Military Loans for April 2024

Get a military loan at one of the lenders verified by our specialists. On 24.04.2024 there are 3 options available to you. Increase your chances of getting a loan — fill out an application with a free credit rating check.
Offers: 3
Best Quick Loan Today 24.04.2024*
Mr. Payday
Need a Quick Loan Now?
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
up to $10.000
Get Your FREE Quote Today!
Get Your FREE Quote Today!

Take advantage of our loan selection system with a free credit check!

Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product

up to 46.96%

Loan term for the financial product

up to 60 months
Coast Capital Savings
Personal Loan
Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™

Effective interest rate on the product


Loan term for the financial product

60 months
Royal Bank of Canada
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Royal Bank of Canada
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Royal Bank of Canada
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Royal Bank of Canada
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Royal Bank of Canada
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Royal Bank of Canada
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.

A military loan in Canada is a specialized financial product designed to cater to the unique needs of military members, including active duty military personnel and veterans. These loans, often known as military personal loans, are tailored to accommodate the financial requirements of individuals associated with the armed forces. Military loans can be utilized for various purposes, such as consolidating debt, handling unexpected expenses, or obtaining financial support during times of financial hardship.


  1. Tailored for Military Member. Military loans are specifically designed to meet the unique financial needs of military personnel, including active duty members and veterans. Lenders understand the challenges and circumstances associated with military service.

  2. Flexible Credit Requirements. These loans often cater to individuals with varying credit histories, including bad credit military loans for those with poor credit. Lenders may consider the specific circumstances of military members rather than relying solely on higher credit scores.

  3. Regulated by Military Lending Act. In Canada, military loans are subject to regulations such as the Military Lending Act, ensuring that active duty military members are protected from certain predatory lending practices.

  4. Various Loan Types. Military members can access different types of loans, including personal military loans and unsecured personal loans. The loans may be used for a range of purposes, such as debt consolidation, handling unexpected expenses, or providing financial support during challenging times.

  5. Consideration for Financial Hardship. Lenders offering military loans often understand the potential financial challenges faced by military members. They may provide options for repayment plans, offering flexibility in case of financial hardship.

Pros and Cons


Tailored for Military Members. Military loans are specifically designed for the unique financial needs of military members, offering personalized solutions that consider the challenges faced by active duty military personnel.

Flexible Credit Requirements. The availability of bad credit loans means that individuals with less than perfect credit histories can still access financial support, acknowledging the diverse credit situations of military members.

Regulated by Military Lending Act. The presence of the Military Lending Act ensures that military members are protected from predatory lending practices, promoting fair and transparent loan terms, including reasonable interest rates and loan amounts.

Various Loan Types. Military members can choose from different loan options, including personal military loans and unsecured personal loans, providing versatility to address specific financial needs, such as debt consolidation or handling unexpected expenses.


Higher Interest Rates. While interest rates may be competitive, active duty military loans can sometimes have higher rates compared to traditional unsecured personal loan options, particularly for military members with bad credit.

Origination Fees. Some military loans may come with origination fees, impacting the overall cost of the loan. Borrowers should be aware of these fees when considering the financial implications of their loan.

Automatic Payments. While convenient for some, the requirement for automatic payments can be a disadvantage for those who prefer more manual control over their finances, as it may lead to complications if there are insufficient funds in the designated account.

Credit Score Impact. Applying for a military loan may have an impact on the borrower's credit score, especially if there are multiple loan applications. This can be a concern for individuals actively managing their credit history.

How to Get a Military Loan

Apply for a Loan

  1. Understand Your Financial Needs. Before applying for a military loan, assess your financial situation and determine the specific purpose of the loan, such as consolidating debt, handling unexpected expenses, or obtaining financial assistance. This clarity will help you choose the most suitable type of military personal loan for your needs.

  2. Check Your Credit Score. While bad credit military loans are available, it's essential to be aware of your credit history. Some lenders may have minimum credit score requirements, so knowing your credit score in advance can help you identify lenders that cater to individuals with varying credit profiles.

