Personal loans with low rates, flexible terms and perks for military members
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Best personal loans for military members in 2024
Written by Carol Pope | Edited by Jessica Sain-Baird and Pearly Huang | Reviewed on February 6, 2024
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
| Lender | User ratings | Best for… | APR range | Loan terms | Loan amounts | Credit score required | |
|---|---|---|---|---|---|---|---|
(5,141) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Joint military loans | 8.99% - 35.99% | 24 to 60 months | $5,000 - $50,000 | 620 | See Personalized Results | |
(1,593) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Military loans with excellent customer service | 7.99% - 24.99% | 36 to 84 months | $2,500 - $40,000 | 720 | See Personalized Results | |
(280) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Large military loans | 7.49% - 25.49% (with autopay) | 24 to 84 months | $5,000 - $100,000 | Not specified | See Personalized Results | |
| User ratings coming soon | Military loans overall | 8.99% - 18.00% | Up to 60 months | $250 - $50,000 | Not specified | See Personalized Results | |
(14) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Military loans with flexible repayment options | 7.99% - 17.99% | 12 to 60 months | $600 - $50,000 | 760 | See Personalized Results | |
(97) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Quick military loans | 8.99% - 29.99% (with discounts)* | 24 to 84 months | $5,000 - $100,000 | 680 | See Personalized Results | |
(16,409) User Ratings & Reviews Ratings and reviews are from real consumers who have used the lending partner’s services. | Bad credit military loans | 7.80% - 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 | See Personalized Results | |
| User ratings coming soon | Bank military loans | 10.19% - 18.51% (with autopay) | 12 to 84 months | $1,000 - $100,000 | Not specified | See Personalized Results |
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Military personal loan lenders at a glance
Achieve: Best for joint military personal loans
| APR range | 8.99% - 35.99% |
| Loan amounts | $5,000 - $50,000 |
| Loan terms | 24 to 60 months |
| Origination fee | 1.99% - 6.99% |
| Minimum credit score | 620 |
| Pros | Cons |
|---|---|
Multiple APR discounts Dedicated consultant available for help Same-day loan decisions | High minimum loan amount Origination fee required Can take up to 72 hours to receive funds |
Taking out a joint loan can be a great way to boost your personal loan approval odds. Achieve not only offers joint loans, but you could earn an APR discount for adding a qualified co-borrower to your application.
Achieve’s maximum APR is higher than some of the lenders on this list, though. If you’re working to improve your credit score, you might have less expensive options elsewhere. The lender also charges a mandatory origination fee.
Read our full Achieve personal loan review.
At 620, Achieve’s credit score minimum is lower than some. It also reviews your debt and income to determine your eligibility, but it doesn’t disclose many specifics. Luckily, Achieve offers prequalification, which will help you see if you qualify for a personal loan without damaging your credit score.
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Discover: Best for military personal loans with excellent customer service
| APR range | 7.99% - 24.99% |
| Loan amounts | $2,500 - $40,000 |
| Loan terms | 36 to 84 months |
| Origination fee | None |
| Minimum credit score | 720 |
| Pros | Cons |
|---|---|
Three repayment assistance options No origination fee Extended customer service hours | Maximum loan size is on the smaller size $39 late payment fee No co-borrowers |
Discover has dedicated, U.S.-based loan specialists available seven days a week if you need assistance. This lender also has several repayment assistance options to get you back on track if you’re having issues with repayment.
While Discover may be willing to help, it’s essential that you contact the lender immediately if you’re facing issues. Otherwise, you could be on the hook for a $39 late payment fee. Bad-credit borrowers are typically not eligible, and you can’t add a co-borrower, either.
Read our full Discover personal loan review.
First, you must have a credit score of at least 720 to qualify for a Discover loan. Unlike some lenders, you aren’t automatically ineligible if you’re unemployed. You do, however, need to make at least $40,000 a year, either individually or per household. Meeting these requirements don’t guarantee that Discover will approve you, as it will also review your overall credit history.
