As a veteran, there are tons of loans available for you. If you need money to finance unforeseen expenses or to cover another cost, then you would be thrilled to know that there are lots of personal loans available for veterans and military members.
There is also an option to either choose a credit union that specifically caters to veterans and military members, a traditional bank, or an online lender that provides favorable terms. Credit unions tend to offer perks to veterans and military members, such as access to car-buying programs and some discounts on renting cars. Online lenders and banks don’t provide these perks; however, they offer an autopay discount. In this write-up, I will provide some of the best personal loans for veterans.
6 Best Personal Loans for Veterans
In this segment, I will provide some of the best lenders for veterans and military members.
1. USAA
USAA is a full-service institution that provides insurance, investing, banking, and personal loans, which makes it a one-stop shop for veterans. This is the ideal lender for veterans and military members who would like to open loans and bank accounts with the same bank.
This allows them to manage both their loans and cash with one bank, and it makes life easier. This lender provides personal loans that range from $2,500 to $20,000 with repayment terms of up to 84 months. The interest rates also range from 9.94% to 18.51%, which also includes a 0.25% autopay discount.
This rate is reserved for members and applicants who have high credit scores. Furthermore, USAA also provides advice. It can help you prepare for major life events, and as a member, you will have a chance to receive financial advice that can help you take control of your savings and spending.
2. Avant
Avant is a lending platform founded in 2012, and it offers both secured and unsecured personal loans through a bank. The unsecured loans are available in Washington, D.C., and other states except Hawaii, New York, Maine, West Virginia, and Iowa.
Avant specializes in borrowers with good credit, and it only requires a minimum credit score of 580 to be eligible for a personal loan. The maximum loan amount is quite low when compared to other lenders. However, the low minimum amount and the flexible repayment term make it a good option for borrowers.
In addition, Avant personal loans come with a price. The interest rate ranges from 9.95% to 35.99%, and there is also no discount for autopay. Furthermore, Avant is one of the best choices for borrowers with a poor credit score and in need of quick funds.
3. LightStream
LightStream is a lending division of Truist that was created after the merger of SunTrust Bank and BB&T. This platform provides unsecured personal loans, which range from $5,000 to $10,000. The loan amount varies based on the purpose of the loan.
Although several lenders provide smaller loans than the LightStream minimum, a few lenders provide a higher maximum loan. The repayment terms are also available for two to seven years, which makes it an ideal option for people who want to extend the payment.
Furthermore, LightStream doesn’t charge any origination fees, prepayment fees, or late payment fees. It provides a 0.50% rate discount for borrowers who are enrolled in autopay and also provides loans in all 50 states, including Washington, D.C., and loan applicants can contact the customer’s support team.
Mind you, LightStream doesn’t have a mobile app for managing the loan; customers can access their account through the official website.
4. Navy Federal Credit Union
Navy Federal has more than 10 million members, which makes it one of the most common credit unions for members of the armed forces and veterans. Its excellent reputation and products make it an easy decision for most veterans.
Navy Federal provides a personal loan that ranges from $250 to $50,000, which makes it the lender with the smallest minimum loan limit. The loan limits give veterans the ability to finance purchases of all sizes.
A repayment term of up to 60 months is also available. Furthermore, Navy Federal personal loans have interest rates that range from 8.99% to 18%. The lowest range is reserved for applicants with a very good credit score.
5. SoFi
SoFi is an online lending platform that provides unsecured fixed-rate personal loans in all states. This lender has extended more than $50 billion in loans, and it has stood out for enabling high loan amounts and its availability to extend loan terms.
The loan amount ranges from $5,000 to $100,000, which makes SoFi an ideal option for people with excellent credit scores who need to borrow a huge sum of money. The loan amounts available might vary by state.
The repayment term also ranges from two to seven years, which makes SoFi a flexible option for people with a good credit score.
Furthermore, SoFi also enables borrowers to submit a joint application; however, a co-signer is not allowed. The approved borrowers are rewarded with low interest rates. SoFi also doesn’t charge any origination fees, payment fees, or prepayment fees.
6. PenFed
PenFed was created to serve only members of the United States military and veterans; however, it has expanded its service to non-military members. It has multiple federal partners, which include the American Society of Military Comptrollers, the Navy League of the United States, the Coast Guard Auxiliary Association, and the United States Army Warrant Officers Association.
PenFed also offers fixed-rate, low-interest-rate loans that start from $600 to $50,000. If you are searching for a mix of low interest rates and higher loan limits, then you can check other options. Its personal loan interest rates range from 8.49% to 17.99% based on your credit information and application. The applicants with a higher credit score usually get the lowest rates.
Furthermore, PenFed also has no title requirements and no origination fee or penalty for paying off your loan. PenFed allows anyone to apply for a personal loan. However, if you are approved for the loan, you will be required to be a member of the credit union. It is very easy to become a member, and it only takes a few minutes.
These are some of the best lenders for veterans. These lenders offer several perks and benefits to veterans and military members.
