Best Military Personal Loans in 2024

Personal loans with low rates, better terms and perks for military members

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Written by
Carol Pope
Headshot of Lauren Nicholson
Written by
Lauren Nicholson
Updated August 29, 2024
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Best military personal loans overall

8.99% - 18.00%

$250 - $50,000

Up to 60 months

None

Not specified

Pros
  • Competitive rates and no upfront fees
  • Borrow as little as $250 (most loans start at $1,000)
  • Career Kickoff Loan offers ultra-low rates
Cons
  • Doesn’t share minimum credit score requirements
  • Can’t change payment due dates
  • People with excellent credit may get lower rates with another lender

What to know

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Navy Federal Credit Union (NFCU) is our pick for best military personal loans because it offers loans with no origination fees and competitive rates exclusively to military members and their relatives. New members of the armed forces can qualify for an NFCU Career Kickoff Loan with an annual percentage rate (APR) as low as 1.25%.

If you have excellent credit, you may be able to qualify for lower rates with a lender like LightStream. Also note that NFCU doesn’t advertise its minimum credit score requirements, so it’s hard to predict whether you’ll qualify.

Read our full Navy Federal Credit Union personal loan review.

How to qualify

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NFCU is only available to:

  • Active-duty members of the military (regardless of branch)
  • Veterans, retirees and annuitants
  • Those in the Delayed Entry Program (DEP)
  • DoD Officer Candidates and ROTC
  • DoD Reservists
  • Immediate family of military members, as well as household members
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Best bank military personal loans

10.34% - 18.51% (with autopay)

$1,000 - $100,000

12 to 84 months

None

Not specified

Pros
  • Offers membership perks
  • Insurance, banking and investing available
  • Short- and long-term loan options
Cons
  • No same-day funds
  • Can’t see rates without affecting credit score
  • Unclear credit score requirements

What to know

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USAA Bank is a good choice for borrowers with military affiliations who want to keep their financial services under one roof. As a member of USAA, you’ll get access to special deals and discounts on rental cars, theme park tickets and more. Plus, you can choose between stretching out your payments over several years and paying off your USAA loan in just 12 months.

Look elsewhere if you need a quick loan, since USAA usually takes two business days to send your money.

Read our full USAA personal loan review.

How to qualify

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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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Best joint military personal loans

8.99% - 29.99%

$5,000 - $50,000

24 to 60 months

1.99% - 6.99%

620

Pros
  • Multiple interest rate discounts
  • Dedicated consultant available to help you apply
  • Same-day loan decisions available
Cons
  • Must take out at least $5,000
  • Charges upfront fee
  • Charges high interest rates to borrowers with fair credit

What to know

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Taking out a joint loan with a lender like Achieve can boost your odds of getting a personal loan. Not all lenders allow joint loans, but Achieve does — and it offers discounted interest rates when you add a qualified co-borrower to your application.

Borrowers with fair credit will likely get high rates through Achieve. If you’re working to improve your credit score, you might find less expensive loans elsewhere. Achieve also charges an upfront loan processing fee called an origination fee.

Read our full Achieve personal loan review.

How to qualify

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Achieve doesn’t shed much light into its borrower requirements. Other than a credit score of at least 620, it may ask you to provide the following documents and information:

  • Proof of income
  • Social Security number
  • Government-issued ID
  • Employment status
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Best military personal loans with repayment assistance

7.99% - 24.99%

$2,500 - $40,000

36 to 84 months

None

720

Pros
  • Three repayment assistance options
  • No upfront fees
  • Extended customer service hours
Cons
  • Can only take out up to $40,000
  • $39 late payment fee
  • Can’t get a loan with another person

What to know

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Discover offers repayment assistance programs to get you back on track if you’re having trouble making payments on your military loan. Plus, its U.S.-based loan specialists are available seven days a week to help you with your questions.

It’s important to contact Discover immediately if you’re struggling to make your payments on time. Otherwise, you could be on the hook for a $39 late payment fee. Borrowers with bad credit are typically not eligible for a Discover loan, and you can’t add a co-borrower, either.

