Best armed forces loans

Written by: Anna Baluch
• Updated •2 min read
This date may not reflect recent changes in individual terms.
Parent smiles at young son while holding him in her arms.Image: Parent smiles at young son while holding him in her arms.

In a Nutshell

There are many lenders that offer loans to active-duty and retired military members and their families. Check out our list.
Editorial Note: Intuit Credit Karma receives compensation from third-party advertisers, but that doesn’t affect our editors’ opinions. Our third-party advertisers don’t review, approve or endorse our editorial content. Information about financial products not offered on Credit Karma is collected independently. Our content is accurate to the best of our knowledge when posted.

Whether you’re active duty, a retired military member or part of a military family, a personal loan can help you cover the cost of just about anything.

You can use a loan to consolidate debt, repair your car, renovate your home, pay for unexpected bills or even go on vacation. And if you take out a personal loan, you may not have to pay a sky-high interest rate if you’re covered by the Military Lending Act, which caps APRs at 36% for active duty, active Reserve and certain National Guard personnel, as well as dependents with a valid military identification card.

What you should know about armed forces loans

Many lenders offer personal loans to military members and their families. While it may be tempting to choose a lender with a military affiliation, it’s smart to shop around. Once you do, you might find you’re better off with a lender that lends to everyone.

Before you commit to a loan, do your research and prequalify if you can. Compare the interest rates, terms and perks of all your options. And remember that your interest rate (as a military-affiliated borrower) may be capped at 36% per the Military Lending Act, so any lender that tries to offer you a higher rate isn’t a good option.

How we picked these loans

We reviewed loans from a dozen lenders, some of which are affiliated with the military. Then we compared loan amounts, interest rates, fees and unique benefits.

*Approval Odds are not a guarantee of approval. Credit Karma determines Approval Odds by comparing your credit profile to other Credit Karma members who were approved for the personal loan, or whether you meet certain criteria determined by the lender. Of course, there’s no such thing as a sure thing, but knowing your Approval Odds may help you narrow down your choices. For example, you may not be approved because you don’t meet the lender’s “ability to pay standard” after they verify your income and employment; or, you already have the maximum number of accounts with that specific lender.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.