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Whether you need to finance an unexpected expense or a job relocation as a veteran or military member, there are a handful of veteran and military loans available. You can either choose a credit union that caters specifically to veterans and military members or a bank or online lender that offers favorable terms but doesn’t require you to be a veteran or active-duty military member to apply.

Credit unions that cater to veterans and military members typically offer benefits and perks, like discounts on car rentals and access to car-buying programs. Banks and online lenders, on the other hand, typically don’t offer those benefits but often provide an autopay discount. The mix of benefits, discounts and terms you want to receive usually points you in the direction of the right military personal loan for you.

Compare Personal Loan Rates

Best Personal Loans for Veterans & Military Members of March 2024

BEST OVERALL FOR VETERANS & MILITARY MEMBERS

Navy Federal Credit Union

Why We Picked It

Since 1933, Navy Federal has grown from seven members to over 10 million, making it one of the most common credit unions for veterans or members of the armed forces. Not only that, but it also aims to “be the most preferred and trusted financial institution serving the military and their families.” Its reputation in the market and excellent products makes for an easy decision to include it as one of the institutions to find the best personal loans for veterans.

Navy Federal offers personal loans from $250 to $50,000, making it the lender with the smallest minimum loan limit. Loan limits of this range give veterans the ability to finance purchases of all different sizes. What’s more, repayment terms of up to 60 months are available. Applying for a loan with shorter repayment terms, however, will save you money on interest over the life of your loan.

Navy Federal personal loans have interest rates from 8.99% to 18%. The lowest of the range, is reserved only for loans with terms of up to 36 months and applicants with excellent credit. Active duty members also can receive a 0.25% autopay discount; however, non-active duty members cannot receive this perk.

Pros & Cons

  • No prepayment penalties
  • 0.25% autopay discounts for active duty members
  • Same-day funding
  • $29 late fee applied when you’re 10 days past due
  • No autopay discounts for non-active duty personnel
  • Lowest APR applies only to loans with terms of up to 36 months

Details

Eligibility: You must be a member of Navy Federal to apply. To become a member, you or one of your family or household members must have ties to the armed forces, Department of Defense or National Guard. Members can apply online. Navy Federal does not have a minimum credit score requirement; however, borrowers with higher credit scores have a better chance of qualifying and receiving favorable terms. We recommend a minimum score of 670.

Loan uses: You can use Navy Federal personal loans for unplanned and planned expenses, including auto repairs, vacations and other major purchases; you cannot use them for higher education or to purchase a home. If you need to consolidate debt or finance a home improvement project, Navy Federal has personal loans designed specifically for those expenses.

Turnaround time: Navy Federal offers a simple online application process and different fund disbursement methods. The quickest way to receive your funds is through an automatic deposit, which you can receive immediately after approval.

BEST FOR A VARIETY OF BANKING NEEDS

USAA

USAA

Minimum Credit Score

USAA does not disclose this information

APR range

10.19% to 18.51%

with autopay

USAA

USAA does not disclose this information

10.19% to 18.51%

with autopay

Why We Picked It

USAA is a full-service institution that offers insurance, banking and investing, making it a one-stop shop for veterans and military members who prefer to open loans and bank accounts under one bank. The opportunity to manage both your loans and cash with one bank can help you streamline your money and make your life easier.

USAA offers personal loans from $2,500 to $20,000 with repayment terms of up to 84 months. Rates range from 10.19% to 18.51%, which includes a 0.25% autopay discount; the lowest rates are reserved for members and applicants with the highest credit scores.

Not only can you open various banking products and services with USAA, but it also provides advice. USAA will help you prepare for major life events, both big and small. As a member, you have the opportunity to receive financial advice, helping you take control of your spending and saving.

Pros & Cons

  • No prepayment fees
  • Autopay discount available
  • Offers a variety of banking products and financial advice
  • Funds only dispersed Monday through Friday
  • 5% late fee
  • Smaller loan limits than other lenders that cater to veterans

Details

Eligibility: You must be a member of USAA to apply. Membership is available to U.S. military members and their spouses, as well as children of USAA members. Precommissioned officers, including cadets, midshipman and officer candidates, also are eligible for membership.

You can become a USAA member online, and you also can apply for a loan online. USAA doesn’t have a minimum credit score requirement, but members with higher scores can qualify more easily and receive more favorable terms. We recommend a minimum score of 670.

