Best Personal Loans For Veterans & Military Members Of November 2024

USAA is a full-service bank for military members and their families. It offers personal loans up to $100,000 for veterans and other members.

Why We Like It

Veterans can borrow more with USAA than most other lenders—anywhere from $1,000 to $100,000. Additionally, USAA doesn’t charge origination fees or early payoff penalties.

What We Don’t Like

USAA doesn’t allow you to prequalify for a personal loan. Instead, you’ll need to submit a full application to see if you qualify, which will add a hard credit inquiry to your credit report.

Who It’s Best For

USAA’s personal loans are ideal for veterans who need to borrow large amounts and value working with a military-oriented institution.

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).

Navy Federal offers the best personal loans for veterans needing small amounts, starting at just $250.

Why We Like It

Navy Federal’s low minimum loan amount of $250 allows applicants to borrow only what they need. Loan amounts range from $250 to $50,000 and interest rates range from 8.99% to 18%.

What We Don’t Like

You must be a Navy Federal member to apply for a personal loan.

Who It’s Best For

Navy Federal personal loans are best for veterans or members of the military who need small loans quickly.

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.

SoFi is an online lender that offers personal loans up to $100,000, among other financial products.

Why We Like It

SoFi stands out for offering high loan amounts and competitive rates for borrowers with good to excellent credit.

What We Don’t Like

The lender requires a minimum credit score of 650 and an annual income of at least $45,000, which can make it harder to qualify for a SoFi loan.

Who It’s Best For

SoFi personal loans are best for borrowers with good to excellent credit who need a personal loan with competitive rates and no origination fees.

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.

Upgrade is an online lender offering personal loans from $1,000 to $50,000 with terms ranging from two to seven years.

Why We Like It

The minimum credit score requirement for an Upgrade personal loan is 580 and there are no income requirements. Upgrade also has a direct lender payoff option for debt consolidation loans.

What We Don’t Like

Personal loans through Upgrade have an origination fee between 1.85% and 9.99% and a steep maximum APR of 35.99%.

Who It’s Best For

Upgrade’s personal loans are best for applicants with bad credit who can’t qualify for a loan elsewhere.

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

LightStream is an online lender offering personal loans from $5,000 to $100,000 with repayment terms of two to 12 years.

Why We Like It

LightStream has low interest rates ranging from 6.94% to 25.29% for well-qualified borrowers who enroll in autopay. The lender also offers its Rate Beat program that will beat lower rates from competitors. It also doesn’t charge origination, late payment or prepayment fees.

What We Don’t Like

LightStream doesn’t allow applicants to prequalify for a personal loan, so you’ll undergo a hard credit check to view rates.

Who It’s Best For

LightStream personal loans are best for those with good credit histories who can secure the lowest advertised rates.

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.

LendingClub is an online lending marketplace offering personal loans up to $40,000.

Why We Like It

You can consolidate between $1,000 to $40,000 of debt with LendingClub, and the lender offers direct payment to creditors to streamline the consolidation process.

What We Don’t Like

LendingClub charges origination fees ranging from 1% to 8%. These fees are deducted from your loan amount, which means you’ll need to borrow more to pay off creditors.

Who It’s Best For

LendingClub’s personal loans are best for borrowers who want to consolidate debt and can benefit from direct creditor payments and potential rate discounts.

Eligibility:

• Minimum credit score. None
• Minimum annual income. None
• Co-borrowers. Permitted

Customer service

We tested LendingClub’s customer service to assess how helpful it is for prospective borrowers and found the representative could provide only surface-level answers. For example, after waiting just over one minute to connect with a rep, they confirmed you can set up autopay but did not confirm if any autopay discounts are available. In another case, they mentioned LendingClub charges an origination fee but didn’t disclose anything further like the amount.

However, this does not mean they were not responsive or able to provide helpful information. We connected with a rep in just over one minute. Through our evaluation, we gathered key information, including loan amounts, required documentation such as W-2s and bank statements, loan assistance options and funding turnaround times.

Upstart uses AI to evaluate applicants on factors beyond traditional credit scores. Its personal loans range from $1,000 to $50,000.

Why We Like It

If you lack a credit score, Upstart might approve you when other lenders won’t. Upstart uses an underwriting algorithm that evaluates your education and employment rather than focusing solely on your credit score.

What We Don’t Like

Upstart’s maximum rate is 35.99%, which exceeds the maximum APR for some of the best personal loans for veterans. You’ll also face an origination fee of up to 12% of your loan amount as well as late fees.

Who It’s Best For

Upstart personal loans are best for individuals with no credit history or low credit scores.

Eligibility:  Upstart stands out because it uses an AI-based platform to consider a range of non-conventional variables when evaluating borrower applications. And, while the platform advertises a minimum credit score of 300, Upstart may even accept applicants who don’t have enough credit history to have a score. When evaluating prospective borrowers, Upstart considers college education, job history, residence, debt-to-income ratio, bankruptcies and delinquencies and number of credit inquiries.

Borrowers also must have a full-time job or offer starting in six months, a regular part-time job or another source of regular income—with a minimum annual income of $12,000. Co-signers and co-applicants are not permitted.

Loan uses:  Upstart’s personal loans can be used for credit card and other debt consolidation, special events, moving and relocation, medical and dental costs and home improvements. In contrast to many other traditional and online lenders, Upstart also lets borrowers use personal loan funds to cover educational expenses (except in California, Connecticut, Illinois, Washington and the District of Columbia).

Upstart borrowers cannot use personal loans to finance illegal activity or purchase weapons, firearms or illegal drugs.

Turnaround time:  Upstart provides next-business day funding for borrowers whose loans are accepted before 5 p.m. Eastern time Monday through Friday. Loans that are approved after 5 p.m. are typically funded the following business day, or the day after that. That said, Upstart reports that 99% of loan applicants receive their money one business day after accepting their loan terms. Loans for education-related expenses may take up to an additional three business days after loan acceptance.

LendingPoint’s loans are intended for borrowers with below-average credit scores and who are struggling to get approved with other lenders.

Why We Like It

LendingPoint caters to borrowers with lower credit scores and has competitive APRs starting at 7.99%. LendingPoint also has longer repayment terms than many personal loans, reaching up to six years in some cases.

What We Don’t Like

LendingPoint charges origination and other fees up to 10% of your loan amount, and interest rates can reach 35.99%. You also need at least $35,000 in annual income to qualify for a loan.

Who It’s Best For

LendingPoint’s personal loans are best for borrowers with below-average credit scores who may have difficulty qualifying with other lenders.

Eligibility: To qualify for a LendingPoint personal loan, you must have a minimum credit score of 600 and live in one of the 48 eligible U.S. states or Washington D.C. Loans are not available to prospective borrowers in Nevada or West Virginia.

Turnaround time: Once approved, you could receive your funds as soon as the next business day.