Read our full Discover personal loan review.

How to qualify

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You’ll need to meet these eligibility criteria to get a Discover loan:

  • Age: Be at least 18
  • Citizenship: Have a Social Security number
  • Administrative: Have a physical address, an email address and internet access
  • Income: Minimum income of $40,000 (individually or as a household)
  • Credit score: 720
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Best military personal loans for excellent credit

7.49% - 25.29% (with autopay)

$5,000 - $100,000

24 to 84 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

None

Not specified

Pros
  • Low rates for borrowers with excellent credit
  • Offers up to $100,000 (many loans max out at $50,000)
  • Has a satisfaction guarantee
Cons
  • Must take out at least $5,000
  • Not available to those with bad or fair credit
  • No live chat

What to know

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Military members with excellent credit can qualify for some of the lowest rates on the market with LightStream. You can borrow up to $100,000 without paying any upfront fees, making LightStream a good choice for a large expense. What’s more, LightStream may send you $100 if you’re not satisfied with your loan experience.

Note that LightStream only approves borrowers with good to excellent credit, and you’ll need to call customer service if you have any questions, as there’s no live chat option.

Read our full LightStream personal loan review.

How to qualify

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LightStream doesn’t specify its exact credit score requirements, but you must have good to excellent credit to qualify. Most of the applicants that LightStream approves have the following in common:

  • At least five years of on-time payments under a variety of accounts (credit cards, auto loans, etc.)
  • Stable income and the ability to handle paying their current debt obligations
  • Savings, whether in a bank account, an investment account or a retirement account
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Best for quick military personal loans

8.99% - 29.99% (with discounts)

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.

$5,000 - $100,000

24 to 84 months

0.00% - 7.00% (optional)

680

Pros
  • Can get money the day you sign
  • Borrow up to $100,000 (many loans max out at $50,000)
  • No late payment fees
Cons
  • Must take out at least $5,000
  • Must have at least good credit to qualify
  • May need to pay upfront fee to get lowest rates

What to know

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SoFi is ideal for military members who need a quick loan, as long as they have good credit or better. Further, 82% of SoFi’s approved personal loan applicants received same-day funding from January 2022 to January 2023. Note that this stat doesn’t apply to debt consolidation loans.

SoFi doesn’t charge any required fees, but you can choose to pay an upfront loan processing fee called an origination fee to get a lower interest rate. Also, look elsewhere if you need a small loan, since the smallest loan SoFi offers is $5,000.

Read our full SoFi personal loan review.

How to qualify

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You must meet the requirements below in order to get a loan from SoFi:

  • Age: Be the age of majority in your state (typically 18)
  • Citizenship: Be a U.S. citizen, an eligible permanent resident or a non-permanent resident (a DACA recipient or an asylum-seeker, for instance)
  • Employment: Have a job or job offer with a start date within 90 days, or have regular income from another source
  • Credit score: 680
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Best military personal loans for bad credit

7.40% - 35.99%

$1,000 - $50,000

36 or 60 months

0.00% - 12.00%

300

Pros
  • One of the lowest credit score requirements on the market
  • Low rates for borrowers with excellent credit
  • Borrow as little as $1,000
Cons
  • May charge a high upfront fee
  • Borrowers with bad credit will likely pay high rates
  • Only offers two repayment lengths

What to know

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Upstart isn’t military-specific, but this lending platform does serve non-traditional borrowers, including those with lower credit scores. If you need a bad-credit loan, you can qualify with Upstart with a score as low as 300 — one of the lowest thresholds on the market. But watch out for Upstart’s rates — if you have bad credit, you’ll likely pay rates close to 36%.

If you have excellent credit, lenders on the Upstart platform offer some of the most competitive starting interest rates. That said, Upstart may charge you a high upfront loan processing fee called an origination fee.

Read our full Upstart personal loan review.

