Best personal loans for veterans and military of May 2024

If you need fast access to cash, SoFi could be a good choice — if you’re approved, you could get your funds as soon as the same day. Its loans range from $5,000 to $100,000 with repayment terms from two to seven years. The lender also charges no fees on its loans.

Additionally, your interest rate could be capped at 6% under the SCRA if you’re called to active duty after taking out your loan. SoFi members also have access to several benefits and protections — including financial planning — and can take advantage of rate discounts, such as for autopay and existing account holders.

Keep in mind that you’ll need a credit score of at least 680 to qualify for a loan from SoFi. Its minimum annual percentage rate (APR) is also higher compared to some lenders.

• Interest rates: 8.99% to 29.49%.
• Loan amounts: $5,000 to $100,000.
• Repayment terms: 2 to 7 years.
• Military benefits: Interest rate capped at 6% under the SCRA on loans taken out prior to active duty.
• Discounts: Autopay (0.25%) and existing account holder (0.125%).
• Fees: None.
• Min. credit score: 680.
• Can apply with a co-signer: No (but can apply with a joint applicant).
• Time to fund: As soon as the same day after approval.

In addition to payment cards as well as savings and checking accounts, Upgrade offers personal loans from $1,000 to $50,000. Its repayment terms range from two to seven years — a helpful option if you’d like to spread your payments out over a longer period of time.

Upgrade also accepts credit scores as low as 580, which could make this lender ideal if you have less-than-stellar credit. If you’re approved, Upgrade will disburse funds within a day of clearing any necessary verifications. Additionally, you could have your rate capped at 6% if you take out a personal loan and are subsequently called to active duty.

Keep in mind that Upgrade charges an origination fee as well as fees for late and returned payments — all of which can increase your overall borrowing costs.

• Interest rates: 8.49% to 35.99%.
• Loan amounts: $1,000 to $50,000.
• Repayment terms: 2 to 7 years.
• Military benefits: Interest rate capped at 6% under the SCRA on loans taken out prior to active duty.
• Discounts: Autopay and direct payment for debt consolidation (amounts not disclosed).
• Fees: Origination fee (1.85% to 9.99%), late fee ($10) and returned payment fee ($10).
• Min. credit score: 580.
• Time to fund: Within a day of clearing necessary verifications.
• Can apply with a co-signer: No (but can apply with a joint applicant).

Navy Federal Credit Union is a credit union that serves military service members, veterans, Department of Defense employees and their families. One way it puts this service into action is by capping rates on active-duty members’ loans at 4% under the SCRA — a higher reduction than the standard 6% cap provided by most lenders.

The lender also provides additional benefits and discounts to service members and veterans. These include autopay discounts for some loans, rate reductions on mortgages backed by the Department of Veterans Affairs (VA) and more.

With a Navy Federal personal loan, you can borrow $250 to $50,000 ($25,000 to $30,000 minimum for home improvement loans) with terms of up to 15 years (depending on the loan type). The lender also provides Career Kickoff Loans with lower interest rates that can help borrowers who are just starting their military careers cover associated expenses.

Navy Federal doesn’t disclose its minimum credit score requirements but does mention that you might qualify even with a limited credit history. However, you might need to apply with a joint applicant, depending on the loan terms you request. If you’re approved, you could get your funds as soon as the same day.

Keep in mind that if you aren’t a Navy Federal member, you’ll need to join the credit union during the loan application process. Additionally, though the lender doesn’t charge origination or prepayment fees, it does assess fees for late and returned payments.

• Interest rates: 8.99% to 18% (depending on loan type and term length).
• Loan amounts: $250 to $50,000 ($25,000 to $30,000 minimum for home improvement loans).
• Repayment terms: Up to 15 years (depending on loan type).
• Military benefits: Interest rate capped at 4% under the SCRA on loans taken out prior to active duty and access to special benefits and discounts.
• Discounts: None.
• Fees: Late fee ($29) and returned payment fee ($29).
• Minimum credit score: Does not disclose.
• Time to fund: As soon as the same day after approval.
• Can apply with co-signer: No (but can apply with a joint applicant).

Pentagon Federal Credit Union (widely known as PenFed) offers membership to essentially anyone who makes an initial $5 deposit to a savings account. The credit union’s affiliated foundation also supports the military community through various programs and initiatives. This includes providing a small number of emergency grants to military members, veterans and their families and caregivers experiencing life-changing, unforeseen circumstances.

Additionally, PenFed provides some of the most competitive interest rates on personal loans out of the lenders on this list. This could make it a good choice if you want to keep your costs as low as possible. With PenFed, you can borrow $600 to $50,000 with terms from one to five years. If you’re approved, you could get your funds one to two business days after verification.

Borrowers who take out a loan with PenFed and are later called to active-duty military service can also have their rate capped at 6% under the SCRA.

Keep in mind that PenFed doesn’t disclose its minimum credit score requirements. Additionally, while the lender doesn’t charge an origination fee on its loans, it does assess fees for late payments. Also, although you don’t have to be a PenFed member to apply, you’ll have to join the credit union if you are approved and want to accept the loan.

• Interest rates: 7.99% to 17.99%.
• Loan amounts: $600 to $50,000.
• Repayment terms: 1 to 5 years.
• Military benefits: Interest rate capped at 6% under the SCRA on loans taken out prior to active duty and potential access to emergency grants in life-changing situations.
• Discounts: None.
• Fees: Late fee ($29).
• Min. credit score: Does not disclose.
• Time to fund: 1 to 2 business days after approval and verification.
• Can apply with a co-signer release: No (but can apply with a joint applicant).