Loan uses: You can use USAA personal loans for various personal expenses, including bills, remodels, repairs and unexpected expenses. Personal loans are typically flexible to meet your needs. However, you can’t use USAA personal loans to finance higher education expenses or to purchase a home.

Turnaround time: USAA provides a quick and easy online application. Once approved, funds are dispersed within 24 hours through a direct deposit into a USAA bank account (Monday through Friday only).

BEST FOR SMALL LOANS

PenFed

Why We Picked It

Although PenFed was originally created to serve U.S. military members and veterans, in addition to federal employees and retirees, it has expanded its membership to non-military members. PenFed has several federal partners, including the American Society of Military Comptrollers, Coast Guard Auxiliary Association, Navy League of the United States and United States Army Warrant Officers Association.

PenFed offers fixed-rate, low-interest loans that start $600 to $50,000. If you’re looking for a mix of low interest rates and high loan limits, PenFed may not be the choice for you; look toward LightStream for higher limits.

PenFed personal loans carry rates from 8.49% to 17.99%, based on your application and credit information. Applicants with higher credit scores can typically snag the lowest rates. What’s more, PenFed also boasts no title or deed requirements, no early payoff penalty and no origination or hidden fees. Although PenFed is located on the East Coast, borrowers will have around-the-clock access to their accounts through the PenFed mobile app.

Anyone can apply for a loan through PenFed; however, if you’re approved and choose to move forward with your loan, you’ll need to become a member of the credit union. Becoming a member is easy, and it typically only takes a few minutes. While the membership is free, you’ll need to make a deposit of at least $5 into a new PenFed savings account.

Pros & Cons

  • No origination or hidden fees
  • Funds could be available the next day
  • Few qualification requirements
  • Branches only located on the East Coast
  • Must open a PenFed savings account to become a member

Details

Overview: Although PenFed was originally created to serve U.S. military members and veterans, in addition to federal employees and retirees, it has expanded its membership to non-military members. PenFed has several federal partners, including the American Society of Military Comptrollers, Coast Guard Auxiliary Association, Navy League of the United States and United States Army Warrant Officers Association.

Although PenFed is located on the East Coast, borrowers will have around-the-clock access to their accounts through the PenFed mobile app. Anyone can apply for a loan through PenFed; however, if you’re approved and choose to move forward with your loan, you’ll need to become a member of the credit union. Becoming a member is easy, and it typically only takes a few minutes. While the membership is free, you’ll need to make a deposit of at least $5 into a new PenFed savings account.

Eligibility:

  • Be a PenFed member
  • Minimum credit score: 650
  • Can apply with a co-borrower

Loan uses:

  • Debt consolidation
  • Home project
  • Medical expenses

Best Personal Loans for Veterans & Military Members With Good Credit

BEST OVERALL FOR VETERANS & MILITARY MEMBERS WITH GOOD CREDIT

SoFi®

APR range

8.99% to 29.99%

with autopay

8.99% to 29.99%

with autopay

Why We Picked It

SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.

Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.

Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.

However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts, including unemployment protection and the ability to change their payment due date once a year.

Pros & Cons

  • Prequalification with soft credit check
  • Funding in as little as one to two days
  • High loan amounts and lengthy terms
  • Does not offer direct payment to third-party creditors for debt consolidation
  • Some applicants report difficult qualification standards
  • Co-signers are not permitted

Details

Eligibility:  Personal loan applicants should have a minimum credit score of 650. However, many successful applicants have a score of 700 or higher. Applicants also must have an annual income of at least $45,000, though the average income of a SoFi borrower is over $100,000.

Loan uses:  In general, SoFi personal loans are limited to use for personal, family and household purposes. This means a borrower can use loan funds to cover things like medical costs, credit card consolidation, home improvements and relocation costs. However, SoFi loans cannot be used to fund a new business venture, the purchase of real estate, investments and securities, post-secondary education or short-term bridge financing.

Turnaround time:  Borrowers typically receive funds within a few days—or as soon as the next business day after approval and acceptance of terms. However, funding times may be longer than a few days—especially for loans over $20,000.

