Personal Loans

The Best Personal Loans for Veterans in 2023

Learn about various personal loans designed specifically for veterans. Our in-depth guide provides valuable insights to make informed financial decisions.
A military member arrives home to a hug from his wife and child
Written by:
Shannon Lee
Edited by:
Kristin Marino verified

There are many products and services available today that are designed exclusively for veterans.

Though getting a personal loan for veterans might mean that you have to go through the same qualification process as anyone else, some online banks, traditional banks, and credit unions offer options dedicated to those who have served our country — and military banks are only for those who took part in the U.S. Armed Forces.

Let’s look at the personal loans available to veterans, as well as other ways to find the funding you need.

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Online Personal Loan Lenders

When most people look for a personal loan, the easiest solution is likely going to be an online bank.

Personal loans obtained online are just as worthy as those you can find at military banks, credit unions, and traditional banks. But they come with the added bonus of convenience.

With an online personal loan, you handle everything online, from prequalifying to making the final payment.

What is necessary to obtain a personal loan will vary from one lender to another, but for the most part, online lenders tend to have fewer minimum requirements and more flexible loan options.

In addition, there are some that will accept borrowers who have bad credit, giving you the option to rebuild that credit score with timely payments.

Pros & Cons of Online Personal Loan Lenders

Here are some of the best personal loan options from online lenders.


This online bank has one of the highest personal loan amounts possible, $100,000, with a minimum of $5,000 and excellent interest rates.

However, you must have equally excellent credit to qualify for the higher amounts.

Those who do will find no fees, a rate discount for autopay, the option of a joint loan, and even a hardship program for those who run into trouble during the course of repayment. The robust mobile app makes it easy to manage the loan.

Read our SoFi Personal Loan review.


No credit or bad credit? Upstart offers a lifeline for those who need a little extra help, providing a soft credit check, very fast funding, and the option to change your payment due date on loans between $1,000 and $50,000.

However, there are only two repayment options and you might be charged an origination fee.

In addition, there is no mobile app to manage the loan on the go, so expect to log in the old-fashioned way.

Read our Upstart Personal Loan Review.

OneMain Financial

Expect higher than usual interest rates with OneMain Financial, but keep in mind that they cater to those who have bad credit and might not be able to get a loan elsewhere.

Joint and secured loans are possible, as is the option to choose and change your due date to better suit your financial needs.

Funding is fast and so are the direct payments to creditors for debt consolidation.

Keep in mind that prequalification tells you if you might be approved but doesn’t allow you to review potential rates.

Read our OneMain Financial Personal Loan Review.

Military Banks & Credit Unions

Military banks and credit unions cater specifically to service members, veterans, and their families.

These banking institutions offer a wide range of products, including personal loans. Just as with traditional or online banks, these lenders require a minimum credit score, income, debt-to-income ratio, and other important points to approve your loan.

However, you might find that the rates are more competitive and the amounts you could borrow might be higher than what you can obtain through an online lender.

Pros & Cons of Military Bank & Credit Union Personal Loans

Here are some great military banks and credit unions to choose from.

Navy Federal Credit Union

With over eight million members, Navy Federal Credit Union is well-known for serving those with military ties.

Members who choose a personal loan can obtain up to $50,000 in funding with up to 60 months to pay it back.

There is also a minimum; those who want the funds for a home improvement project can borrow a minimum of $25,000 and pay it back in between 61 and 84 months; all other loans can be borrowed at a minimum of $30,000 with repayment between a very generous 85 and 180 months.


USAA Bank personal loans are available only to members and offer some of the lowest interest rates among banks; however, there is no option to qualify with a soft credit check.

You can opt for a joint loan, get a discount for autopay, get funded within one day, and choose a loan of between $2,500 and $100,000. Repayment is available from one to seven years and the loan is available in all 50 states.

Armed Forces Bank

The Military Access Loan is a personal loan that caters to members of the bank who have not-so-good credit.

Unlike many other personal loans, Armed Forces Bank allows you to use this loan for tuition if that’s what you prefer to do.

Automated payments are required to pay off the $1,250 loan; other loans allow you to borrow up to $15,000 but might not have as advantageous terms.

Traditional Banks

Most traditional banks and credit unions will offer personal loans spanning a wide variety of funding amounts and payback terms.

