Some lenders specialize in working with members of the armed forces. Others provide rates, terms or perks that serve the unique needs of military households.
We’ve chosen the best loans for active-duty service members and veterans, looking at rates, fees, loan amounts, military benefits and other criteria. For more on how we made our decisions, read our methodology.
Best personal loans for veterans
Best for large or small loans: Navy Federal Credit Union
Who’s this for? Navy Federal Credit Union (NFCU) has the broadest range of loan amounts of any lender we’ve found, approving borrowers for as little as $250 or as much as $150,000. (Loans over $50,000 require a co-applicant.)
Standout benefits: NFCU’s military loan discount takes 0.25% off the APR on eligible personal and auto loans.
Who can borrow: Membership is limited to current and retired military members, Department of Defense employees and their families.
Best for no origination fee: PenFed Credit Union
Who’s this for? Origination fees can eat up as much as 10% of your loan proceeds. PenFed Credit Union doesn’t charge an origination fee, so you get 100% of the money you applied for.
Standout benefits: While anyone can join PenFed, military personnel enjoy Servicemembers Civil Relief Act (SCRA) benefits, including a 6% rate cap on eligible personal loans. Active duty, reserve, honorably discharged and retired military also qualify for the PenFed Honors Advantage Program, which unlocks higher rewards on its premium credit cards.
Who can borrow: PenFed began as a credit union for Pentagon employees, but membership is available to anyone who opens a PenFed savings account with a $5 deposit.
Borrowers with good-to-excellent credit who want competitive rates andno upfront fees should consider PenFed. Its $50,000 loan cap means it might not be the right lender for larger expenses.
- Approves loans as small as $600.
- Membership available with a $5 deposit in a savings account.
- Can pick up a physical check at a branch.
- Can apply with a co-borrower.
- Maximum loan amount is $50,000.
- Generally need good to excellent credit.
- Most branches are in D.C., Maryland and Virginia.
Best for joint loans: USAA
Who’s this for? USAA allows co-applicants on personal loans for eligible military members, veterans and their families, with fixed rates starting as low as 9.99% APR and loan amounts ranging from $2,500 to $100,000.
Standout benefit: USAA doesn’t charge origination fees and offers a 0.25% autopay discount. Members also enjoy money-saving perks at recreational parks, sporting events, concerts and more.
Who can borrow: Membership is available to current and retired service members, their families and employees of some federal agencies.
USAA is a smart option for military households who want high-limit loans and a lot of flexiblity in repayment terms. It’s minimum APR is higher than many competitors, but the max is significantly lower.
- Up to $100,000 in funding
- No origination fee.
- 0.25% APY autopay discount.
- You can apply with a co-borrower.
- Only open to active-duty service members, veterans, National Guard, Reserves, ROTC and family members
- It can take 1 to 2 business days to get loan funded.
Best for debt consolidation: Upgrade
Who’s this for? If you use your loan for debt consolidation and have Upgrade pay your creditors directly, you may be eligible for a rate reduction of 1 to 4 percentage points. Borrowers can also qualify for discounts for enrolling in autopay or having other eligible Upgrade financial products.
Standout benefits: Upgrade approves personal loans of up to $75,000, higher than many competitors. Borrowers can use their home fixtures or eligible vehicle as collateral.
Who can borrow: Upgrade loans are available to U.S. citizens, permanent residents and visa holders age 18 or older in 43 states and Washington, D.C. Upgrade does not operate in Colorado, Connecticut, Iowa, Maryland, Massachusetts, Vermont or West Virginia.
We like that Upgrade considers borrowers with fair credit and allows co-borrowers, which can improve the odds of approval and receiving favorable rates. The maximum interest rate is on the high side, however.
- Accepts applicants with fair credit
- Approves loans of up to $75,000
- Discount for having creditors paid directly
- Funding in as little as one day
- Accepts co-borrowers
- High maximum interest rate
- Origination fee of up to 9.99%
- No physical branches
Why Upgrade is the best for financial literacy:
- Free credit score simulator to help you visualize how different scenarios and actions may impact your credit
- Charts that track your trends and credit health over time, helping you understand how certain financial choices affect your credit score
- Ability to sign up for free credit monitoring and weekly VantageScore updates
Best for bad or no credit: Armed Forces Bank
Who’s this for? Armed Forces Bank does not have a strict minimum credit score requirement. Its Access Loan is a small-to-mid-sized loan designed for service members and veterans with less-than-perfect, limited or no credit history.