BEST FOR LOW INTEREST RATES

LightStream

APR range

7.49% to 25.49%

with autopay

7.49% to 25.49%

with autopay

Why We Picked It

LightStream is a consumer lending division of Truist—which formed following the merger of SunTrust Bank and BB&T. The platform offers unsecured personal loans from $5,000 to $100,000. Loan amounts vary based on the loan purpose. Although a number of lenders offer smaller loans than the LightStream minimum, few lenders offer a higher maximum loan. Repayment terms are available from two to seven years, making it an excellent option for those who want to spread out the payment of large expenses over time.

In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay—higher than most lenders with the same perk—as well as a 30-day loan experience guarantee to ensure borrower satisfaction, Covid-19/hardship assistance and a rate-beat program. LightStream will beat a competitor’s interest rate by 0.1 percentage point for applicants who meet certain criteria.

LightStream offers loans in all 50 states plus Washington, D.C., and applicants can contact the lender’s customer support team seven days a week; current borrowers have access to customer support from Monday through Saturday. While LightStream doesn’t offer a mobile app for loan management, customers can access their account through LightStream.com.

Pros & Cons

  • No origination, prepayment or late fees
  • Low, competitive rates
  • Fast approval and funding
  • No prequalification process
  • No due date flexibility
  • Limitations on use of loan proceeds

Details

Eligibility:  LightStream recommends applicants have good to excellent credit before applying for a personal loan. To increase their chances of approval, applicants also should have several years of credit history, including multiple account types, as well as an income that is stable enough to service current debts and a new LightStream loan.

LightStream doesn’t give prospective borrowers the ability to prequalify for a loan. This fact—combined with the minimum credit score requirement—makes the platform a better fit for those with a strong credit profile. Applicants with excellent credit also are more likely to get favorable terms. LightStream does not allow co-signers, but prospective borrowers can submit a joint application.

Loan uses:   LightStream’s personal loans can be used for a wide range of purposes, from purchasing a new car, RV or jewelry to paying for home improvements. However, LightStream really stands out, because loans can be used to finance land, timeshares and so-called tiny homes. As with other top lenders, LightStream prohibits use of its personal loans for post-secondary education costs, business purposes and illegal activities. Borrowers also are prohibited from using LightStream loan funds to refinance an existing LightStream loan.

Turnaround time:   LightStream borrowers can receive funds as soon as the same day if the loan is approved before 2:30 p.m. Eastern time on a banking business day. To receive same-day funding, the applicant also must review and electronically sign the loan agreement; provide LightStream with funding preferences and relevant banking information; and complete the final verification process—all before 2:30 p.m. on the day the loan is approved.

Best Overall For Veterans & Military Members With Bad Credit

BEST OVERALL FOR VETERANS & MILITARY MEMBERS WITH BAD CREDIT

Upgrade

Why We Picked It

Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.

Loans amounts, which range from $1,000 to $50,000. Upgrade has two- to seven-year terms  available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Pros & Cons

  • Low minimum credit score requirement
  • Borrowers can use loans to cover business expenses
  • Offers direct lender payoff for debt consolidation loans
  • High APR range
  • Charges fees for origination, late payment and insufficient funds

Details

Overview: Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services.

Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.

Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.

Eligibility: 

  • Minimum credit score: 580
  • No minimum income requirement
  • Allows co-applicants

Loan uses:

  • Debt consolidation
  • Home projects
  • Large expenses
  • Business expenses

BEST FOR A RANGE OF REPAYMENT OPTIONS

Avant

Why We Picked It

Founded in 2012 and based in Chicago, Avant is a consumer lending platform that offers secured and unsecured personal loans through a third-party bank (WebBank). Unsecured loans are available in Washington, D.C. and every state but Hawaii, Iowa, New York, Vermont, West Virginia and Maine. The platform specializes in middle-income borrowers with fair to good credit and only requires a minimum score of 580 to qualify.

Maximum loan amounts are low compared to other lenders, but the low minimum amount and flexible repayment terms (two to five years) make it an accessible option for borrowers. However, as with many loans for subprime borrowers, Avant personal loans come with a price. In addition to charging an administrative fee of up to 4.75% of the loan amount, Avant’s APR range (9.95% to 35.99%) is on the high end for applicants with a good to excellent credit score—and there is no autopay discount. Still, the platform earns top marks for borrowers with less than stellar credit who need quick access to funds.

