Personal Loan Options for Veterans

Often, members of the armed forces face certain financial difficulties upon completion of service. This is especially evident in the transition to civilian life. Personal loans for veterans can serve as an additional income that saves the day. While the Department of Veterans Affairs provides many benefits and services to support veterans, this is not always enough to provide them. Use Payday Loans Online – Get Approved Instantly 24/7 at DT in situations where money is urgently needed.

Veteran loans can be an important source of additional financial support. Before taking out a veteran loan make sure you understand how to choose the loan that suits you best.

Today you will find out where to get a personal loan for veterans and what additional financial resources are available.

1.  LightStream

LightStream is one of SunTrust Bank’s top international online consumer finance units which became Truist in 2019 following its merger with BB&T. The key feature of LightStream Personal Online Loans is that they can be up to $100,000 and be used for almost any reason other than refinancing existing loans. Personal loans are available to veteran borrowers with a satisfactory credit history in 50 states.

Before applying, you should consider:

• Minimum FICO Credit Rating: 660;
• Loan amount: from $5,000 to $100,000;
• Maturity: 24 to 144 months;
• Better Business Bureau Rating: A +.

Features of the veteran loan:

• Various options for the use of loans are available;
• Loans up to USD 100,000 are available.

2.  PenFed Credit Union

This lender serves the military, the Department of Defense, the Department of Homeland Security, military associations, eligible veterans and retirees, and their families. However, the military association is not required to apply for a loan or become a member of a credit union. The credit union offers personal loans to eligible members and eligible co-borrowers in 50 states.

Before applying, you should consider:

• Minimum FICO credit rating: not disclosed;
• Loan amount: from 500 to 20,000 US dollars;
• Maturity: up to 60 months;
• Better Business Bureau Rating: A +.

Features of the veteran loan:

• Up to 60 months;
• There is no commission for placing an order;
• Borrowers can access funds the very next day after approval.

3.  Upstart

Upstart is an online marketplace lender that brings borrowers and investors together to provide personal loans. It offers loans of up to $50,000 to veteran borrowers with fair to excellent credit across the country except for Iowa and West Virginia residents. Since its inception in 2012, more than $7 billion in loans have been disbursed. Many lending decisions made through the platform are automated and use artificial intelligence.

Before applying, you should consider:

• Minimum FICO Credit Rating: 620;
• Loan amount: from 1,000 to 50,000 US dollars;
• Maturity: 36 to 60 months;
• Better Business Bureau Rating: A +.

Features of the veteran loan:

• Upstart can accept reputable applicants or even those with no credit history, using artificial intelligence to quantify risk;
• In most states, loans of $1,000 or more are available;
• The lender’s dashboard allows borrowers to see the impact of loan repayments and change payment dates.
• Payoff

This veteran lender offers personal loans designed to consolidate credit cards and other debts at high-interest rates. It operates in most states and provides loans up to $40,000.

Payoff is not a bank; instead, it works with partner lenders who provide veteran loans. The company which considers itself a financial recovery firm is located in California.

In 2017, Payoff launched its Happy Money subsidiary which takes a psychological approach to monetary issues. Today Payoff is a service under the auspices of Happy Money.

Before applying, you should consider:

• Minimum FICO Credit Rating: 640;
• Loan amount: from 5,000 to 40,000 US dollars;
• Maturity: 24 to 60 months;
• Better Business Bureau Rating: A +.

Features of the veteran loan:

• Borrowers do not face prepayment or late payment penalties;
• Borrowers can get pre-approval without a tough credit check;
• Some borrowers with a fair credit history may be eligible for a loan.

5.  Rocket Loans

Rocket Loans offers personal loans to qualified veteran borrowers in all the US states except Iowa, West Virginia, and Nevada. These veteran loans are for people with good credit history who need to borrow up to USD 45,000 for debt consolidation, home renovations, medical, business, or other expenses.

Before applying, you should consider:

• Minimum FICO credit rating: not disclosed;
• Loan amount: from 2000 to 45000 dollars;
• Maturity: 36 to 60 months;
• Better Business Bureau Rating: A +.

Features of the veteran loan:

• Same-day loan financing is available;
• No prepayment penalties apply;
• An online application process is available.

How to Choose a Personal Loan For a Veteran?

The most important step when looking for a personal loan is to evaluate your budget and each lender you are considering. In today’s low-interest-rate environment, it is very easy to justify borrowing because debt is cheap. However, without a solid financial plan that includes a budget, any debt can lead to financial problems if not managed properly.

Compare personal loans by looking at member requirements, interest rates, maximum loan amounts, and repayment terms and fees. As with any individual loan, the most important factor is ensuring that the loan and rate work properly.

As a rule, the longer the term, the lower the amount of the payment. But you will pay more interest over the term of the loan. Once you are sure that the loan fits into your budget, rush to ask the lender questions. Don’t sign anything you don’t understand.