How to qualify

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Upstart has transparent eligibility requirements, including:

  • Age: Be 18 or older
  • Administrative: Have a U.S. address, personal banking account, email address and Social Security number
  • Employment: Have a job or job offer that starts within six months, or have regular income
  • Credit-related factors: Debt-to-income (DTI) ratio no higher than 50% (45% in Connecticut, Maryland, New York and Vermont), no bankruptcies within the last year, fewer than six inquiries on your credit report in the last six months and no current delinquencies
  • Credit score: 300
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Trustpilot

What to know about military personal loans

Whether you’re looking to consolidate debt or you need cash for an unexpected expense, a personal loan can help you get back on your feet (when used responsibly).

Lenders like Navy Federal Credit Union and USAA specialize in serving military members, but members of the armed forces can get loans from any lender as long as they follow the rules in the Military Lending Act (MLA).

Some special rules and benefits apply to loans for military members and their eligible dependents. Here’s what you need to know:

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Loans opened during serviceLoans opened pre-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)
  • Require a military allotment in order to get the loan
  • Charge prepayment penalties, or fees for paying off a loan early
The Servicemembers Civil Relief Act (SCRA) can help active-duty military (and at times, their dependents) by:

  • Reducing interest rates to 6% on most loans taken out pre-service
  • Making it harder to get a default judgment against you on unpaid loans
  • Stopping a mortgage lender from foreclosing on your home without a court order
  • Limiting lenders’ ability to take your property
  • Allowing servicemembers to end their residential and car leases without penalty

The MLA applies to all installment loans, including unsecured personal loans. This list of benefits and protections is just a general guideline. For more information regarding your specific situation, contact a legal professional who is well-versed in military law.

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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 civilians, there are two key differences:

  • You’ll need to provide proof of service if you’re applying for a loan only open to military members. This may include providing information about your branch, rank and date of service.
  • Some loans will not be available to you because of MLA restrictions, so your pool of potential lenders may be smaller. For instance, many no-credit-check loans come with APRs above 36%, making them unavailable to active military members.

Otherwise, civilians and military-affiliated borrowers follow the same steps to apply for a personal loan.

You can find a loan on LendingTree’s marketplace in three quick steps:

  1. Fill out a form. You’ll answer a few simple questions about your identity and the loan. This should take about two minutes.
  2. Compare offers. LendingTree will send you offers from up to five lenders in our trusted network. Compare rates and monthly payments to decide which loan fits your budget.
  3. Get your money. Once you’ve chosen an offer, you’ll formally apply for the loan and sign your loan contract. Your lender will send you your loan funds, usually by direct deposit.

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Grants for veterans and other financial assistance

The MLA and SCRA provide protections for active-duty military, but they don’t apply to personal loans for veterans. For that reason, it’s especially important for veterans to ensure they aren’t taking out a loan with predatory rates and terms.

When personal loans aren’t an option, veterans can find financial help through nonprofit organizations and government programs.

If you think you may be eligible for VA benefits but are having a hard time navigating the system, make an appointment with your local Veteran Service Officer (VSO). A VSO’s main duty is to help veterans find and use their benefits. Best of all, its 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-9/11 military members and their families

USA Cares provides emergency financial assistance for military members who served after 9/11. 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 grant of up to $2,500 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

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 30 lenders to determine the overall best seven personal loans. To make our list, lenders must offer personal loans with competitive APRs. From there, we prioritized 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.

Based on our systematic rating and review process, the best military loans come from Navy Federal Credit Union, USAA, Achieve, Discover, LightStream, SoFi and Upstart.

While they didn’t make our shortlist, Omni Military Loans, Armed Forces Bank and Service Credit Union offer loans specifically for military members.

Frequently asked questions

Yes. Veterans, active-duty military and their surviving spouses might qualify for a VA-backed mortgage that comes with perks not available to civilians. For example, VA home loans don’t require mortgage insurance, no matter your down payment amount. Some VA home loans don’t require a down payment at all.

Regardless of your military status, the credit score you need for a personal loan varies from lender to lender. Some lenders offer loans to people with bad credit, while lenders like LightStream only work with borrowers who have good credit.

The Military Lending Act makes it illegal for lenders to offer loans with interest rates above 36% to members of the military. Since payday loans come with high rates, military members can’t get them.