Best Personal Loan Options for Military Veterans

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Getting back in the swing of things in civilian life can be tough for military veterans, and financial issues can often be a fact of life. Many vets find that without the regular service pay and benefits, they may not have the funds they need, and that when it comes to job experience, their service often doesn’t help them put together the type of resume that employers are looking for.

If you’re a veteran looking for a little cash flow until you get a permanent job, or you need some help consolidating debt, a personal loan can give you that little extra push over the finish line. 

 A personal loan can help military veterans get back into the swing of civilian life

Reasons for Veterans to Get a Personal Loan 

A better interest rate

While some unsecured personal loans can have high interest rates—especially if you have bad credit—by and large the interest rates are still lower than those of credit cards. If you’re having trouble paying off a loan or a credit card with high interest rates, then taking a personal loan with better terms to pay off the previous loan should give you some more breathing room. 

Consolidate debt

If you have multiple loans to pay off each month, it can be hard to keep things straight and make sure your head is above water. With a personal loan you can pay off all of the separate debts and then have a single loan to pay off. Just make sure it’s one with better rates, otherwise you won’t be saving any money. 

Home renovation and repairs

If you took out a mortgage with veterans benefits, or you have some sudden home repairs to take care of, a personal loan can help you get your house in the shape you want it to be. And with a sudden repair emergency, a personal loan can be the difference between taking care of the problem before it becomes worse and more expensive.


Top Personal Loan Providers for Veterans

LightStreamMinimum credit score: 660
Loan amount: $5,000 - $100,000
Loan term: 24-84 months
APR range: 4.99% - 16.99%
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Lending PointMinimum credit score: none
Loan amount: $2,000 - $25,000
Loan term: 24-84 months
APR range: 15.49% - 34.99%
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AvantMinimum credit score: 600
Loan amount: $2,000 - $35,000
Loan term: 24-60 months
APR range: 9.95% - 35.99%
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LendingTreeMinimum credit score: none
Loan amount: $1,000 - $50,000
Loan term: 3-180 months
APR range: 4.79% - 35.99%
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LendingClubMinimum credit score: 600
Loan amount: $1,000 - $40,000
Loan term: 36 - 60 months
APR range: 6.95% - 35.89%
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1. LightStream 

  • Minimum credit score: 660
  • Loan amount: $5,000 - $100,000
  • Loan term: 24-84 months
  • APR range: 4.99% - 16.99%
  • Minimum annual income: $50,000 or higher 

Why go with LightStream? High loan limits and no origination fee

If you need to take out a large personal loan to cover expenses after serving in the military, take a look at LightStream, which provides loans of up to $100,000. That said, with a minimum income of $50,000, these loans may be out of the range for many borrowers. 

The loans are also approved within a day or so, which is partly due to the fact that the company works mainly with customers who have pretty solid credit scores. The company also has no loan origination fees or prepayment penalties. 


 2. LendingPoint

  • Minimum credit score: None
  • Loan amount: $2,000 - $25,000
  • Loan term: 24-84 months
  • APR range: 15.49% - 34.99%
  • Minimum income: $25,000

Why go with LendingPoint? Very flexible with credit scores, good ratings for customer service 

LendingPoint is a flexible company that can definitely help veterans find personal loans even if they were turned away by another lender. The company doesn’t have a minimum credit score and requires a low minimum annual income of $25,000, so if you’re a veteran just getting started in civilian life, this can be a relief. The way the company does it is by looking beyond simply your credit score, taking into account your job history and income level as well as recent credit behavior when deciding whether to provide a loan or not. 

LendingPoint provides funding as soon as the next business day, but keep in mind that you will also have an origination fee of between 0% and 6% as well as often high APR rates. 


 3. Avant

  • Minimum credit score: 600
  • Loan amount: $2,000 - $35,000
  • Loan term: 24 to 60 months 
  • APR range: 9.95% to 35.99%
  • Minimum annual income: $20,000

Why go with Avant? Very flexible with credit scores, good ratings for customer service 

Avant is a good option for veterans who may have average to low credit scores but still would like to acquire a personal loan. And with a minimum income of only $20,000, it shouldn’t be hard for you to get over the finish line. 

With Avant you can receive a loan of $2,000 to $35,000, with a repayment schedule of between 2 and 5 years. 

Now, while Avant is flexible about credit and has received high marks for customer service, the company does charge administrative fees as large as 4.75% for new users. The company will also perform a hard credit pull, which can affect your credit score. 


4. LendingTree 

  • Minimum credit score: None
  • Loan amount: $1,000 - $50,000
  • Loan term: 3 months to 180 months
  • APR range: 4.79% to 35.99%
  • Minimum income: Proof of reliable, steady source of income required 

Why go with LendingTree? Competitive rates from a vast netowrk of reliable lenders

LendingTree is another company devoted to making the process of securing a loan easier and more streamlined, including for people who may have been rejected elsewhere. 

The company facilitates personal loans of up to $50,000 with very flexible loan terms of up to 15 years. There also isn’t a minimum credit score, which can really help if you’ve been out of civilian life for a while and have little credit history or bad credit. 

LendingTree also doesn’t charge any fees for putting you in touch with a lender, and provides a wealth of educational resources, articles, and calculators to help you make sense of it all.


5. LendingClub

  • Minimum credit score: 600
  • Loan amount: $1,000 - $40,000
  • Loan term: 3- or 5-year terms
  • APR range: 6.95% - 35.89%
  • Minimum annual income: Accepts borrowers with debt to income of up to 40%

Why go with LendingClub? Low minimum credit score and flexible terms. 

LendingClub is a peer-to-peer lending club that gives veterans a wide range of options, and by casting a wide net across a large network of lenders, it should be able to find you a loan that fits your budget.

In addition, LendingClub can help you stay above water, with a hardship plan that allows you to freeze your loan for up to 3 months if you hit a financial rough spot. 

LendingClub does have some fees that you should factor into the equation. These include an origination fee of between 1%-6%, a check processing fee of $7, unsuccessful payment fee of $15, and late fees which can be either 5% of payment due or $15, whichever is greater. 


The Next Chapter Begins, So Get Off to a Good Start 

When getting back to civilian life, it’s important that you take steps that can help you achieve the life you deserve in the years to come. A personal loan can be a means to pay off some debts and get yourself on better financial footing moving forward. 

Before you sign on the (digital) dotted line though, make sure to look closely at the terms of the loans and at your income and ability to pay off the debt, just to make sure you don’t face any obstacles starting this new chapter. 

 

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