Standout benefits: If you already have an Armed Forces Bank deposit account, Access Loan funds can be deposited less than five minutes after you accept.
Who can borrow: While Armed Forces Bank focuses on active-duty military, veterans, retirees, and Department of Defense personnel, civilians can open accounts and use its full-service banking products.
Armed Forces Bank is a good option for military households looking for a small-to-mid-size emergency loan. Funding is available within minutes if you have an Armed Forces checking account.
- Instant funding
- Considers borrowers with weak or non-existent credit
- Origination fee is 10% or $100, whichever is less
- Starting APR is on the higher end
- Loan maximum is low
- Origination fee is 10% or $100
- Only available to service members, veterans and retirees.
Best emergency loan: AmeriCU Credit Union
Who’s this for? If you have an unexpected expense, AmeriCU Credit Union‘s Quick Cash Loan is a payday alternative loan that can put anywhere from $300 to $2,000 into your account almost instantly. There’s no credit check, a fixed rate of 17.99% APR and repayment terms of three to 12 months (depending on the loan amount). To qualify, you must be an AmeriCU member for a minimum of six months and have a qualifying monthly direct deposit. There is also a $20 application fee.
Standout benefits: AmeriCU also offers traditional personal loans of up to $50,000, with repayment terms of up to 60 months.
Who can borrow: AmeriCU Credit Union serves active-duty and retired service members, reservists, Department of Defense employees and residents across Central and Northern New York. You can also join by becoming a member of the AmeriCU Charitable Foundation.
AmeriCu’s Quick Cash option is a straightforward payday alternative loan, with no credit check, a set 17.99% APR and instant funding every day of the year. We like that it also offers traditional personal loans of up to $50,000, for borrowers with larger expenses.
- Quick Cash loan has no credit check.
- Instant funding available 24/7.
- Must be AmeriCU member for 6 months and have regular direct deposit.
- $20 application fee, regardless of approval.
Best for fast funding: Rocket Loans
Who’s this for? If you’re deploying and need money quickly, Rocket Loans can make same-day funding available if you sign your loan agreement by 4:00 p.m. ET on a business day. According to the lender, over 80% of borrowers get their funds in under 24 hours.
Standout benefits: Rocket Loans already has competitive advertised APRs, but it offers a 0.30% discount for making automatic payments.
Who can borrow: Rocket Loans lends to U.S. citizens, permanent residents and visa holders 18 years and older in 46 states and Washington, D.C. It does not operate in Iowa, Maryland, Nevada or West Virginia.
We like that Rocket Loans approves borrowers for up to $75,000, with low rates and same-day funding. There is an origination fee, however, and repayment terms are limited to either 36 or 60 months.
- Maximum APR is lower than many online competitors.
- Funds may be available the same business day
- Offers autopay discount.
- Origination fee taken from loan proceeds.
- Repayment terms limted to either 36 or 60 months.
- Doesn’t accept co-borrowers or collateral.
| USAA | Navy Federal | Armed Forces Bank | AmeriCU | Rocket Loans | PenFed | Upgrade | |
| Loan range | $2,500 to $100,000 | $250 to $150,000 | Access Loan: $250 to $15,000 | Quick Cash: $300 to $2,000 | $2,000 to $75,000 | $600 to $50,000 | $1,000 to $50,000 |
| Repayment terms | 12 to 84 months | Up to 60 months (180 months for home improvement loans) | 6 to 48 months | 3 to 12 months | 36 or 60 months | 12 to 60 months | 24 to 84 months |
| Origination fee | None | None | 10% or $100, whichever is less. | $20 application fee | Up to 9.99% | 0% | 1.85% to 9.99% |
| Funding speed | 1 to 2 business days | 30 minutes to a few hours | In minutes | under 60 seconds | Same-day funding if you sign by 4:00 p.m. ET | 1 to 2 business days | 1 to 3 business days |
| Eligibility | Active-duty, veterans, National Guard, Reserves, ROTC | Active duty, veterans, Reserves, National Guard, Space Force, ROTC, DoD | Active duty and veterans | AmeriCU member for at least 6 months. | Anyone | Open savings account with a $5 deposit | Anyone |
| Best for | High-limit loans with no fees | Home improvement loans with long repayment terms | New recruits with little or less-than-perfect credit | Small, no-credit-check loans with instant funding | Fast funding for borrowers good-to-excellent credit | Low-rate loans and in-person banking | Debt consolidation for borrowers with fair credit |
What to know about personal loans for military members
The Military Lending Act (MLA) and Servicemembers Civil Relief Act (SCRA) provide financial and legal protections for service members and their families.
