When you’re brave enough to risk it all for your country, there’s no excuse to be left in a sticky financial situation once you’re back in your civvies. But unfortunately, unemployment and poor credit are financial realities facing many of our veterans today, especially those who valiantly served post-9/11.

military family

And what’s even more shocking is that, despite the preponderance of veteran-focused financial and educational resources, the government has yet to set up a direct personal loan program specifically designed for our nation’s heroes.

Which means veterans who find themselves unable to make ends meet are left with the same options as the rest of us: traditional personal installment loans, which sometimes have steep interest rates and credit requirements.

There are, however, some lenders and financial companies out there waiting to connect you with the resources you need even if your credit leaves something to be desired.

Loans for Veterans to Pay Their Bills or Consolidate Their Debts

Although it’s never ideal to borrow money in order to cover loans you already owe, unemployed or disabled veterans may sometimes find themselves with few other options, especially if they’re already drowning in debt. And if you’re dealing with revolving balances as well as bills, the minor windfall of a personal loan can help you get out in front of a bad financial situation.

In fact, many veterans use personal loans to consolidate credit card debt to move forward on building stronger credit for the future. By paying off multiple debts with one personal loan (and then focusing on aggressively paying down that one), you’ll simplify your monthly payments and potentially save a heap of money on interest.

Best Lenders for Veterans with Bad Credit

No matter what you use your personal loans for, here are some of the best lenders and vendors to consider if you’re a veteran with bad credit.

1. CashUSA

Offering personal installment loans of up to $10,000 which can be used for any purpose, CashUSA is a great resource to turn to for veterans working on building their credit. Its easy application process is done entirely online, and you may be able to receive the funds in as little as one business day.

  • Loan Amount: $500 to $10,000
  • APR: 5.99% to 35.99%
  • Loan Term: 3 to 72 months

2. BadCreditLoans

There’s no need to be worried or embarrassed about your credit history when you apply for a loan at BadCreditLoans.

Along with actually getting you the loans you need, BadCreditLoans is also committed to helping veterans and other borrowers get back on their feet with as much empowerment and information as possible. The company offers a wide range of free resources, including information on how to spot scams and basic personal finance best practices.

  • Loan Amount: $500 to $5,000
  • APR: 5.99% to 35.99%
  • Loan Term: 3 to 60 months

3. PersonalLoans.com

This large lender network is available to borrowers in all 50 states, and you don’t have to have perfect credit to achieve application approval. You’ll find out your decision in seconds and could have the funds within as little as one business day. With a maximum loan of $35,000, PersonalLoans.com is a great option for veterans who need a fairly substantial windfall.

  • Loan Amount: $500 to $35,000
  • APR: 5.99% to 35.99%
  • Loan Term: 3 to 72 months

Banks and Credit Unions for Veterans and Families

Another option that’s available to veterans (and not the general public) is to open an account with a military-focused credit union, association, or bank. These financial institutions may be able to provide you exclusive financial products, including personal, auto, and home loans that will help you take control of your financial future for the long run. All of these come at substantially lower fees and interest rates than traditional lenders might offer.


Proudly serving military members and their families since 1922, the United States Automobile Association (also known as the USAA) is so much more than a military-focused bank.

It also offers its members investment products, retirement accounts, and auto, homeowners, and rental insurance. And yes, they have a competitive personal loan program that can help you get where you’re going.

USAA membership is open to both active military and veterans, as well as their families. In most cases, you’ll learn your approval rate within seconds of submitting your online application, and the money is typically deposited into your USAA checking account on the same day.

  • Loan Amount: $2,500 to $20,000 or more
  • APR: 9.49% to 11.49%
  • Loan Term: 12 to 84 months

USAA also provides a military separation checklist to assist with the transition from active duty to veteran status that helps you plan for the future.

5. Navy Federal Credit Union

Although its name may be the Navy Federal Credit Union, membership at this institution is actually open to any current or ex-member of the armed forces, Department of Defense, or National Guard.

Along with a slew of other convenient and well-priced banking services, Navy Federal also offers personal loans of up to $50,000, with interest rates starting as low as 8.19%. And unlike many other lenders, you can take out personal loans with much longer loan terms (up to 15 years) at NFCU.

  • Loan Amount: Up to $50,000
  • APR Range: 8.19% to 18.00%
  • Loan Term: Up to 180 months

6. Pentagon Federal Credit Union

PenFed offers membership and services to those eligible via association membership, employment, military affiliation, and more. With its mobile-friendly customer service options, you’ll have access to and control over your account 24/7.

What’s more, PenFed offers personal loans starting with rates as low as 6.49%, and you won’t have to worry about any origination fees or varying rates that can ruin your budget. You can use the money however you see fit, and you’ll have up to 60 months to repay it.

  • Loan Amount: Variable
  • APR Range: Starting at 6.49%, but depends on creditworthiness
  • Loan Term: Up to 60 months

As our nation’s first line of defense, our veterans and military members shouldn’t have to worry about dealing with a financial headache once they’re back on homeland soil. So choose one of the personal loans or credit union memberships above to help you get yourself back on your financial footing and managing your wealth on your own terms.