Best Military Personal Loans in 2023

Taking out a joint loan can be a great way to boost your personal loan approval odds. Achieve not only offers joint loans, but you could earn an APR discount for adding a qualified co-borrower to your application.

Achieve’s maximum APR is higher than some of the lenders on this list, though. If you’re working to improve your credit score, you might have less expensive options elsewhere. The lender also charges a mandatory origination fee.

Read our full Achieve personal loan review.

At 620, Achieve’s credit score minimum is lower than some. It also reviews your debt and income to determine your eligibility, but it doesn’t disclose many specifics. Luckily, Achieve offers prequalification, which will help you see if you qualify for a personal loan without damaging your credit score.

Discover has dedicated, U.S.-based loan specialists available seven days a week if you need assistance. This lender also has several repayment assistance options to get you back on track if you’re having issues with repayment.

While Discover may be willing to help, it’s essential that you contact the lender immediately if you’re facing issues. Otherwise, you could be on the hook for a $39 late payment fee. Bad-credit borrowers are typically not eligible, and you can’t add a co-borrower, either.

Read our full Discover personal loan review.

First, you must have a credit score of at least 720 to qualify for a Discover loan. Unlike some lenders, you aren’t automatically ineligible if you’re unemployed. You do, however, need to make at least $25,000 a year, either individually or per household. Meeting these requirements don’t guarantee that Discover will approve you, as it will also review your overall credit history.

LightStream offers personal loans online up to $100,000, and its home improvement loans come with a 144-month term option. As long as you don’t mind paying more interest over the life of your loan, this extended term can help your loan repayment better fit into your monthly budget.

What’s more, LightStream may send you $100 if you’re not satisfied with your loan experience. However, it’s important to note that while the lender doesn’t disclose its exact credit score requirements, LightStream only approves borrowers with good-to-excellent credit.

Read our full LightStream personal loan review.

LightStream doesn’t specify exactly what it’s looking for in its applicants, but it will review your credit history, assets, debt-to-income ratio and payment history. While it only approves borrowers with at least good credit, it also states that a high FICO Score doesn’t mean automatic approval. LightStream doesn’t offer prequalification.

Navy Federal Credit Union (NFCU) specializes in servicing the armed forces, helping it secure its status as the overall best lender for military personal loans. Notably, those new to the military could qualify for a Career Kickoff Loan with an APR as low as 1.25%. Further, with a $250 minimum, NFCU could be perfect for small loans, and its home improvement loan has a term up to 15 years.

One drawback for NFCU is its application process — you can’t apply without taking a hard hit to your credit score. It also doesn’t advertise its minimum credit score requirements.

Read our full Navy Federal Credit Union personal loan review.

NFCU membership is limited to active-duty and retired military, veterans and their family members. Department of Defense civilians are also eligible. After you join, you’ll need to open a membership savings account with a deposit of at least $5 to take out a loan.

NFCU doesn’t disclose its credit-related requirements. You’ll need to call the credit union or visit a branch for more information.

Although Pentagon Federal Credit Union (PenFed) is open to everyone, its emergency furlough relief assistance programs could make it especially appealing for military personal loans. Whenever there is a government shutdown, military members aren’t paid. To help, PenFed Credit Union may let those who are affected skip a payment. It also offers specialized paycheck protection loans and low-interest government furlough loans.

On the other hand, PenFed can’t pay your creditors directly, so you may want to look elsewhere for a debt consolidation loan. It’s also important that you pay on time, since the lender charges a $29 late payment fee.

Read our full PenFed personal loan review.

You don’t need to be a PenFed member to apply for a personal loan. To accept your loan, you’ll need to join by opening and depositing at least $5 into a PenFed savings account. You may also want to consider opening a PenFed checking account to make your payments. If you do, you can choose to pay biweekly or monthly.

PenFed does not disclose its other personal loan eligibility requirements, but you do need to have a credit score of at least 700 for it to approve you. You can check your eligibility with no impact to your credit, since the credit union utilizes a soft credit pull.

SoFi may be ideal for military members who need a quick loan, as long as they have good credit or better. The company boasts that 82% of its approved personal loan applicants received same-day funding from January 2022 to January 2023. Do note that this stat doesn’t apply to debt consolidation loans.

SoFi also does not charge any required fees, but you can opt in to pay an origination fee in exchange for a lower APR. Also, SoFi might not make sense if you need a small loan, since the lowest loan it offers is $5,000.

Read our full SoFi personal loan review.

Aside from having a credit score of at least 680, you must have a job, pull in sufficient income from another source (such as Social Security) or have an employment offer with a start date within 90 days. SoFi will also review your debt-to-income ratio and overall financial history. You can check your eligibility through SoFi’s prequalification process.

Upstart isn’t military-specific, but this lending platform does cater to non-traditional borrowers, including those with lower credit scores. Upstart states that its AI-driven business model allows it to evaluate applicants beyond their credit scores. As such, if you need a bad-credit loan, Upstart may be worth considering.

If you have excellent credit, lenders on the Upstart platform could also offer an APR as low as 6.40%, one of the lowest around. However, borrowers could face an expensive origination fee. The company also lacks physical offices, so it may not be best for those who prefer a face-to-face experience.

Read our full Upstart personal loan review.

Upstart lenders may accept credit scores as low as 300, or even those with no credit score at all. That doesn’t mean that it approves all applicants, however. Upstart also takes into account your debt-to-income (DTI) ratio (which cannot exceed 45% to 50%), credit delinquencies, credit inquiries, your bankruptcy history and other aspects related to your credit history.

USAA Bank could be a good choice for military-affiliated borrowers looking to keep their financial services under one roof. From insurance to banking to loans to investing, USAA offers a wide range of products to eligible military-affiliated consumers.

USAA’s personal loans come with a competitive maximum APR and flexible terms. Once you become a member (which is free), you’ll gain access to the USAA Perks program. Here, you can find savings on rental cars, car repair, theme park tickets and more.

Read our full USAA personal loan review.

You must be a USAA member before you can get a personal loan, and USAA has strict eligibility requirements. Only active-duty military members, veterans, precommissioned officers or eligible family members need apply. Veterans must also have an honorable discharge status at the time of separation.

Once you are a member, you will need to call or visit a USAA branch to apply for a personal loan. Unfortunately, USAA doesn’t have a prequalification process, nor does it disclose its personal loan eligibility requirements.