The MLA covers most unsecured installment loans, credit cards and payday loans. Residential mortgages and auto loans are typically exempt.
Under the MLA, active-duty service members, including those on active National Guard or Reserve duty:
- Can’t be charged more than a 36% Military Annual Percentage Rate, which includes interest and certain upfront fees.
- Can’t be charged a prepayment penalty.
- Can’t be required to create a military allotment to get the loan.
The Servicemembers Civil Relief Act:
- Limits interest rates to 6% on most pre-service debts, including personal loans and credit cards.
- Allows service members to break residential and car leases without a penalty if they are deployed or stationed elsewhere.
- Prevents foreclosure, eviction or vehicle repossession against military households without a court order.
- Makes it more difficult to issue a default judgment in civil cases if military service prevents attendance.
- Prohibits life insurance companies from ending coverage or increasing rates solely due to military service.
Bad credit? You can still get funding for major expenses.
Offers in this section are from affiliate partners and selected based on a combination of engagement, product relevance, compensation, and consistent availability.
Annual percentage rate (APR)
How to apply for a personal loan
- Decide how much to borrow. Lenders set minimum and maximum loan amounts, so deciding how much you need may affect the banks you apply to.
- Get prequalified. Prequalification can help you compare estimated rates, terms and loan amounts without affecting your credit score. You may be asked for personal information such as your address, date of birth, income and Social Security number, as well as the loan amount and loan purpose.
- Gather your documentation and apply. Once you choose a lender, you’ll fill out a full application, which may require a government-issued ID, proof of income and employment and bank account details for direct deposit.
- Review the offer before accepting. If you’re approved, read the loan agreement and make sure the loan amount, rate, fees, monthly payments and repayment terms are what you expected. A lender will typically run a hard credit inquiry as part of the full approval process, which can lower your credit score slightly, so be sure this is the loan you want.
- Receive the funds and start making payments. Funding time depends on the lender and your application. Some lenders offer same-day funding for eligible borrowers who sign their agreement early enough in the day. Your first payment date will be listed in your loan agreement, but it’s usually about a month after you receive your money.
FAQs
Where can a veteran get a personal loan?
Veterans and active duty service members can get a personal loan from any bank, credit union or online lender, subject to eligibility and approval requirements. There are several institutions, including Navy Federal Credit Union, USAA Bank and Armed Forces Bank, that specialize in serving military borrowers.
Can I get a payday loan if I’m in the military?
While the Military Lending Act doesn’t expressly prohibit service members from taking out payday loans, it does cap Military Annual Percentage Rates at 36%. Becausepayday loanscan carry triple-digit APRs, that may make them off-limits. Whether you qualify also depends on the lender and your state’s rules.
Can I get a personal loan from the VA
No, the VA does not offer personal loans. However, it does provide VA mortgages to eligible servicemembers, who can take advantage of lower rates and no down payment requirements.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice to help them make informed financial decisions. Every personal loan list is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
Our methodology
To determine the best personal loans for veterans and military members, CNBC Select analyzed offerings from over two dozen banks, credit unions and online lenders.
When making our list, we focused on the following features:
- APR:We considered the interest rate and overall cost of borrowing for each lender.
- Fees:We considered whether a lender charged an origination or application fee, late fees or returned-payment fees. None of the lenders on this list charge a prepayment penalty.
- Military benefits: Lenders who specialize in serving military clients or who provide discounts or other benefits to service members were given more weight.
- Repayment terms:All the lenders on this list offer a range of repayment terms.
- Loan amounts:We considered the minimum and maximum loan amounts applicants could borrow from each lender we reviewed.
- Discounts:We considered whether lenders had rate reductions for autopay, existing customers, for direct pay on debt consolidation loans or for other categories.
- Rate and terms transparency:We considered whether rates, fees, eligibility requirements, and loan terms are clearly disclosed on the lender’s website.
- Reputation:We reviewed lenders’ Better Business Bureau ratings and third-party reviews from sites like TrustPilot. We also considered any lawsuits or regulatory actions.
- Availability:We gave more weight to lenders that operate in all or most U.S. states.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
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