It’s also worth noting that Avant agreed to a $3.85 million settlement with the Federal Trade Commission (FTC) in April 2019. According to FTC documents, the lawsuit was filed in response to allegations that, among other things, Avant charged consumers late fees and interest they didn’t owe and collected payments from customers without permission or in amounts larger than authorized. We reached out to Avant to find out what they’ve done to adjust practices since the settlement but did not receive a response. Even so, Avant has a high 4.7 star rating on Trustpilot.

Pros & Cons

  • Secured and unsecured loan options available
  • Low credit score requirement (580)
  • Loan terms available up to 60 months
  • Charges an upfront administrative fee
  • High starting APR for prime borrowers
  • Co-signers and co-applicants not allowed

Details

Eligibility:  Avant aims to provide credit services to a range of customers, including those with fair credit. For that reason, Avant has a minimum credit score requirement of 580, with the average borrower score between 600 and 700. Likewise, Avant focuses on low- to middle-income borrowers and has a minimum income requirement of just $20,000, though most borrowers have an average household income of $40,000 to $100,000.

To expand eligibility, Avant also will consider more than just your employment income, including alimony and child support, and may include the income of other people within your household. That said, Avant does not allow co-signers or co-applicants.

Loan uses:  As with many other personal loan providers, Avant loans can be used to consolidate debt and pay for things like medical expenses, auto repairs, home improvements moving or vacations and travel. Avant borrowers cannot use personal loan funds to cover business expenses, but the platform does allow current borrowers to refinance their existing Avant loans with another loan—possibly with a lower APR.

Turnaround time:  Avant applicants who are approved for an unsecured loan before 4:30 p.m. Central time Monday through Friday may receive their funds the next business day. However, as with other lenders, the funding timeline varies depending on the borrower’s bank. It can also take longer for borrowers who take out secured loans.

BEST FOR A LOAN FROM A TRADITIONAL BANK

Wells Fargo

APR range

7.49% to 23.24%

with autopay discount

7.49% to 23.24%

with autopay discount

Why We Picked It

Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. While longer term lengths, such as 84 months, will decrease your fixed monthly payment, you will pay more interest over the life of your loan compared to a loan with terms of, let’s say, 12 months.

Wells Fargo personal loans boast interest rates from 7.49% to 23.24% for customers who qualify for the 0.25% relationship discount. To qualify, you need to have a Wells Fargo checking account and make automatic payments from a Wells Fargo deposit account.

Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online. New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.

Pros & Cons

  • Receive funds the next business day, if approved
  • 0.25% discount when you enroll in autopay
  • No origination fees or prepayment penalty
  • Must have a Wells Fargo checking account to receive 0.25% discount
  • New Wells Fargo customers will need to visit a branch to apply
  • No option to prequalify

Details

Overview: Wells Fargo offers fixed-rate personal loans with limits between $3,000 to $100,000 and repayment terms from 12 to 84 months. Although Wells Fargo is available to anyone in the United States, only current Wells Fargo customers will be able to apply online.

New customers will need to visit a branch location. Wells Fargo does not have branch locations in Indiana, Kentucky, Louisiana, Ohio, Oklahoma, Maine, Massachusetts, Michigan, Missouri, New Hampshire, Vermont or West Virginia.

Eligibility:

  • Doesn’t disclose minimum credit requirement
  • Doesn’t disclose minimum income requirement
  • Doesn’t allow co-signers or co-borrowers

Loan uses:

  • Debt consolidation
  • Home improvement
  • Medical bills

Tips for Comparing Personal Loans for Veterans & Military Members

When comparing personal loans for veterans and military members, you should:

  • Consider possible discounts. Our list includes a mix of credit unions, banks and online lenders. Because credit unions require memberships, they also often offer member perks and discounts, including deals on auto insurance, car rental savings and vehicle buying programs. You typically won’t see these perks at a bank or online lender; those institutions generally offer autopay discounts only. Consider which is more valuable to you.
  • Compare the top-end range of interest rates. If you have bad credit, be aware of interest rates. Because rates largely depend on your qualifying credit score, you’re likely to land a rate at the top-end of the range with bad credit. So, when comparing personal loans for veterans and military members with bad credit, be sure to compare the maximum rate.
  • If possible, prequalify with a provider. Several providers offer the opportunity to prequalify you for a personal loan. This means you can submit details like your income information, desired loan use, housing situation and other information to learn about potential loan limits, rates and repayment options. Prequalifying also only requires a soft credit check, which doesn’t hurt your credit score, so you can safely find the best rates.
  • Check for additional fees. Some personal loan providers offer no origination fees, late payment fees or prepayment penalties. However, there are some that may charge all or a few of these fees. When comparing personal loans for veterans, be sure to look at the fee structure beyond the potential interest rate you can receive.
  • Evaluate the lender’s customer support options. If you’ve found a lender, there’s one more thing to consider before signing the loan agreement. While customer support may not seem like a big deal, it can make a huge difference if you encounter issues with payments or face a financial hardship during your repayment period. Review the lender’s customer service resources and read reviews to make sure it’s a good fit.