  3. Research Lenders and Compare Terms. Explore lenders that offer military loans in Canada. Consider both traditional banks and online lenders. Look for those that specifically offer personal loans or bad credit military loans, and compare terms such as interest rates, origination fees, repayment plans, and whether they provide options for active duty military members.

  4. Gather Necessary Documentation. Prepare the required documentation for the loan application. This may include proof of military service, income verification, and information about any existing debts. Being well-prepared can streamline the application process and increase your chances of approval.

  5. Submit Your Application. Once you've chosen a lender, complete the loan application. Many lenders, including those that offer online loans, provide a straightforward application process. Ensure that you provide accurate information, and be prepared to wait for the lender's response.

Requirements and Conditions


  1. Military Affiliation. Applicants typically need to provide proof of military affiliation, demonstrating that they are active duty military members, veterans, or associated with the armed forces in some capacity.

  2. Credit History. While bad credit military loans may be available, lenders may still assess the credit history of applicants. The specific credit score requirements can vary, and some lenders may be more flexible in considering individuals with less-than-perfect credit.

  3. Income Verification. Borrowers are usually required to provide proof of income to demonstrate their ability to repay the loan. This may include pay stubs, tax returns, or other documentation verifying regular income.

  4. Eligibility Criteria for Service Members. Active duty service members and veterans may need to meet specific eligibility criteria, which could include the duration of service, honorable discharge, or other factors relevant to military service.

  5. Minimum Credit Score. Some lenders may have a minimum credit score requirement for military loans. It's important to be aware of this requirement and explore lenders that offer bad credit military loans if your credit score is less than ideal.

  6. Documentation of Financial Situation. Applicants may need to provide information about their financial situation, including details about existing debts, monthly expenses, and any financial hardships they may be facing.

  7. Age and Citizenship. Applicants typically need to be of legal age and Canadian citizens or permanent residents to qualify for military loans in Canada.


  1. Interest Rates and APR. Military loans in Canada typically come with competitive interest rates, but the specific rate can vary based on factors such as credit history and the lender's policies. The Annual Percentage Rate (APR) reflects the total cost of borrowing, including interest and any applicable fees.

  2. Loan Amounts. Lenders offering military loans may specify minimum and maximum loan amounts. The approved amount often depends on factors like the borrower's income, credit history, and the purpose of the loan. Bad credit military loans may have different limits compared to loans for individuals with good credit.

  3. Repayment Terms. The repayment terms outline how long you have to repay the loan. This can vary among lenders, but it's common to see terms ranging from a few months to several years. Military loans may offer flexibility in terms of monthly payments, allowing borrowers to choose a plan that suits their budget.

  4. Fees and Origination Charges. Be aware of any origination fees or charges associated with processing the loan. Origination fees are one-time charges deducted from the loan amount, impacting the total funds received.

  5. Financial Assistance Programs. Certain lenders may offer additional financial assistance programs for military members facing unexpected financial challenges. These programs may include flexible repayment plans or special considerations during times of deployment or financial hardship.

Best Places to Get a Military Loan

  1. BMO (Bank of Montreal). This traditional bank offers the Canadian Defence Community Banking program, specifically tailored to meet the financial needs of military members and their families. This program provides information on various banking services available to the military community, including potential options for personal and military loans.

  2. Support Our Troops. Support Our Troops is an organization that provides a series of financial support programs for Canadian Armed Forces (CAF) members and their families. These programs may include assistance with various financial needs, potentially including loans or grants to help address specific challenges.

  3. The Royal Canadian Legion. The Royal Canadian Legion offers financial support to serving and retired CAF members and their dependents through the Benevolent Fund. While not a direct loan program, the Benevolent Fund may provide financial assistance in various forms, and it's worth exploring for military members and their families facing financial challenges.

