, making it easy to reach out for questions or concerns. Because of its upfront, transparent nature, great service, and low rates, PenFed is an excellent credit union for veterans.
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Oportun - The Best Lender for People with Bad Credit
APR.
Up to 35.99%
Loan Amount
$300-$10,000
Min. Credit Score
580+
Key Features
- Fast funding with direct deposit
- Accepts borrowers with newer credit profiles or lower credit scores
- Flexible approved uses for the loan money
Pros & Cons
- Almost anyone can qualify for a loan.
- Checking to see if you prequalify will not affect your credit score.
- They offer co-sign and limited secured loan options.
- You may have an APR rate of up to 35.99%.
- They only offer 12 to 48-month-long repayment terms.
- Their personal loans are smaller, ranging from $300 to $10,000.
- You cannot change your payment date.
Overview
Like SoFi, Oportun does not offer a veteran or military program. Still, this is an accessible option, ideal for people with bad or even no credit scores. Because of their poor credit tolerances, Oportun’s personal loans have the highest APR rates of any others on this list, but that is to be expected.
Main Features
Oportun’s personal loans aren’t the greatest regarding affordability or flexibility, but with no minimum credit score, just about anyone can receive a loan. The APR can be as high as 35.99% for smaller loans ranging from $300 to $10,000. In some states, however, customers can receive thousands more on a secured loan if they put up their car title as collateral.
With no credit score minimums, high annual percentage rates are to be expected with this lender. While this isn’t ideal, Oportun is a good option for younger veterans or military members who may not have any credit history or experience yet. After all, it is a better option than payday or higher-interest loans.
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Upgrade - The Best Lender For Veterans with Fair Credit
APR.
5.94% to 35.97%
Loan Amount
$1,000-$50,000
Min. Credit Score
Not disclosed
Key Features
- Funding as soon as the next day
- Can be approved with fair credit
- Variety of discounts on rates
Pros & Cons
- It only takes a few minutes to apply.
- You can see your rate with no impact on your credit score.
- You can receive your funding in as little as one day after approval.
- They offer flexible payment plan options.
- There are no pre-payment fees.
- You don’t need a perfect credit history to be approved.
- There is a 0.5% discount for setting up autopay.
- Upgrade has higher APRs than many of the other options.
- All personal loans have a 2.9% to 8% origination fee.
Overview
Upgrade is an excellent lender if you’re a veteran with fair credit. They have several types of personal loans to help you achieve your dreams. You can borrow for big purchases, debt consolidation, and more, depending on your financial needs.
Main Features
This loan is great for veterans with a decent credit score above 560. The loan’s terms are flexible; you can have anywhere from 24 to 84 months to pay it off, and there’s no penalty for paying your loan early. Plus, you can borrow up to $50,000 at a fixed rate, meaning it won’t change over the term of your loan. Its 0.5% autopay discount is also a nice perk.
Upgrade offers loans that will allow you to refinance your credit cards, consolidate your debt, work on home improvement projects, and make significant purchases. This personal loan is great for veterans because of its versatility and more relaxed credit score requirements compared to other lenders on this list.
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How to Choose the Best Personal Loan for Veterans?
- Loan Features- The main loan terms, such as payback options and minimum or maximum borrowing amounts, are the first places to look. Also, check any loan limitations to know if your funds are restricted.
- Interest rates and fees - Next most important is what you’ll pay. Interest rates and fees are displayed as APR. These rates allow you to make an apples-to-apples comparison between multiple loans.
- Application process - Intrusive applications and immediate hard pulls on your credit report may be less desirable. If you need funds in a hurry, you’ll also want to know how long it takes to get approved and funded.
- Qualification process - Every lender has its own rules for criteria, including minimum credit score, income, co-signer/joint application options, and membership requirements.
- Customer support - If you need help, do you have someone to call? Is it easy to reach a human?
- Online user reviews - Reviews on sites like Trustpilot may be helpful in understanding how other customers have fared in the past.
- Perks and Bonuses - Payment discounts, easy-to-use apps, bonuses, and discounts could help tip the scales.
Main Features of The Best Personal Loans for Veterans
| Company Name | Est. APR | Min. Credit Score | Loan Amount | Loan term |
| Lightstream | 3.99% to 19.99% | 660 | $5,000 to $100,000 | 3 to 20 years |
| Upgrade | 5.44% to 35.47% | 560 | $1,000 to $50,000 | 24 to 84 months |
| AmOne | N/A | N/A | N/A | N/A |
| Marcus by Goldman Sachs | 6.99% to 19.99% | 660 | $3,500 to $40,000 | 36 to 72 months for personal loans |
| PenFed | 5.49% to 17.99% | 650 | $600 to $50,000 | Up to 60 months |
| SoFi | 6.99% to 21.28% | 680 | $5,000 to $100,000 | 24 to 84 months |
| Oportun | Up to 35.95% | None | $300 to $10,000 | 12 to 48 months |
| Upstart | 5.22% to 35.99% | 300 | $1,000 to $50,000 | 36 or 60 months |
What is a Veteran Loan?