Methodology

We reviewed 20 popular lenders based on 14 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We grouped loans into three categories: veteran-specific, good credit and bad credit.

Within each category, we also considered several characteristics, including loan amounts, repayment terms, APR ranges and applicable fees. We also looked at whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification and mobile apps.

Below you will find the methodology used for each category.

Personal Loans That Cater to Veterans & Military Members Methodology

We chose lenders that cater to veterans and military members and ranked them based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 20%
  • Eligibility and accessibility: 20%
  • Customer experience: 15%
  • Application process: 10%

Personal Loans for Veterans & Military Members With Good Credit Methodology

We chose lenders that have a minimum credit score requirement of 660 and ranked them based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 20%
  • Eligibility and accessibility: 20%
  • Customer experience: 15%
  • Application process: 10%

Personal Loans for Veterans & Military Members With Bad Credit Methodology

We chose lenders that have a minimum credit score requirement of 600 or lower and ranked them based on the weighting assigned to each category:

  • Eligibility and accessibility: 30%
  • Loan cost: 25%
  • Loan details: 20%
  • Customer experience: 15%
  • Application process: 10%

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.

Related: Compare Personal Loan Rates

Why Do Veterans and Military Members Need Personal Loans?

Veterans and military members may come to a point in their lives where they need to cover unexpected expenses, medical bills, home improvement projects or consolidate high-interest debt. What’s more, veterans moving back into civilian life may face financial challenges, such as the loss of military benefits or difficulty finding a job. Personal loans can help these groups of people access necessary funds and financing when they need it most.

How to Apply for Veteran and Active-duty Military Loans

While the process varies by lender, follow these general steps to apply for veteran and active-duty military loans:

  • Check your credit score. First, check your credit score for free through your credit card issuer or another website that offers free scores. This will help you understand your creditworthiness and qualification chances. Aim for a score of at least 610; however, a score of at least 720 will yield the most favorable loan terms.
  • If necessary, take steps to improve your credit score. If your score falls below 610 or you want to boost your score to receive the best terms possible, take time to improve your score before applying, such as repaying debt and lowering your credit usage.
  • Determine how much you need to borrow. Once you check your credit score, calculate how much money you need to borrow. Only borrow what you need because you’ll receive your money as a lump sum and pay interest on the entire amount.
  • Shop around for the best terms and interest rates. Many lenders let you prequalify before applying, which lets you see the terms you may receive with just a soft credit inquiry. Prequalifying lets you shop around for the best rates without hurting your credit score. Be sure to compare lenders that specifically cater to veterans and military members along with traditional online lenders available to all civilians.
  • Submit your application. After you find a lender that offers you the best terms, submit your application online or in person. This process can take a few hours to a few days, depending on your lender.

Related: 5 Personal Loan Requirements To Know Before Applying

How To Qualify for a Personal Loan for Veterans and Military Members

Each lender sets its own specific borrowing requirements, and most examine the following when evaluating your application: 

  • Credit score and history. Lenders review your credit score and history to see how you’ve managed credit in the past and to assess your risk as a borrower. Minimum requirements vary, but a good or excellent score and positive credit history will help you qualify for the best rates. 
  • Income. A stable source of income is important, as lenders want to see that you have the means to repay your loan and won’t fall behind on payments. Lenders may ask to see pay stubs, bank statements or other documents to verify your income.
  • Debt-to-income (DTI) ratio. Your DTI shows the amount of money you pay toward debts each month compared to your gross income. Lenders generally prefer a DTI of 36% or less, but some may allow a DTI up to 50%. 

If you borrow a secured personal loan rather than an unsecured one, you’ll have to back your loan with collateral. Some lenders let you apply with a co-borrower or co-signer, which could boost your chances of approval (or help you access better rates) if you’re having trouble getting the loan on your own.

