Unfortunately, it is very common for veterans to face financial problems, especially those with poor credit history. Several veteran loans can offer the help the nation heroes deserve to get over their financial crisis.
You can find many lenders offering personal loans or veterans affairs (VA) loans. Depending upon your need and loan attributes, you can decide which one would be better.
Most of these veteran loans are provided by reputable lenders and are pretty flexible with low-interest rates. These loans finance anything from paying utility bills to a mortgage.
Whether you have expensive medical bills, monthly utility bills, educational expenses, or a heavy mortgage, don’t despair. Have a look at veteran loans to get over your financial problems.
- 1 Personal loans
- 2 Other veteran loans and financial assistance
- 3 Free Grants
- 4 Non-profit Organizations Programs
The trustworthy lenders for personal loans are:
USAA works with military members, veterans, eligible family members, cadets, and midshipmen. The application process is simple and has no application fee. USAA offers personal loans from $2,500 to more than $20,000.
You just have to fill out an online application form and wait if it is approved or not. If approved, you will get the money in three business days.
It has been serving current and former military members since 1933. Their loans, especially long-term loans, are offered at low rates. They are the perfect option for you if you need money for a specific purchase.
Just fill out the online application form for the personal loan or contact their customer support at 1-888-842-6328.
Other veteran loans and financial assistance
Veteran Affairs Loans
If you are an eligible veteran and hope to purchase a home, the U.S. Department of Veteran Affairs offers several loan programs.
These loans are a reasonable option for buying a home and often don’t require any down payments. Such loans also have low-interest rates and better terms compared to traditional lenders’ offers. Also, you don’t need private mortgage insurance.
Native American Direct Loan Program
This loan option is specifically for Native American veterans or those with a Native American spouse and is hoping to build, buy or improve their home on federal trust land.
Interest Rate Reduction Refinance Loan
If you are paying a VA-backed home loan, you may be eligible for this loan. It can help you lower the monthly mortgage payments by giving lower interest rates or shifting you from variable-rate loans to fixed-rate ones.
Cash-out Refinance Loan
If you need home equity to refinance non-VA-backed loans to VA loans, pay off debt or pay for schooling, a cash-out refinance loan can be a good option.
If you fail to qualify for a loan, another option is to consider Free Grants for Veterans. Some free grants where you can apply for are:
- Electric Bills Assistance for Veterans
- Water Bills Assistance for Veterans
- Medical Bills Assistance Programs for Veterans
- Low Income Financial Assistance Programs for Veterans
Non-profit Organizations Programs
National Veteran Foundation
Apart from veteran loans, you can contact the National Veteran Foundation for various services, such as
- Request assistance
- Know the available veteran resources and benefits
- Apply for job offers
Veterans of Foreign Wars
Veterans of Foreign Wars also offer up to $1,500 in grants under the Unmet Needs Program for families going through financial difficulties. Since it’s a grant, you don’t need to pay it back.
Modest Needs is another non-profit organization that works to help newly returned veterans who face financial crises. Its Homecoming Heroes grant can help you pay bills or overcome the emergency financial situation.
Other non-profit organizations that can help veterans are
- American Red Cross
- The American Legion
- Operation Family Fund
- Disabled American Veterans (DAV)
Co-founder of AllAboutCareers, one of the top sites for graduates, students and school leavers websites. I studied at the University of Essex. This is my site I talk about finance and help with administrative processes in the USA.