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LightStream: Best for large military personal loans
| APR range | 7.49% - 25.49% (with autopay) |
| Loan amounts | $5,000 - $100,000 |
| Loan terms | 24 to 84 months |
| Origination fee | None |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers loans of up to $100,000 144-month term available for home improvement loans Has a satisfaction guarantee | High minimum loan amount Not available to those with bad or fair credit No live chat |
LightStream offers personal loans online up to $100,000, and its home improvement loans come with a 144-month term option. As long as you don’t mind paying more interest over the life of your loan, this extended term can help your loan repayment better fit into your monthly budget.
What’s more, LightStream may send you $100 if you’re not satisfied with your loan experience. However, it’s important to note that while the lender doesn’t disclose its exact credit score requirements, LightStream only approves borrowers with good-to-excellent credit.
Read our full LightStream personal loan review.
LightStream doesn’t specify exactly what it’s looking for in its applicants, but it will review your credit history, assets, debt-to-income ratio and payment history. While it only approves borrowers with at least good credit, it also states that a high FICO Score doesn’t mean automatic approval. LightStream doesn’t offer prequalification.
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Navy Federal Credit Union: Best military personal loans overall
| APR range | 8.99% - 18.00% |
| Loan amounts | $250 - $50,000 |
| Loan terms | Up to 60 months |
| Origination fee | None |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Small loans available Unique Career Kickoff Loan offers ultra-low APRs Extended loan terms and competitive rates | Cannot apply online Doesn’t disclose minimum credit score requirements Cannot change payment due dates |
Navy Federal Credit Union (NFCU) specializes in servicing the armed forces, helping it secure its status as the overall best lender for military personal loans. Notably, those new to the military could qualify for a Career Kickoff Loan with an APR as low as 1.25%. Further, with a $250 minimum, NFCU could be perfect for small loans, and its home improvement loan has a term up to 15 years.
One drawback for NFCU is its application process — you can’t apply without taking a hard hit to your credit score. It also doesn’t advertise its minimum credit score requirements.
Read our full Navy Federal Credit Union personal loan review.
NFCU membership is limited to active-duty and retired military, veterans and their family members. Department of Defense civilians are also eligible. After you join, you’ll need to open a membership savings account with a deposit of at least $5 to take out a loan.
NFCU doesn’t disclose its credit-related requirements. You’ll need to call the credit union or visit a branch for more information.
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PenFed: Best for military personal loans with repayment assistance options
| APR range | 7.99% - 17.99% |
| Loan amounts | $600 - $50,000 |
| Loan terms | 12 to 60 months |
| Origination fee | None |
| Minimum credit score | 760 |
| Pros | Cons |
|---|---|
Offers emergency furlough relief assistance Can pay biweekly if paying with a PenFed account Joint loans available | Unable to pay creditors directly $29 late payment fee Same-day funds not available |
Although Pentagon Federal Credit Union (PenFed) is open to everyone, its emergency furlough relief assistance programs could make it especially appealing for military personal loans. Whenever there is a government shutdown, military members aren’t paid. To help, PenFed Credit Union may let those who are affected skip a payment. It also offers specialized paycheck protection loans and low-interest government furlough loans.
On the other hand, PenFed can’t pay your creditors directly, so you may want to look elsewhere for a debt consolidation loan. It’s also important that you pay on time, since the lender charges a $29 late payment fee.
Read our full PenFed personal loan review.
You don’t need to be a PenFed member to apply for a personal loan. To accept your loan, you’ll need to join by opening and depositing at least $5 into a PenFed savings account. You may also want to consider opening a PenFed checking account to make your payments. If you do, you can choose to pay biweekly or monthly.
PenFed does not disclose its other personal loan eligibility requirements, but you do need to have a credit score of at least 760 for it to approve you. You can check your eligibility with no impact to your credit, since the credit union utilizes a soft credit pull.
