March 2022’s Best Personal Installment Loans For Veterans & Military Personnel


There are a few veteran and military loans available if you need to fund an unforeseen expenditure or a job move as a veteran or service member. You might go with a credit union specializing in serving veterans and military personnel, or you could go with a bank or an internet lender like Green Day Online with reasonable conditions but doesn’t need you to be a veteran or active-duty military member to qualify.( )

Banks and credit unions may look beyond a low credit score and consider information like your checking account transactions, savings and other information to approve you for a small installment loan with a low fee.

Online lenders like Green Day Online have an online applications. You should visit and fill the application, they won’t deny you.

Veterans and military credit unions generally provide advantages and incentives such as automobile rental discounts and access to car-buying programs. On the other hand, banks and online lenders seldom offer such perks, but they often provide an autopay discount. The combination of advantages, discounts, and terms you want generally directs you to the best military personal loan for you.

Comparing Personal Loans for Veterans and Military Personnel

When considering personal loans for veterans and military personnel, keep the following in mind:

  • Consider the possibility of a discount. Credit unions, banks, and internet lenders make up our list. Because credit unions need a membership, they often provide member benefits and values, such as auto insurance discounts, automobile rental discounts, and vehicle purchasing programs. You won’t get these benefits at a bank or an online lender; such organizations typically just provide autopay reductions. Think about which is more important to you.
  • Compare interest rates at the very top of the scale. Be mindful of interest rates if you have terrible credit. You’re more likely to get a rate at the top of the range with bad credit since prices are determined mainly by your qualifying credit score. Check at the maximum rate when comparing personal loans for veterans and service personnel with poor credit.
  • Prequalify with a provider if at all feasible. Prequalification for a personal loan is available from many lenders. This means you may enter information such as your income, planned loan usage, housing status, and other factors to find out about loan limits, rates, and repayment alternatives. Prequalifying also only necessitates a light credit check, which has no impact on your credit score, allowing you to shop for the best prices confidently.
  • Make sure there are no hidden costs. Some personal loan companies charge no origination, late payment, or prepayment fees. On the other hand, part may charge all or some of these costs. When comparing personal loans for veterans, be sure to consider the fee structure and the possible interest rate.
  • Examine the customer service choices provided by the lender. There’s one more item to consider before signing the loan agreement if you’ve identified a lender. While customer service may not seem significant, it might make all the difference if you have payment troubles or run into financial difficulties throughout your payback time. Go through the lender’s customer service resources and read reviews to ensure it’s a good match.


We evaluated 20 prominent lenders using 14 different data points in loan specifics, loan pricing, eligibility and accessibility, customer experience, and the application procedure. We divided the loans into three categories: veteran-specific loans, loans with excellent credit, and loans with terrible credit.

We looked at loan amounts, payback lengths, APR ranges, and relevant fees within each category, among other things. We also looked at whether each lender allows co-signers or joint applications and the institution’s regional reach. Finally, we looked at each company’s customer service tools, borrower benefits, and features that make the loan process more manageable, such as prequalification and mobile applications.

The approach followed for each category is shown below.

Personal Loans for Veterans and Military Personnel Methodology

We selected lenders that serve veterans and military personnel and rated them according to the weighting accorded to each category:

  • Cost of the loan: 35%
  • Details of the loan: 20%
  • 20 percent eligibility and accessibility
  • 15% of customers had a positive experience
  • 10% of the time spent on the application process

Methodology for Personal Loans for Veterans and Military Members With Good Credit

We selected lenders that need a minimum credit score of 660 and rated them according to the weighting allocated to each category:

  • Cost of the loan: 35%
  • Details of the loan: 20%
  • 20 percent eligibility and accessibility
  • 15% of customers had a positive experience.
  • 10% of the time spent on the application process

Personal Loans for Bad Credit Veterans & Military Personnel Methodology

We selected lenders with a credit score criterion of 600 or less and rated them according to the weighting allocated to each category:

  • 30 percent eligibility and accessibility
  • The cost of the loan is 25%.
  • Details of the loan: 20%
  • 15% of customers had a positive experience.
  • 10% of the time spent on the application process

Why Do Vets and Military Personnel Require Personal Loans?

Veterans and service members may need to pay unforeseen costs, medical bills, home improvement projects, or consolidate high-interest debt at some time in their life. Furthermore, returning veterans may suffer financial difficulties, such as losing military benefits or trouble obtaining work. Personal loans can assist these individuals in obtaining the finances and financing they need when they are most needed.

How to Apply for Military Loans for Veterans and Active-Duty Military Personnel

While the application procedure for veteran and active-duty military loans varies per lender, these are the basic steps to take:

Examine your credit report. Get a free copy of your credit score from your credit card provider or another website that provides free credit ratings. This will assist you in determining your creditworthiness and possibilities of qualifying. Aim for a score of at least 610, but at least 720 will get you the best loan conditions.

Taking action to enhance your credit score is required. If your credit score is below 610 or you wish to raise it to get the best conditions, take steps to strengthen it before applying, such as paying off debt and reducing your credit utilization.

Calculate how much money you’ll need to borrow. Calculate how much money you’ll need to borrow once you’ve checked your credit score. Only borrow what you need since you will be given a lump sum of money and charged interest on the total amount.

Shop around for the best terms and interest rates. Many lenders allow you to prequalify before you apply, allowing you to know what conditions you could be eligible for with only a light credit check. Prequalification will enable you to shop for the best rates without jeopardizing your credit score. Compare lenders specializing in serving veterans and military members with traditional online lenders who serve all civilians.

Send your application in. Submit your application online or in-person once you’ve found a lender who offers you the best terms. Depending on your lender, this process can take a few hours to a few days.

Financial Aid for Veterans and Active-Duty Military Personnel

Beyond personal loans, veterans have access to various options, including particular programs, perks, resources, and financial aid. The following websites may help you find multiple financial options for veterans: is a government website that provides information about military and veteran benefits such as health care, housing, and education. You may also discover programs to assist with military life, such as job search assistance for spouses and deployment support.

The PenFed Foundation is a non-profit organization. Here you’ll discover a range of financial emergency options for veterans and military members.

Veterans Families United is a non-profit organization that works to bring together veterans. Find out about financial aid for veterans and military personnel. Financial support, career counseling, housing assistance, and recreational treatment programs are available services, including assistance injured, mortgage assistance, and advocacy assistance.


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