While these might not offer personal loans specifically designated for veterans, they often provide better interest rates and terms as long as you have good credit.

If you have an existing relationship with one of these banks, such as a CD or checking account, you might have an easier time getting a personal loan. Traditional Banks will take the existing relationship and your account history with them into account when making their decisions.

In addition, you can speak to someone face-to-face, which can make it easier to explain negative points on your credit report.

Pros & Cons of Traditional Bank Personal Loans

Here are some traditional bank options available in much of the country.

TD Bank

These unsecured personal loans can range from $2,000 to $50,000 in funding that can be awarded within one business day.

There is no origination fee, the option to change your due date once the repayment begins, and no minimum credit score; the bank takes a holistic approach to your application.

There are few perks here, however, with no rate discounts and no direct payment to creditors. The loans are available in a limited number of states.

US Bank

Available in 26 states across the nation, US Bank is home to personal loans from as little as $1,000 to up to $25,000.

There are many repayment options as well as a rate discount if you choose autopay. There are even joint loan options for those who have a lower than 680 minimum credit score or need a bump in income to get over the debt-to-income ratio requirement.

There is no direct payment to creditors.

PNC Bank

This bank offers personal loans of between $1,000 and $35,000, with a wide variety of repayment options and no origination fee.

You can opt for a joint loan as well as having payments distributed to creditors if you want to consolidate debt.

The options vary by location, however, and it might require a personal visit to the bank to complete the loan application. PNC Bank personal loans are available in all 50 states.

How to Find the Best Personal Loan for Veterans

When looking for the best loans for veterans, you might be in luck with banks and credit unions that provide some sort of discount on fees for those who are current or former military.

In general, you’ll want to compare the same points you would for a personal loan under any circumstance, including the following:


Look for a loan company that does a soft credit check, which doesn’t affect your credit score.

Prequalification gives you the information you need to decide if you want to proceed, such as the interest rate, the amount you qualify for, and a ballpark idea of your monthly payment.


The annual percentage rate includes your interest rate for the personal loan as well as fees.

The higher the APR, the more expensive it will be for you to borrow the money. The total cost will depend upon your repayment terms, but all things being equal, a lower APR means a better loan for your budget.

Time to Funding

Online lenders are the fastest for funding, with your money available within one or two business days. Some even offer same-day funding. Expect to wait for up to a week or so with traditional lenders.

Ease of Applying

What does it take to get the loan? Many banks require a credit check, proof of income, and basic information to determine your debt-to-credit ratio. Having these items readily available will help the process move along faster.

Repayment Terms

Personal loans usually have terms of between two and seven years, but some offer terms of up to 15 years.

Remember that a longer term results in smaller monthly payments but eventually costs you more in interest.

Make sure the monthly payments are something you can handle, as missing one can lead to a serious hit on your credit score.

Bonus Features

Look for features lenders will use to sweeten the deal, such as a certain percentage off the APR if you use autopay, the option to send the funds directly to your creditors to consolidate debt, or financial education that can help you stay on track with your money.

Financial Resources for Veterans

Sometimes a personal loan is the best option; but sometimes, there are other ways to get the funding you need without worrying about interest rates or monthly payments. If you have an emergency situation, you’re dealing with medical bills, or you have other reasons that you could possibly get financial help from the government or local organizations, these financial resources for veterans can help you find the assistance you need.


Other Financial Help

  • VA Home Loans are designed for active-duty military and veterans with the aim of helping them get affordable housing. If you already have this loan, you can use a good portion of your home’s equity for a VA cash-out refinance.
  • Military car loans can provide lower interest rates and better terms for military personnel.

Federal Benefits and Job Training

If you’re looking for more income or a different job, there are several good options.

  • Hiring Our Heroes is an initiative by the U.S. Chamber of Commerce Foundation that helps veterans, service members, and their spouses find gainful employment.
  • Blue Star Families provides free resources and detailed services to military families.
  • USA Jobs is the official website for positions with the federal system. Though anyone can apply for the jobs listed here, preference is often given to veterans.
  • offers in-depth information for veterans and service members, especially those who need service-related accommodations to find proper employment.

The U.S. Department of Veterans Affairs provides guidance to all benefits offered to military members.

This site also offers a full list of Veterans Service Organizations. And finally, wounded, ill, or injured service members can find a wealth of information on benefits in the Department of Defense Compensation and Benefits Handbook.