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SoFi: Best for quick military personal loans
| APR range | 8.99% - 29.99% (with discounts)* |
| Loan amounts | $5,000 - $100,000 |
| Loan terms | 24 to 84 months |
| Origination fee | 0.00% - 7.00% (optional) |
| Minimum credit score | 680 |
| Pros | Cons |
|---|---|
Likely to get same-day funds if loan offer is signed before 7pm ET on a business day Large loans available No late payment fees | High minimum loan amount Must have at least good credit to qualify Origination fee required to unlock lowest APRs |
SoFi may be ideal for military members who need a quick loan, as long as they have good credit or better. The company boasts that 82% of its approved personal loan applicants received same-day funding from January 2022 to January 2023. Do note that this stat doesn’t apply to debt consolidation loans.
SoFi also does not charge any required fees, but you can opt in to pay an origination fee in exchange for a lower APR. Also, SoFi might not make sense if you need a small loan, since the lowest loan it offers is $5,000.
Read our full SoFi personal loan review.
Aside from having a credit score of at least 680, you must have a job, pull in sufficient income from another source (such as Social Security) or have an employment offer with a start date within 90 days. SoFi will also review your debt-to-income ratio and overall financial history. You can check your eligibility through SoFi’s prequalification process.
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Upstart: Best for bad credit military personal loans
| APR range | 7.80% - 35.99% with APR discounts |
| Loan amounts | $1,000 - $50,000 |
| Loan terms | 36 and 60 months |
| Origination fee | 0.00% - 12.00% |
| Minimum credit score | 300 |
| Pros | Cons |
|---|---|
Low minimum credit score requirement Competitive minimum APR for excellent credit Flexible loan terms | May have high origination fee No physical locations and cannot apply over the phone High maximum APR |
Upstart isn’t military-specific, but this lending platform does cater to non-traditional borrowers, including those with lower credit scores. Upstart states that its AI-driven business model allows it to evaluate applicants beyond their credit scores. As such, if you need a bad-credit loan, Upstart may be worth considering.
If you have excellent credit, lenders on the Upstart platform could also offer an APR as low as 7.80%, one of the lowest around. However, borrowers could face an expensive origination fee. The company also lacks physical offices, so it may not be best for those who prefer a face-to-face experience.
Read our full Upstart personal loan review.
Upstart lenders may accept credit scores as low as 300, or even those with no credit score at all. That doesn’t mean that it approves all applicants, however. Upstart also takes into account your debt-to-income (DTI) ratio (which cannot exceed 45% to 50%), credit delinquencies, credit inquiries, your bankruptcy history and other aspects related to your credit history.
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USAA: Best for bank military personal loans
| APR range | 10.19% - 18.51% (with autopay) |
| Loan amounts | $1,000 - $100,000 |
| Loan terms | 12 to 84 months |
| Origination fee | None |
| Minimum credit score | Not specified |
USAA Bank could be a good choice for military-affiliated borrowers looking to keep their financial services under one roof. From insurance to banking to loans to investing, USAA offers a wide range of products to eligible military-affiliated consumers.
USAA’s personal loans come with a competitive maximum APR and flexible terms. Once you become a member (which is free), you’ll gain access to the USAA Perks program. Here, you can find savings on rental cars, car repair, theme park tickets and more.
Read our full USAA personal loan review.
You must be a USAA member before you can get a personal loan, and USAA has strict eligibility requirements. Only active-duty military members, veterans, precommissioned officers or eligible family members need apply. Veterans must also have an honorable discharge status at the time of separation.
Once you are a member, you will need to call or visit a USAA branch to apply for a personal loan. Unfortunately, USAA doesn’t have a prequalification process, nor does it disclose its personal loan eligibility requirements.
