Best Personal Loans for Military Members
April 2024
Active-duty military members often receive lower rates and exclusive perks when shopping for a personal loan. Here are the best personal loans for military service members based on SuperMoney's algorithms and community feedback.
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Whether you need to consolidate debt, fund a home improvement project, or pay off medical bills, servicemembers have more options than the average citizen. Several personal loan lenders specialize in offering personal loans for military members. Others offer discounts and special perks to veterans and active-duty military members. Servicemembers also enjoy the protection of federal regulations that -- among other things -- puts a cap on the interest rates lenders can charge. Here are the top=recommended personal loans for military members.
Methodology: How we picked the best personal loans for military members
We started our list with the top-rated personal loans for military members and their families. That includes excluding lenders with minimum rates above 36%, which is the cap federal regulations put on personal loans for servicemembers. We then selected the lenders with the lowest fees, most flexible payment options, and best interest rates.
Common Questions on Personal Loans for Military Personnel
What should you look for in a military personal loan?
Search for the most recommended personal loans for military members. The lenders above come with a community recommendation based on the reviews of consumers like you. Look for lenders that provide special consideration to military members and their families. For example, the Servicemembers Civil Relief Act offers special protections from fees and caps interest rates at 6% during active-duty service. However, some lenders go beyond that and offer even lower rates.
Are there personal loans for veterans?
Many lenders offer personal loans for veterans and servicemembers, even those with bad credit. Unsecured loans are available with interest rates ranging from 5% to 36% for active-duty servicemembers. However, the 36% interest rate cap does not apply to veterans. Veterans with fair or poor credit scores may only qualify for personal loans with higher interest rates.
Is it easy to qualify for a loan in the military?
It depends on your credit history and income. However, even military members with less-than-perfect credit can qualify for a personal loan with competitive rates and still enjoy the protections and perks granted to servicemembers. For example, if you have bad credit, there are still lenders that provide secured loans with competitive rates. Secured loans are easy to qualify for, even with poor credit. Credit unions, such as Navy Federal, offer low rates on its savings-secured loans.
What credit score do I need to qualify for a personal loan for military members?
Every lender has its own credit score eligibility requirements. That is why it's so important to apply with several lenders. However, even with credit scores as low 580, you may still qualify for a top-rated personal loan for military members with competitive interest rates.
How can you find the top military personal loans?
Before you apply for a loan, make sure you shop around and compare the rates and terms of at least three of the best personal loans for military members listed above. You will be surprised by the range of interest rates and fees you will get. For an even more personalized recommendation, use SuperMoney's loan offer engine. Answer a few questions and will receive preapproved loan offers that list the interest rates and fees involved. One of the best things about SuperMoney's loan offer engine is it won't hurt your credit score.
About the Author
SuperMoney
SuperMoney is the most comprehensive financial services comparison site around. We have published hundreds of personal finance articles and provide detailed reviews on thousands of financial products and services. Our unbiased advice and free comparison tools help consumers make smart financial decisions based on hard data, not marketing gimmicks.
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