Best Personal Loans for Veterans Comparison
| Lender | APR Range | Origination Fee | Score Requirement |
| SoFi | 8.99% - 29.99% Fixed APR with all discounts | $0 | 680 |
| PenFed | 7.99% - 17.99% | $0 | Not disclosed |
| Citizens Bank | 6.79% - 20.88% | $0 | 680 |
| LightStream | 7.49% - 25.99% | $0 | 660 |
| Achieve Personal Loans | 8.99% - 35.99% | 0% - 6.99% | 620 |
| Avant | 9.95% - 35.99% | Up to 4.75% | 600 |
| USAA | 7.24% - 17.65% | None | Not disclosed |
| Navy Federal Credit Union | 8.99% - 18% | $0 | Not disclosed |
| Wells Fargo | 7.49% - 23.24% | $0 | 660 |
6 Tips for Veterans Interested in Loans
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Consider both military-affiliated and non-military-affiliated lenders
There are some lenders that cater specifically to military personnel and their families. While these lenders may offer good terms, there are plenty of other lenders that don’t have any kind of military affiliation that also have good deals. You don’t need to limit yourself to military-affiliated lenders, as there typically aren’t any special discounts just for being a veteran. -
Come up with a financial plan
It’s important to have a clear budget in any household, not just a military one. But if you’re readjusting to civilian life after serving your country, you’ll want to make sure things are on track from the start.
With that in mind, make a clear list of all your expenses, cut out luxuries you can’t afford, and set up automatic payments for other bills, where possible. Proper budgeting may be able to reduce your need for a loan, if you can cut out enough unnecessary expenses. And if you do need to take out a loan, having a clear budget will make it easier for you to keep up with your monthly payments. -
Keep on top of your credit
Check your credit score and report for free on WalletHub on a regular basis. It’s important to not only see the progress you’re making but also to make sure that nothing is out of place. You should file a dispute to get any incorrect or fraudulent credit-report information removed as soon as possible. -
Continue your education
If you have loans or other debts to pay back, the last thing on your mind may be getting more schooling. But as a veteran, you’ll be eligible to receive money from the government toward your education after your service. The more education you have, the more money you’re likely to make in the future. You could go to school part time while working to pay off debts you currently have, too. - Put your skills to work
During your time in the military, you’ve surely developed some impressive skills. If you’re not of retirement age yet, try to find an industry where you can put those to work. Plenty of employers will be eager to hire applicants who have served their country. Having stable employment and a steady income will help improve your chances of qualifying for a personal loan, as well. -
Take advantage of any programs you can
If you ever go back into active duty, you can take advantage of your SCRA benefits to lower your interest rates, protect against foreclosures and get a whole host of other financial assistance. You could also get financial assistance/counseling from the Homeowner’s Assistance Program, Veteran’s Administration, American Legion and Military OneSource, among other sources.
Other Financial Resources for Veterans
There are quite a few resources available to veterans that can either make the cost of a loan more manageable or provide other kinds of financial assistance.
- SCRA: If you ever go back into active duty, you can take advantage of your SCRA benefits to lower your interest rates, protect against foreclosures and get a whole host of other financial assistance.
- Department of Veterans Affairs: This agency puts out a detailed guide on federal benefits that are available to veterans, including a number of financial resources.
- Small Business Administration: The SBA offers Veterans Advantage Loans, which help veterans start or grow their small business.
- Veterans of Foreign Wars: The VFW Unmet Needs Program offers grants of as much as $1,500 to help veterans afford essential expenses.
- U.S. Chamber of Commerce Foundation: You can join the Hiring Our Heroes program, which helps veterans get jobs through job fairs, networking and resume improvement.
- Blue Star Families: This organization offers free resources like webinars and technical training.
- Rebuild Hope: This nonprofit offers financial grants for emergency expenses to veterans of the conflicts in Iraq and Afghanistan.
- Modest Needs: This organization offers the Homecoming Heroes Grant, which helps veterans who have recently returned to the U.S. deal with emergency expenses.
- American Legion: This organization offers cash grants for essential expenses.
- USA Cares: Veterans from the post-9/11 era can apply for grants to help with financial troubles.
- Military OneSource: This organization offers free financial counseling to veterans.
These are some of the most prominent financial resources available to veterans, but there are plenty of other organizations out there that are willing to lend a hand.
Methodology for Selecting the Best Personal Loans for Veterans
To identify the best personal loans for veterans, WalletHub’s editors looked at offers from nearly two dozen of the largest lenders on the market. We compared these lenders based on six overall categories: APRs, loan sizes, fees, loan requirements, transparency and the application process. In addition to the best overall personal loans for veterans, which are usually available to people with a credit score of at least 660, WalletHub also picked out the best personal loans for veterans with lower credit scores.