Financial Resources for Veterans and Active-duty Military

Veterans can access a plethora of support beyond personal loans, such as specific programs, benefits, resources and financial assistance. You can search for different financial resources for veterans through the following websites:

  • USA.gov. Provides information regarding military and veteran benefits like health care, housing and education. You can also find programs that help with military life, including job search help for spouses and support during deployments.
  • PenFed Foundation. Here you’ll find a wide variety of emergency financial resources available to veterans and service members.
  • Veterans Families United. Get information about veteran and military financial assistance. Programs range from financial support, career counseling, housing assistance and recreational therapy programs to assistance for the wounded, mortgage support and advocacy assistance.

What Grants Are Available for Disabled Veterans?

There are a variety of grants and benefits available for disabled veterans. Some of these include: 

  • Specially Adapted Housing (SAH) Grant: This grant offers up to $109,986 to buy, build or renovate a long-term home. 
  • Special Home Adaptation (SHA) Grant: Available for up to $22,036, the SHA Grant lets you buy, build or change a permanent home that you or a family member own if you have a qualifying service-connected disability. 
  • Temporary Residence Adaptation (TRA) Grant: This grant offers between $7,910 and $44,299 to disabled veterans who are living temporarily in a family member’s home that needs accommodations to meet their needs. 
  • VA Disability Compensation: This benefit offers tax-free payments each month to veterans who became sick or injured while on active duty or whose service worsened an existing condition. 
  • Total and Permanent Disability (TPD) discharge: Veterans with federal student loans can qualify for student loan discharge through the TPD program. 

The U.S. Department of Veterans Affairs website provides more information on benefits for disabled veterans, including those related to healthcare, education, training and housing assistance. 

Best Personal Loans for Veterans & Military Members Ratings of March 2024

Best Personal Loans for Good Credit

Best Personal Loans for Bad Credit

Frequently Asked Questions (FAQs)

How long do you have to be in the military to qualify for a VA loan?

You must serve for 90 continuous days in the military to qualify for a VA loan, which is a type of loan that helps servicemembers, veterans and their families purchase homes.

Does the VA offer personal loans?

The Veterans Affairs (VA) does not offer personal loans. VA loans give military service members and veterans the ability to purchase a home. Militarybenefits.info also states, “You cannot buy a home with a VA loan, apply for more money than you need to purchase and close the deal and take the remainder in cash.” This means there isn’t a loophole for using VA loan money to finance personal expenses, as you would with a traditional personal loan.

What credit score do I need to get a personal loan as a veteran?

Minimum credit score requirements vary depending on the lender you choose to apply with. Because loan terms, such as interest rates, fluctuate based on your credit score, it’s always a good idea to improve your credit prior to applying for a loan. A score of at least 670 can help get you the most favorable loan terms. However, there are bad credit veteran loans available that require a minimum credit score of 580.

Can active-duty military members get loans?

Yes. Active-duty military members can access financing while they are serving the country. Similar to veterans, active-duty members have the choice of applying for a personal loan through a credit union that caters specifically to military members or a traditional bank or online lender. However, credit unions that require military service for membership typically have more perks and benefits that can assist active-duty members.

Do veterans get free loans?

Veterans, along with active-duty military members, don’t get free loans. However, they may be eligible for interest-free loans, where the borrower only pays back the borrowed amount. They may also be eligible for grants, which is a lump-sum amount of money that doesn’t have to be repaid and might be seen as a free loan.

Where can you find emergency loans for veterans?

Emergency loans help cover unexpected expenses, including medical bills, rent or mortgage payments, utilities, funerals and home or car repairs. Veterans can find the best emergency loans through a variety of online lenders.

Are there any grants for disabled veterans?

The U.S. Department of Veterans Affairs offers housing grants for veterans and service members with specific service-connected disabilities to help them buy or change a home to live more independently. These grants include Special Housing Adaptation (SAH) and Temporary Residence Adaptation (TRA) Grant. You can apply online.

What are military spouse loans?

Military spouse loans are personal loans that cater to active-duty military members that also include spouses as eligible borrowers. For example, from the lenders on our list of the best personal loans for veterans and military members, Navy Federal Credit Union, USAA and PenFed offer military spouse loans.

Next Up In Personal Loans

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