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On this page
- What to know about military personal loans
- How to apply for military personal loans
- How to compare loans for military members and veterans
- Where to find financial assistance for veterans
- How we chose the best military personal loans
- Frequently asked questions
What to know about military personal loans
Whether you’re looking to consolidate debt or need cash for an unexpected expense, a personal loan can help you get back on your feet (when used responsibly). A personal loan provides funds in a lump sum that you can use for almost anything. Better yet, they typically come with lower interest rates than a standard credit card.
A military personal loan is the same thing as a standard personal loan. However, some lenders (such as Navy Federal Credit Union and USAA) specialize in serving military members. But no matter the lender you choose, there are some special rules and benefits that apply only to military members and their eligible dependents that you should be aware of.
Military Lending Act (MLA)
The Military Lending Act (MLA) helps protect service members by setting certain restrictions that apply to loans taken out during their service.
Under the MLA, loans offered to active-duty military members, their spouses and certain dependents must not:
- Have an APR higher than 36%
- Infringe on certain State and Federal rights, or those granted by the Servicemembers Civil Relief Act (SCRA)
- Mandate a military allotment as a stipulation of loan approval
- Charge prepayment penalties
The MLA applies to all installment loans, including unsecured personal loans (as well as some other financial products). This means that military members are typically not eligible for payday loans or other forms of predatory lending because of their higher-than-average APRs.
Servicemembers Civil Relief Act (SCRA)
Unlike the MLA, the Servicemembers Civil Relief Act (SCRA) applies to loans that military members opened before they joined the armed forces.
Generally, the SCRA can help active-duty military (and, at times, their dependents) by:
- Reducing interest rates to 6% on most loans taken out pre-service
- Providing additional protections against default judgment on unpaid loans
- Prohibiting a mortgage lender from foreclosing on your home without a court order
- Limiting lenders’ ability to repossess your property
- Allowing servicemembers to end their residential and car leases without penalty
Each of these situations have a lot of nuance, and this list is just a general guideline. For more information regarding your specific situation, you should contact a legal professional well-versed in military law.
How to apply for loans for military members and veterans
Although the process of applying for a personal loan is similar for military members and veterans, there are a few key differences.
For one, you’ll need to provide proof of service if you’re applying for a lender only open to military members. This may include providing your branch, rank and date of service.
Furthermore, some loans will not be available to you because of MLA restrictions. For instance, many no-credit-check loans come with APRs higher than 36%. That means that your pool of potential lenders may be smaller, depending on the type of loan you’re looking for.
Other than those two points, civilians and military-affiliated borrowers usually follow the same steps to apply for a personal loan.
Review your finances
Personal loans can be helpful, but it’s not a decision to jump into. Before you commit, review your monthly budget to make sure you can stick to your repayment schedule. Just one missed payment can be on your credit report for seven years, and drop your score by as much as 180 points.
Prequalify
After you’ve decided that you need (and can afford) a personal loan, it’s a good idea to prequalify for a handful of loans.
Prequalifying for a personal loan is a low-stakes way of checking your eligibility without hurting your credit score. During this process, the lender will ask for some personal details as well as basic information regarding your income and credit.
You can check your rates for up to five lenders at a time at LendingTree’s personal loan marketplace. Take a few minutes and see what you could qualify for today.
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Compare offers
Prequalification is only one piece of the puzzle. To find the loan with the best terms, you must also compare your offers. Pay special attention to APRs, funding timeline and loan amounts to make sure the loan aligns with your needs.
Apply for the loan
Once you’ve chosen your best personal loan offer, you need to formally apply. This step is similar to prequalification, but the lender will ask for more in-depth information regarding your finances. You’ll also probably need to send in documentation such as a copy of your ID, pay stubs or other proof of income.
Receive your funds and enter repayment
Some lenders offer same-day loan decisions. With others, you may need to wait a day or two. After the lender approves you, it’s time to sign your loan agreement (which you may be able to do online).
The lender will also ask how you’d like to receive your funds. The options here are typically direct deposit or paper check. In the case of debt consolidation, the lender may pay your creditors directly.
