Written by: Eric Bank
Edited by: Lillian Guevara-Castro
Reviewed by: Ashley Fricker
In light of their service and sacrifice, veterans deserve prompt assistance when they require an emergency loan. The government offers many resources but, unfortunately, does not provide personal loans to former military members.
Our review of the best emergency loans for veterans covers how the private sector can take up the slack. We’ve identified lenders that may be able to supply the needed funds in as little as one business day. We also point out several government programs that may offer veterans critical financial aid during an emergency.
Government Assistance For Veterans
The U.S. Department of Defense has a website listing emergency resources for active military members, veterans, and their families. You can also contact the Veterans Administration for hardship financial assistance with your medical copays and other benefits.
1. Military Service Relief Organizations
A nonprofit military service relief organization (MSRO) can assist military members and veterans with severe financial hardship. MSROs can arrange interest-free loans, grants, or a combination of loans and grants. The four MSROs are:
- Army Emergency Relief (AER): This MSRO serves active soldiers as well as veterans retired for longevity, medical reasons, or upon reaching age 60 (reserve component). Eligibility extends to dependents and surviving spouses. AER offers various zero-interest unsecured loans and grants. For example, the Wounded Warrior Assistance Program provides eligible veterans lifetime access to financial aid.
- Navy-Marine Corps Relief Society (NMCRS): The society provides several programs and services to assist active duty and retired sailors, marines, and their military families suffering financial hardship. It distributed $43 million in financial assistance in 2022.
- Air Force Aid Society (AFAS): This nonprofit helps airmen and guardians during emergencies. AFAS provides no-interest loans and grants to help meet immediate needs and make a positive step toward a lasting financial solution. While focused mainly on active members, 3% of its funds go to veterans and widows.
- Coast Guard Mutual Assistance (GCMA): With few exceptions, everyone associated with the U.S. Coast Guard can request assistance for themselves or their immediate family. Those eligible for emergency assistance include retired service member personnel and surviving spouses.
2. National Resource Directory (NRD)
The NRD is a database of validated resources that supports recovery, rehabilitation, and reintegration for service members, veterans, family members, and caregivers. The NRD is a partnership among the Departments of Defense, Labor, and Veterans Affairs that connects wounded warriors, service members, veterans, their families, and caregivers to programs and services that support them.
3. VA Veterans Life Insurance Policy Loans and Cash Surrenders
Most of the VA military loan programs address the needs of homeowners and buyers. But the VA also offers eligible life insurance policyholders loans of up to 94% of the cash value after one year, or they can surrender the policy for its cash value.
To participate, you must have a permanent life insurance plan from one of the following programs:
- United States Government Life Insurance
- National Service Life Insurance
- Veterans’ Special Life Insurance
- Service Disabled Veterans Insurance
- Veterans Reopened Insurance
Policy loans charge 5% to 12% interest, with a maximum loan length equal to the policy’s maturity date. There are no upfront fees or prepayment penalties. The program offers online instant loan approval. You may receive loan proceeds in two to five business days.
Emergency Loans For Veterans
If none of the above resources can meet your needs, the following lending networks can quickly arrange personal loans that deliver funds as soon as the next business day. You must have a bank account and regular income from a job, government benefits, disability plans, or retirement checks to qualify.
4. MoneyMutual
- Short-term loans up to $5,000
- Online marketplace of lenders
- Funds available in as few as 24 hours
- Simple online form takes less than 5 minutes
- Trusted by more than 2 million customers
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| Up to $5,000 | Varies | Varies | See representative example |
MoneyMutual can get you the emergency cash you need fast. It can connect you with one or more loan providers where you can borrow $100 to $5,000 in as little as 24 hours.
You can complete your online loan request in minutes. MoneyMutual distributes your submission to its lender network, allowing you to receive loan offers immediately.
A direct lender will send you the terms and conditions of the online loan, including the interest rate, finance charges, and repayment schedule. Different lenders offer various kinds of loans, allowing you to choose which, if any, to accept.
- Personal loans from $500 to $35,000
- All credit types are considered and welcome
- Simple, no credit impact form
- Helping consumers since 2001
- 4.7 out of 5 Trustpilot rating with 2,000+ reviews!
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $35,000 | 5.99% – 35.99% | 60 Days to 72 Months | See representative example |
The 24/7 Lending Group can help arrange a loan amount of $500 to $35,000 with terms ranging from 60 days to six years. It costs nothing to receive lender offers, and doing so won’t impact your credit history.
When you submit your loan request form, the company’s matching algorithm will direct the information to the most appropriate lenders. It neatly presents the offers to you for easy comparison. This service is without cost or obligation.
24/7 Lending Group has an “Excellent” rating on Trustpilot. This network has operated for 20+ years and helped applicants with bad or good credit borrow cash in as little as 24 hours.
6. CashUSA.com
- Loans from $500 to $10,000
- Receive a loan decision in minutes
- Get funds directly to your bank account
- Use the loan for any purpose
- See official site, terms, and details.
| Loan Amount | Interest Rate | Loan Term | Loan Example |
|---|---|---|---|
| $500 to $10,000 | 5.99% – 35.99% | 3 to 72 Months | See representative example |
If you’re facing a financial emergency, CashUSA.com can help you find direct lenders for a loan of up to $10,000. Submitting a loan request is free and quick.
