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Many lenders support military personnel, veterans and their families by offering loans that can give them the money they need to fund a job relocation, cover a major home improvement, or pay for anything else that may come their way.
Below we've created this list of the best loans for veterans and active military members. If you are affiliated with the military, you may be able to save hundreds or even thousands of dollars by taking advantage of these loans.
Best for Imperfect Credit: Avant
Avant personal loans are designed for borrowers with low credit scores. Although their loans aren't the least expensive option for veterans or active military members, they may make sense for those who don't have the best credit. Even if you have a credit score as low as 580, which puts you in the "fair" FICO® Score☉ range, you may still be able to secure a loan through Avant.
The lender also offers an SCRA program, through which they provide an interest rate of no more than 6% on all eligible loans to active-duty members. Avant personal loans range from $2,000 to $35,000 and come with repayment terms of 24 to 60 months. If you take out a loan with Avant, you can expect to pay an administration fee of up to 4.75%.
Best for a Large Expense: SoFi
on SoFi's website
Recommended FICO® Score*
Available loan amounts: $5,000 to $100,000
Est. monthly payment: $222 to $4,992
Grace period: 10 days
Application fee: $0
- Personal Loans with low fixed rates
- Borrow up to $100,000
- No Origination Fees, No Prepayment Penalties, and No Late or Overdraft Fees
- Simple online application with live support 7 days a week
- Apply Now
SoFi may be a good option if you have a large expense coming up, such as a kitchen renovation or major surgery. The lender offers loans of up to $100,000 as well as career coaching, networking events and other perks for veterans.
In addition, SoFi does not charge late fees and offers protection if you happen to lose your job. The one caveat with SoFi, however, is that you must have good credit to get approved for a loan, as the lender's minimum required credit score is 680.
Best for Debt Consolidation: Prosper
on Prosper's website
Recommended FICO® Score*
Available loan amounts: $2,000 to $40,000
Est. monthly payment: $61 to $1,720
Grace period: 0 days
Application fee: $0
- More than $19 billion loans funded
- Join America's first personal loan marketplace with over 1 million members
- Next Day Funding - In as Little as One Business Day**
- Get fixed monthly payments with no prepayment penalties
Frequent relocation, spousal unemployment, financial inexperience and other factors may have left you in debt. A debt consolidation loan, which can help you consolidate all of your high interest loans into one loan with a lower interest rate can help you pay down debt.
Prosper offers debt consolidation loans with fixed interest rates and an online electronic payment system that makes it easy for you to manage your entire loan directly. Since there are no prepayment penalties, you can pay off your debt consolidation loan early if you wish.
Best for Auto Loans: LendingTree
For a good deal on an auto loan, LendingTree is a strong choice. It can give you the chance to compare auto loans from multiple lenders. Once you fill out a simple and secure form online, you'll receive up to five offers. Regardless of whether you have a good credit score or one that needs improvement, you'll likely be able to find an auto loan that aligns with your budget and lifestyle.
Best for Student Loans: Ascent
If you have student loans and need some time to get back on your feet before making payments, you may be a good fit for Ascent. Ascent offers an active-duty military loan deferment, which is available up to a cumulative limit of 36 months.
To receive this deferment, you must submit an application and documentation to prove you are serving on active duty during a war, other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation. If you pursue Ascent's active duty military deferment, you will be extending the repayment term of your student loans.
Which Loan Is Right for You?
There are a variety of great loans available to veterans and active military members. Take the time to evaluate all of your options and consider the purpose of your loan as well as your credit score, current financial situation and long-term financial goals before making a decision.
All information about Ascent Student Loans and LendingTree Auto Loans has been collected independently by Experian and have not been reviewed or provided by the offer provider.