Ways to Receive the Money

  1. Direct Deposit. One of the most common methods is direct deposit. Once the loan is approved, the lender transfers the approved loan amount directly into the borrower's bank account.

  2. Electronic Funds Transfer (EFT). Lenders may utilize electronic funds transfer (EFT) to transfer funds directly to the borrower's bank account. This method is secure and reduces the time it takes for borrowers to receive the loan amount.

  3. Wire Transfer. For larger loan amounts or in specific circumstances, lenders may opt for a wire transfer to the borrower's bank account. This method allows for the swift and secure transfer of funds.

  4. In-Person Pickup. In certain situations, lenders may offer the option for borrowers to pick up the funds in person at a designated location. However, this method is less common and may be subject to additional security measures.

Things to Pay Attention to

  1. Interest Rates and Fees. Pay close attention to the interest rates associated with military loans. While interest rates can vary, it's crucial to compare them across lenders to ensure you secure the most favorable terms.

  2. Credit Requirements. Understand the credit requirements for military loans. While options like bad credit military loans may be available, knowing the minimum credit score and credit history expectations can help you identify lenders that align with your financial situation.

  3. Repayment Terms and Plans. Examine the repayment terms offered by lenders, including the duration of the loan and the flexibility of repayment plans. Consider whether the lender provides options for active duty military members, allowing for adjustments in case of deployment or financial hardship.

  4. Specialized Support for Military Members. Look for lenders that offer specialized support for military members. Certain financial institutions, including credit unions and other organizations, may provide exclusive benefits, understanding the unique needs of military families.

  5. Prepayment Penalties and Additional Terms. Be aware of any prepayment penalties that may apply if you choose to pay off the loan early. Understanding the terms and conditions of the loan, including whether there are any penalties or restrictions, is crucial for making informed financial decisions.

  6. Online Application and Eligibility. Consider the convenience of the application process. Many lenders offer online application options. Ensure you meet the eligibility criteria, including proof of military affiliation, income verification, and other requirements specific to military loans.

How to Repay a Military Loan?

  1. Understand the Loan Agreement. Before you start repaying the military loan, thoroughly review the loan agreement. Pay attention to details such as the interest rate, repayment terms, and any specific conditions outlined by the lender.

  2. Set Up Automatic Payments. Many lenders offer the option to set up automatic payments. This involves authorizing the lender to deduct the monthly loan payments directly from your bank account.

  3. Create a Budget. Establishing a budget is essential to ensure you have the financial means to meet your loan obligations. Take a close look at your income and expenses, prioritizing the loan payments.

  4. Consider Making Extra Payments. If your financial situation allows, consider making extra payments towards your military loan. This can help you pay off the loan faster and potentially save on interest payments. Be sure to check with the lender to understand any prepayment penalties or restrictions that may apply.

  5. Stay in Communication with the Lender. Maintain open communication with the lender throughout the repayment period. If you encounter financial challenges or anticipate difficulties in making a payment, contact the lender promptly. Some lenders may offer flexibility in terms of repayment plans or temporary relief during periods of financial hardship.

Reasons for Getting Rejected for a Military Loan

  1. Low Credit Score. A low credit score is a common reason for loan rejection. Lenders may have minimum credit score requirements, and if your score falls below their threshold, it can result in your loan application being denied. This is especially relevant for bad credit military loans.

  2. Insufficient Income. Lenders assess your income to ensure you have the financial capacity to repay the loan. If your income is deemed insufficient to cover the loan payments or if your debt-to-income ratio is too high, it may lead to rejection.

  3. Poor Credit History. In addition to the credit score, lenders also consider your credit history. A history of missed payments, defaults, or bankruptcies can negatively impact your creditworthiness and contribute to the rejection of your military loan application.

  4. Unstable Employment. Lenders often prefer borrowers with stable employment. If you have a history of frequent job changes or periods of unemployment, it may be viewed as a risk, potentially resulting in loan rejection.