Emergency unsecured loans are available if you’re at least 18, a US citizen, and earn a minimum of $1,000 per month after taxes. You may receive your loan proceeds as soon as the next business day.
Lenders on the CashUSA network offer varying loan terms, interest rates, and fees, so comparing them before choosing is a good idea. You can expect an emergency installment loan to come with an annual percentage rate no higher than 35.99%.
Military-Focused Banks and Credit Unions
The following three financial institutions serve the needs of veterans with everything from good credit card offers to insurance policies. Each can provide you with a personal loan quickly and on flexible terms. A repayment term of up to 84 months is available on eligible loans.
7. USAA
The USAA Federal Savings Bank, member FDIC, offers benefits, products, and discounts to active, retired, and honorably separated members of the US armed forces (including spouses and children) who join USAA Membership Services. Besides offering personal loans, USAA is widely known for insurance, auto loans, and refinancing.
It only takes a few minutes to apply online for a personal loan. If approved, you’ll receive a rate offer right away and can have funds deposited in your USAA Bank account as soon as 24 hours after closing.
Loan repayment periods range from 12 to 84 months. The bank offers personal loans with flexible terms, low interest rates, and no application or early repayment fees.
8. Navy Federal Credit Union
The Navy Federal Credit Union (NFCU) accepts members with ties to the armed forces, Department of Defense, or National Guard. You can become a member if anyone in your household qualifies.
NFCU offers personal loans of $250 to $50,000 that provide same- or next-day funding to your checking or savings account. APRs top out at 18% for a loan term of up to 60 months.
It only takes minutes to apply. After approval, you can e-sign your loan and expect your money within 24 hours. Since 1933, Navy Federal Credit Union has grown from seven members to more than 12 million.
9. PenFed Credit Union
The Pentagon Federal Credit Union has roots in the military, but membership is open to everyone. Established in 1935, PenFed Credit Union is the second-largest federal credit union in America, with 2.8 million members worldwide.
You can borrow up to $50,000 with up to 60 months to repay at low competitive rates. These loans have no origination, prepayment, or hidden fees. The website lets you check your loan rate without impacting your credit history.
You can then select from multiple pre-approved offers and receive your money within one to two business days.
How Can Veterans With Bad Credit Get a Fast Personal Loan?
The online lender-matching services welcome consumers of every credit stripe. It only takes a few minutes to submit a loan request with information about yourself, including your debts, income, and housing costs.
These services prequalify your loan request at no cost and without impacting your credit score. Generally, you must meet the following requirements to prequalify:
- Nationality: Be a US citizen or permanent resident
- Age: At least 18 years old
- Income: You must collect a specified monthly income from employment or government benefits
- Banking: You must have an active bank account in your name
- Contact: You must provide a valid email address and phone number
If you prequalify, the service distributes your loan request to networks of direct lenders. You may receive one or more offers within minutes and select the one you prefer.
The loan-matching service will transfer you to the direct lender’s website. You can complete the application process, evaluate your loan offer, e-sign the agreement online, and receive your money as soon as the next business day.
Does the VA Offer Emergency Loans?
The only VA loan that can provide funds quickly is its Veterans Life Insurance Policy Loans and Cash Surrenders, which we described earlier. All other VA-secured loan options relate to home ownership.
The VA offers both direct and guaranteed home loan options. It is the mortgage lender for direct loans to Native American veterans, but in most cases, serves as the guarantor for private home loans, including the following loan options:
- Purchase Loan: These loans may provide homebuyers with better terms than those from private lenders.
- Interest Rate Reduction Refinance Loan: You may be able to refinance an existing VA-backed home loan, allowing you to reduce or stabilize your monthly payments.
- Cash-Out Refinance Loan: You can take cash out of your home equity and use it for other purposes.
These loans take weeks or months to close and are not good candidates when you need emergency cash. But they may provide a suitable long-range solution once you have met your immediate needs.
Where Can Veterans Call For Emergency Assistance?
If you are a veteran in crisis or concerned about one, the Veterans Crisis Line can connect you with qualified responders on a 24/7 basis. The different ways to contact this service are:
- Call 988 and select 1
- Text 838255
- Start a confidential chat
- Call TTY at 800-799-4889 if you have hearing loss
You don’t have to be enrolled in VA benefits or health care to connect to the Crisis Line. Your call is free and confidential, and you decide how much information to share. Responders can connect you with resources that help when you’re experiencing an emergency.
Emergency Loans For Veterans Are Only a Day Away
Once approved, the best emergency loans for veterans can have cash deposited in your account in as few as 24 hours. These loans are available to veterans and other consumers with any type of credit.
Online lending networks are your quickest solution when time is of the essence because they can find multiple lenders simultaneously. No matter where your loan originates, read and understand the loan agreement before signing. That’s the best way to avoid unpleasant surprises down the road.
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