What Loan Options are Best for Veterans?

by Kady Harper

Loans for Veterans

There are currently over 18 million American veterans, and many of these may struggle financially when they return home.

Getting back to everyday life, finding a job, and dealing with a poor credit score are just some of many things veterans have to deal with, and finding a loan shouldn’t be another on the list.

Unfortunately, a lack of government-backed loans for veterans means that America’s heroes are left with the same loan options as the rest of us.

If you’re a veteran and need a loan, whether it’s to afford necessities, a wedding, or even to cover existing loans, then keep reading for more information on some of the best loans for veterans with bad credit.


Alternatively, for a more in-depth look at veteran loans, check out this useful link here – https://www.crediful.com/personal-loans-for-veterans-with-bad-credit/

USAA

Pros

  • Maximum loan term is 84 months (7 years)
  • Funds deposited same day
  • Military-focused bank
  • Open to veteran’s families too

Cons

  • There are more competitive interest rates out there

Since 1922, USAA has been a popular choice amongst veterans and veteran’s families. This military focused bank is open to active military members and veterans – even with a poor credit history.

With a USAA loan, you can borrow amounts exceeding $20,000, and the minimum loan amount is $2500. Depending on the type of loan you get accepted for, you’ll have anything between 12 and 84 months (yes, that’s 7 years!) to repay the loan.

The APR can vary from 9.49% to 11.49%, which is a good maximum interest rate – but the starting point could definitely be lower.

There’s also a convenient military separation checklist, which is sure to make the transition from active military to veteran status a lot more streamlined.

BadCreditLoans

Pros

  • Inclusive for anybody with a poor credit score
  • Great last resort option
  • Starting APR is 5.99%
  • Wide range of helpful online resources
  • Can borrow as little at $500

Cons

  • Maximum loan amount as $5000

BadCreditLoans are a great choice for veterans in a sticky financial situation. Their loans can be short term or long term, with the terms ranging from 3 months to 60 months.

Unlike USAA, BadCreditLoans isn’t a direct lender – it’s an online marketplace that will connect you with a variety of different lenders. All you need to do to get started is complete a simple application form including standard personal information.

Whether you need a quick $500 to cover rent or you need a more substantial amount of money (up to $5000), it’s definitely worth filling out the online form online to see what you’ll be eligible for.

CashUSA

Pros

  • Loans of up to $10,000
  • Can receive the funds as soon as one day
  • Max loan term is 72 months
  • Easy online application
  • Great for rebuilding your credit

Cons

  • Must earn a minimum of $1000 per month to be eligible

CashUSA is a great option for veterans with a poor credit score. If you earn over $1000 per month, are over the age of 18, and have a bank account, then you should be eligible for a loan with them.

Their loans vary from $500 to $10,000, which is sure to cover any medical emergencies, house repairs, or even just rent. Depending on what loan you get accepted for, the loan terms can be anything between 3 months and 72 months, which is sure to ease the burden of high monthly payments.

The application process is super quick and easy, and once completed and verified, you could receive the funds within one business day!

PersonalLoans.com

Pros

  • Great for debt consolidation
  • Flexible repayment options
  • Large loan amounts of up to $35,000
  • Available in all 50 states
  • No prepayment penalties

Cons

  • None

Whether you need $500 to afford necessities, or a larger $35,000 for bigger financial emergencies, or to cover existing debts, PersonalLoans.com is a great option if you’re a veteran with a less than perfect credit score.

Once you’ve filled in the simple online application form, you should hear back from potential lenders with offers in a matter of seconds. Once the decision has been made, you may get the funds as soon as one business day.

The interest rates start at 5.99%, which is pretty standard with this type of loan. They’re capped at 35.99% – and naturally the APR will rise the lower your credit score is.

Photo by Benjamin Faust on Unsplash

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