A veteran loan is a lending product custom-tailored to the unique borrowing needs of veteran and military households. For example, a veteran loan may pause payments during your deployment period if you're ever called up for active duty. In other cases, lenders offer better rates or other features in their veteran loan products. But you shouldn’t discount general personal loans, as veterans may find a better deal with a loan not specifically marketed to them.
Why Do Veterans Need Personal Loans?
While many people can find a way to live without personal loans, some veterans find this type of loan helpful for various reasons. Some of the most common reasons to get a personal loan include debt consolidation, buying a used vehicle, covering emergency medical expenses, or funding a home expansion or remodel.
Most personal loans are unsecured, meaning the lender can’t seize your assets if you don’t pay. That’s very similar to a credit card. But you usually have a fixed monthly payment, like a student or car loan. That combination of features may be a great way to access quick cash. But only apply for this type of loan if you understand the costs and are confident in your ability to repay the loan as agreed.
How to Get a Personal Loan for Veterans
Getting a veteran personal loan usually requires a combination of steps, including a review of your credit history, income and expenses, and other details included in your loan application.
Here is a blueprint you can follow to apply for a personal loan for veterans:
- Search for the best lenders: Like any other major purchase, it’s a good idea to shop around to find the lender with the best loan terms and features for your goals and needs. Lenders have different credit requirements, loan limits, repayment periods, and other options that could make one better or worse for you.
- Compare your rates and options: When you’ve found your top two or three lenders, it’s time to go ahead and apply. Online applications often take less than 10 minutes when you have your information handy and available. When prequalifying, many lenders use a soft credit check, which doesn’t impact your credit score.
- Sign and agree to your desired loan terms: Pick the loan with the terms you want, and follow the steps to sign the loan documents. Again, this is often done online. A loan agreement is a legally binding contract, so don’t sign unless you’re sure you want the loan and are okay with the costs and repayment terms. At this point, the lender may complete the application with a hard check of your credit history, which slightly impacts your credit score for up to two years.
- Funds disbursement: If all goes well, you should be quickly approved and get access to funds. If you entered your bank account information during the application process, your funds might be disbursed through direct deposit as soon as the next day.
- Repayment period: Now you have the money, but it’s time to start your repayments soon. The first payment is often due around a month after the loan funds are sent to the borrower. Late and missed payments can severely harm your credit score, so consider automatic payments to ensure you always pay on time.
Other Financial Resources for Veterans
Borrowing money isn’t always the right solution to financial problems. Consider other financial resources for veterans that can help you keep your financial footing or avoid major financial challenges.
- Grants for veterans: Government and nonprofit organizations offer grants to qualifying veterans and their families. An example is the US Cares Emergency Assistance Program, which gives awards averaging $650 to help with monthly living expenses.
- Financial counseling for veterans: Government and nonprofits offer free and discounted financial counseling to help veterans understand their finances and make better choices. The VA is a good starting point for finding vetted counseling programs.
- Veteran loans: Veterans may qualify for special loans to start a business, buy a home (VA home loans), or for other needs.
- Veterans of Foreign Wars programs: The local VFW can be a great place to network with other veterans and access grants and other resources to help you deal with financial struggles or improve your financial knowledge.
- Military benefits: Even after your time in active duty, you may qualify for discounted healthcare, education funding, life insurance, and job training. These programs can be worth tens of thousands of dollars or more to your family.
- Personal fundraising: Personal fundraising sites like GoFundMe connect you with family and friends who may be willing to help you with a financial contribution during a time of hardship.
Conclusion
Personal loans can help veterans overcome a financial jam, get ahead of debt, or start on a major purchase or project. While personal loans are not suitable for everyone, you may find a personal loan with a low rate and low fees that works well for your goals. In almost all cases, personal loans are better than payday loans.
Consider your goals and needs when shopping for personal loans for veterans. While there is no perfect personal loan for all veterans, there is likely a best personal loan for your needs. This list should help you get started with some of the best lenders on the market today.
FAQ
What is the minimum credit score for a VA loan?
VA loans are a type of home loan reserved only for veterans. These loans come with backing from the Department of Veterans Affairs (the VA) and may offer better interest rates and more favorable qualification requirements. Most lenders require a credit score of at least 620 for a VA loan.
Can active-duty military members get loans?
Active duty military members and their families can qualify for loans. In fact, some lenders offer specialized loans for veterans and their families that include a pause of payments and interest while deployed, among other benefits. Your ability to get a loan depends on your personal credit history, your spouse’s credit history if applying jointly, and other financial information such as your income and monthly recurring expenses.
Are there any grants for disabled veterans?
Disabled veterans have access to a series of programs, including grants, that may help manage life after an injury while serving the United States. The VA, VFW, and other organizations offer many resources to find help for disabled veterans. Also, remember that you may qualify for Social Security Disability Insurance (SSDI) if you’re an injured American on permanent disability.
What are military spouse loans?
Military spouse loans are specialized loans for a legal spouse to borrow funds. These loans may require your spouse or partner to be in active military service or on deployment to qualify. There is no legal requirement to offer military spouse loans, so your results may vary widely by lender.
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