Your first payment will usually be due 30 days after the lender disburses your loan. Do all that you can to make on-time payments. If you’re falling behind, call your lender immediately to see if they offer repayment assistance.
How to compare personal loans for military members and veterans
If this is your first time taking out a personal loan, it can be hard to figure out whether the offers you’ve received are competitive. The definitions below could help you make sense of things.
APRs: A loan’s APR measures the total cost of your loan, considering its interest rate and fees. The higher the APR, the more expensive the loan. You can use our personal loan calculator to see how different APRs can affect your monthly payment.
Terms: Your term is the length of time you have to pay off your loan. Choosing a term can be a balancing act. A longer loan term means lower monthly payments, but you’ll pay more interest over the life of your loan.
Loan amounts: Minimum and maximum loan amounts vary by lender, so make sure it can provide the amount of money that you need.
Funding timeline: Funding timeline is how long it will take to get your loan. In some cases, you might receive your loan the same day you apply. But some lenders can take several days or even a week to complete the process. If you need money quickly, make sure the lender can accommodate.
Military-focused products: Some lenders offer products and perks that specifically target military members. You’ll usually find these with banks and credit unions that are only open to servicemembers.
Grants for veterans and other financial assistance
The MLA and SCRA may be vital for active-duty military, but they don’t apply to veterans. For that reason, it’s especially important for veterans to ensure they aren’t taking out a loan with predatory rates and terms.
In some instances, a personal loan may not be an option. There are other places that veterans might find help, including non-profit organizations and government programs.
Are you a veteran and unsure of what benefits you may qualify for?
If you think you may be eligible for VA benefits but are having a hard time navigating the system, an appointment with your local Veteran’s Service Officer (VSO) might help. A VSO’s main duty is to help veterans maximize their benefits and minimize claim delays. Best of all, their services are free.
Operation First Response
Open to: Disabled veterans, first responders and their families
Disabled veterans and their families can get financial assistance through Operation First Response. This charity’s Family Assistance Program provides funds for groceries, utility bills, mortgage payments and other everyday items.
USA Cares
Open to: Post-911 military members and their families
USA Cares provides emergency financial assistance for military members who served after 09/11. This organization also focuses on getting veterans set up for a successful post-military life by providing career transition training.
VFW’s Unmet Needs
Open to: Active-duty servicemembers and their families
Active-duty servicemembers experiencing financial hardship due to deployment or military-related injury could qualify for a $2,500 grant through VFW’s Unmet Needs program. These funds can be used for “daily necessities,” which could include mortgage payments, child care, vehicle repairs and other expenses.
HUD-Veterans Affairs Supportive Housing (HUD-VASH)
Open to: Homeless veterans and their families
The United States Department of Housing and Urban Development (HUD) has partnered with the Department of Veterans Affairs (VA) to create the HUD-Veterans Affairs Supportive Housing program, otherwise known as HUD-VASH.
HUD-VASH helps homeless veterans and their families by providing housing assistance through a dedicated case manager.
How we chose the best military personal loans
We reviewed more than 29 lenders to determine the overall best eight personal loans. To make our list, lenders must offer personal loans with competitive annual percentage rates (APRs). From there, we prioritize lenders that cater to military members. We also based our ranking decision on the following factors:
- Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
- Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
- Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.
Frequently asked questions
Yes. Veterans, active-duty military and their surviving spouses might qualify for a VA-backed mortgage that could come with perks not typically available to civilians. For example, VA home loans don’t require mortgage insurance, no matter your down payment amount. In fact, some VA home loans don’t require a down payment at all.
Military personal loans are the same as regular personal loans, which are open to anyone who meets a lender’s eligibility requirements. However, some lenders only service military members and veterans. Examples of these are Navy Federal Credit Union and USAA.
Regardless of your military status, the credit score needed for a personal loan varies from lender to lender. Some lenders cater to those with less-than-stellar credit while others (like SoFi) are only attainable if your score is 680 or higher.
*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