You’ll typically need good to excellent credit to get approved for a personal loan. But with Avant, you could qualify with a credit score as low as 580, which could make it ideal for borrowers with fair credit (usually considered to be FICO scores from 580 to 669).

With Avant, you can borrow $2,000 to $35,000 with terms from one to five years. If you’re approved, you could get your funds as soon as the next business day. Additionally, Avant will cap interest rates on loans taken out prior to active-duty military service at 6% under the SCRA. The lender also won’t charge fees for late payments or non-sufficient funds during these active-duty periods.

Keep in mind that Avant’s loans come with an origination fee, and the lender does typically charge fees for late and dishonored payments. Avant personal loans also aren’t available in Massachusetts, Michigan, Montana, New York, Virginia and West Virginia.

• Interest rates: 9.95% to 35.99%.
• Loan amounts: $2,000 to $35,000.
• Repayment terms: 1 to 5 years.
• Military benefits: Interest rate capped at 6% and no fees charged for late or dishonored payments under the SCRA on loans taken out prior to active duty.
• Discounts: None.
• Fees: Origination fee (up to 4.75%), late fee ($25) and dishonored payment fee ($15).
• Min. credit score: 580.
• Time to fund: As soon as the next business day after approval.
• Can apply with a co-signer: No.

The United Services Automobile Association (USAA) is a membership-based financial institution open to eligible military service members, veterans and their spouses and children. It provides a wide range of banking and lending products, including personal loans from $1,000 to $100,000 with terms from one to seven years (depending on loan amount). This could make USAA ideal if you’re looking to borrow a large amount.

Additionally, USAA caps interest rates at 4% under the SCRA on loans taken out prior to active-duty service — a higher reduction than 6% required by law. The lender also provides access to life insurance special benefits for military members, such as expedited coverage if you’re deployed and severe injury benefits.

Note that you’ll have to become a USAA member to apply for a loan. The following minimum loan amounts must also be met to qualify for longer repayment terms:

• Four years: $5,000 minimum.
• Five years: $10,000 minimum.
• Six years: $15,000 minimum.
• Seven years: $20,000 minimum.

• Interest rates: 10.19% to 18.51%.
• Loan amounts: $1,000 to $100,000.
• Repayment terms: 1 to 7 years (depending on loan amount).
• Military benefits: Interest rate capped at 4% under the SCRA on loans taken out prior to active duty and access to life insurance with special benefits for military members.
• Discounts: None.
• Fees: No application or prepayment fees.
• Min. credit score: Does not disclose.
• Time to fund: Within 2 business days after approval and verification.
• Can apply with a co-signer: No.

If you have bad credit and are struggling to get approved for a personal loan, you might consider applying with LendingClub. This lender has no specific minimum credit score requirement — which means you might qualify even if you have poor credit (usually meaning a FICO score below 580). You also have the option to apply with a joint applicant to increase your approval chances.

LendingClub’s personal loans range from $1,000 to $40,000 and offer terms from two to five years. If you’re approved, you can typically expect to get your funds within a few days. Borrowers who are called to active-duty military service will also have the interest rates on any LendingClub loans taken out beforehand at 6% under the SCRA.

Keep in mind that this lender charges an origination fee as well as fees for late payments and insufficient funds.

• Interest rates: 8.98% to 35.99%.
• Loan amounts: $1,000 to $40,000.
• Repayment terms: 2 to 5 years.
• Military benefits: Interest rate capped at 6% under the SCRA on loans taken out prior to active duty.
• Discounts: None.
• Fees: Origination fee (3% to 8%), late fee ($15 or 5% of the outstanding payment, whichever is greater) and insufficient funds fee ($15).
• Min. credit score: No specific minimum.
• Time to fund: Within a few days of approval.
• Can apply with a co-signer: No (but can apply with a joint applicant).

Wells Fargo offers an extensive brick-and-mortar network of about 4,900 branch locations spanning 38 states. This could make it a good option if you prefer in-person service rather than handling financial transactions by phone or online.

In addition, Wells Fargo has demonstrated its commitment to service members and veterans in several ways. This includes job-search support for service members transitioning out of the military, providing down payment assistance and donating homes to veterans, and funding a number of scholarships and emergency grants to support veterans.

You can borrow $3,000 to $100,000 with terms from one to seven years (depending on the loan amount), and if you’re approved, you could get your funds within one to three business days. If you have a Wells Fargo checking account and make automatic payments, you can take advantage of 0.25% to 0.5% (depending on the type of checking account) loyalty discount.

If you’re called to active-duty military service, Wells Fargo will cap your rate on any existing personal loans at 6% under the SCRA. This cap is increased to 4% if you have a mortgage owned and serviced by Wells Fargo. The lender also offers benefits to service members on deployment, which include mortgage assistance for active-duty military struggling with payments and foreclosure protection if you’re deployed internationally or in a hazardous area.

Keep in mind that you must already have an existing account with Wells Fargo to be eligible for a personal loan. Additionally, while this lender doesn’t charge origination or prepayment fees, it does assess fees for late payments. Repayment terms as long as four to seven years are also restricted to loans of at least $5,000.

• Interest rates: 7.49% to 23.24%.
• Loan amounts: $3,000 to $100,000.
• Repayment terms: 1 to 7 years (depending on loan amount).
• Military benefits: Interest rate capped at 6% under the SCRA on loans taken out prior to active duty as well as mortgage assistance and foreclosure protection for eligible deployed service members.
• Discounts: Autopay discount (0.25% to 0.5%; must have automatic payments set up from a Wells Fargo checking account).
• Fees: Late fee (amount not disclosed).
• Min. credit score: Does not disclose.
• Time to fund: Within 1 to 3 business days after approval.
• Can apply with a co-signer: No.