  5. High Debt Levels. If you already have a significant amount of existing debt, lenders may be hesitant to extend additional credit. Your debt-to-income ratio is a crucial factor, and if it exceeds acceptable limits, it could lead to rejection.

  6. Incomplete or Inaccurate Documentation. Providing incomplete or inaccurate documentation during the application process can result in a loan rejection. Lenders rely on accurate information to assess your financial situation, and discrepancies or missing details may raise concerns.


  1. Personal Loans. Personal loans are a versatile financial option that can be used for various purposes. They typically come with fixed interest rates and repayment terms. Personal loans are available from banks, credit unions, and online lenders, offering flexibility in loan amounts and repayment schedules.

  2. Lines of Credit. A line of credit is a revolving credit account that allows you to borrow up to a predetermined limit. You can access funds as needed, repay, and borrow again. Lines of credit can be secured or unsecured and offer flexibility in managing short-term financial needs.

  3. Credit Cards. Credit cards provide a convenient way to make purchases and manage expenses. They come with a credit limit, and you can choose to pay the balance in full each month or make minimum payments. While credit cards may have higher interest rates, they offer flexibility and convenience for everyday spending.

  4. Peer-to-Peer Lending. Peer-to-peer lending platforms connect borrowers with individual lenders. These platforms facilitate loans outside of traditional financial institutions, potentially offering competitive rates and terms.

Editorial Opinion

Military loans in Canada play a crucial role in providing financial assistance to active-duty military members, veterans, and their families during various stages of their lives. Options such as bad credit military loans cater to individuals facing credit challenges, ensuring accessibility to essential funds. The availability of unsecured personal loans contributes to the financial well-being of military members without requiring collateral. While considering military benefits and specialized services, it's essential to acknowledge the need for transparent origination fees and clear repayment plans. In evaluating traditional banks and online lenders, members with diverse credit scores can compare lenders to find the most suitable options. The existence of these financial tools addresses the unique financial circumstances of military service members, offering flexibility, lump-sum options, and online accessibility for both active-duty military members and eligible dependents.


Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Make sure to confirm whether the lender is licensed to operate in your province. You can verify this information with your state regulator or attorney general.

  2. Check if the lender is a member of a reputable association, such as the Canadian Lenders Association (CLA). Membership in such organizations may provide an extra level of reliability.

  3. Carefully review all the terms and conditions of your payday loan contract.

  4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

  5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

  6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.


At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.


Can you get a cash advance in the military?

Yes, military members can get a cash advance through various means. One common method is utilizing the military's finance office or banking services on base. Additionally, credit card cash advances and short-term loan options may be available, but it's important to be aware of associated fees and interest rates. Military members should explore these options cautiously and consider alternatives to manage financial needs responsibly.

Can you get a loan if you are in the military?

Yes, military members can generally get loans. There are specific loan options tailored for the military, including military personal loans and bad credit military loans. Lenders may offer benefits such as lower interest rates and flexible terms for service members. Military members can explore traditional banks, credit unions, or online lenders for various loan options based on their financial needs and credit history.

What is a bad credit military loan, and who is eligible to apply?

A bad credit military loan is designed to assist military members with less-than-perfect credit histories. Eligibility typically extends to active-duty military members, veterans, and their families. These loans aim to provide financial support while accommodating individuals with credit challenges.

How do military loans differ from traditional personal loans?

Military loan differs from a traditional personal loan by tailoring terms to the unique needs of military service members. They may offer special benefits such as lower interest rates, flexible repayment plans, and options for those with varying credit scores. These features aim to provide financial support to military members and their families.

What is the origination fee for military loans?

An origination fee is a one-time charge imposed by lenders to cover the costs of processing a loan. It is crucial for borrowers to understand the origination fee associated with military loans. While negotiability can vary, it's advisable to inquire with the lender about the possibility of adjusting or waiving this fee based on individual circumstances.

Loan Terms