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The Ultimate Guide to Loans for Veterans

Choosing the right personal loan as a veteran can be challenging given the vast array of options. This guide aims to simplify that process by highlighting the top loans for veterans, taking into account factors such as interest rates, fees, loan amounts, and payoff periods. Regardless of your credit situation, you'll find options here that are tailored to meet your specific needs.
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The Legal Status of Loans for Veterans in the USA 

In the United States, there are several legal regulations in place to support and protect veterans in obtaining loans. One of the key programs is the Department of Veterans Affairs (VA) Home Loan Program, which provides mortgage loans to eligible veterans with favorable terms and conditions. The program offers options such as no down payment, competitive interest rates, and limited closing costs. Additionally, there are specific provisions under the Servicemembers Civil Relief Act (SCRA) that offer protections to veterans, including capping interest rates on loans taken out prior to active duty and prohibiting foreclosure without a court order during military service.

The application process was a breeze, and I received a response within minutes. This straightforward and prompt procedure proved to be a great help to me during a crucial time of need.
JG Wentworth
The assistance I received was exceptional. My representative handled my case with care and provided all the necessary information...
OneMain Financial
The loan application process was straightforward, and the representative I interacted with displayed patience, provided informative answers, and was quite pleasant throughout...
My Funding Choices
The process was swift and straightforward, which was particularly helpful during a time when, despite my reluctance to seek assistance, I genuinely needed help.
Plain Green Loans
The interest rate is shockingly high, and it feels like taking advantage of individuals facing financial challenges when unexpected expenses arise...
Advance America
I have never encountered any issues with this company. They consistently deliver funds on time, and the repayment process is straightforward...
The Ultimate Guide to Loans for Veterans

What are loans for veterans?

Loans for veterans are specialized lending options crafted to support the men and women who've served in the United States military. These financial instruments offer a range of benefits designed to assist veterans and active military personnel in securing money. The fundamental purpose of these veteran-specific loans is to provide easier access to credit, often featuring favorable terms such as lower interest rates, reduced or no down payment requirements, and more flexible eligibility criteria than conventional loans, for US veterans transitioning back to civilian life or aiming to establish financial security, understanding and leveraging these loans for veterans can be a critical step toward achieving their financial goals. The importance of these military loans also extends beyond simple financial aid; they represent a token of gratitude from the nation, acknowledging the sacrifices made by our servicemen and servicewomen.


  1. Favorable Interest Rates. Loans for veterans typically offer lower interest rates than conventional loans. This is often due to special programs and initiatives to provide affordable financing options for veterans.
  2. Flexible Eligibility Requirements. Veteran loans may have more lenient eligibility criteria than traditional loans. They may consider a veteran's military service, length of service, discharge status, and other factors specific to their military background.
  3. Flexible Repayment Terms. Veteran loans may offer flexible repayment terms, allowing borrowers to choose from various repayment periods. This can help veterans manage their monthly payments based on their financial situation and preferences.
  4. Assistance with Loan Closing Costs. Some veteran loan programs may assist with closing costs, reducing the upfront expenses associated with purchasing a home or refinancing a mortgage. This can help veterans save money and make homeownership more affordable.
  5. Supportive Veteran Services. In addition to the loan itself, veteran loans often come with access to supportive services and resources. These may include financial counseling, education and training programs, and assistance with navigating the loan application process.

Pros and cons


Competitive Interest Rates. Some financial institutions offer lower interest rates to veterans, recognizing their service to the country. This can help veterans save a significant amount of money over the life of the loan.

Flexible Terms. Lenders may provide more flexible terms for veterans, such as longer repayment periods or lower monthly payments, making managing the loan easier.

Special Programs and Discounts. Many lenders have special programs or discounts specifically for veterans. These may include waived fees, reduced closing costs, or other financial benefits.

Tailored Financial Products. Some lenders offer financial products tailored to the unique needs and circumstances of veterans. For instance, they may offer loans designed to help veterans start a business, buy a home, or deal with unexpected expenses.

Credit Flexibility. Some lenders are more lenient with credit requirements for veterans, understanding that transitioning from military to civilian life can sometimes impact credit scores.

Additional Support Services. Some lenders and institutions offer additional support services for veterans, such as financial counseling, education, and assistance with the loan application process.


Risk of Scams. Unfortunately, some predatory lenders and scams specifically target veterans. These can come in the form of too-good-to-be-true loan offers with hidden fees or conditions.

Secured Loans Risk. Some loans may require collateral, often as a home or other valuable asset. If a veteran cannot make the loan payments, they risk losing the asset.

Loan Fees. Some veteran loans may come with origination fees, late payment fees, prepayment penalties, etc. These can add to the overall cost of the loan.

Who is eligible for loans for veterans in the US?

  1. Veterans who served on active duty and were not dishonorably discharged are eligible. The specific duration of service varies depending on the period in which they served. For instance, for service during peacetime, the requirement is generally a minimum of 181 days of continuous active duty. During wartime, the requirement is usually 90 days.
  2. Active-Duty Service Members are eligible after serving for at least 90 continuous days.
  3. Reservists and National Guard Members are eligible after six years of service in the Selected Reserve. However, they can be eligible sooner if called to active duty.
  4. Some Spouses of military members are also eligible. This includes un-remarried spouses of veterans who died while in service or from a service-related disability, spouses of service members missing in action or prisoners of war, and in some cases, surviving spouses who remarry after age 57 or after December 16, 2003.

How can a veteran apply for a loan?

Apply for a loan

  1. Determine Your Needs. Identify why you need the loan and how much you need to borrow. This can help you choose the right type of loan and avoid borrowing more than necessary.
  2. Check Your Credit. Your credit score and history will greatly impact your ability to secure a loan and the terms offered. Review your credit report for any inaccuracies that need to be corrected.
  3. Research Lenders and Loans. Investigate different lenders, including banks, credit unions, online lenders, and organizations specifically serving veterans. Compare their loan products, interest rates, fees, and terms.
  4. Check Eligibility. Each lender and loan product will have its own eligibility requirements. These may include a minimum credit score, income requirements, and, for veteran-specific loans, proof of military service.
  5. Gather Your Documents. Prepare the necessary paperwork, including personal identification, proof of income, financial statements, credit history, and military service records.
  6. Apply for the Loan. Complete the loan application form provided by your chosen lender. Depending on the lender, this may be done online, in-person, or over the phone.
  7. Wait for Approval. The lender will review your application, a process that may include checking your credit, verifying your income, and assessing your ability to repay the loan. If approved, the lender will provide a loan agreement detailing the terms of the loan.
  8. Sign and Receive Funds. Review the loan agreement carefully. If you agree to the terms, sign the agreement. The lender will then disburse the loan funds by depositing the money into your bank account.

    Types of loans for veterans

    Personal Loan

    While many veterans may seek VA Personal Loans, it's crucial to understand that the U.S. Department of Veterans Affairs does not issue or back personal loans for veterans. Despite the absence of VA-guaranteed personal loans, veterans still have a plethora of personal loan providers available to them.

    Credit unions, online lenders, and financial institutions catering to veterans, such as Navy Federal Credit Union, can be excellent starting points when exploring personal loan options. With a strong reputation for serving the military and veteran community, Navy Federal Credit Union offers some of the best personal loans in the market. These loans can be ideal for veterans looking to consolidate debt, finance home improvements, or cover unexpected expenses. It is crucial to remember that personal loans for veterans are also available for bad-credit borrowers struggling to overcome financial challenges.

    Business Loan

    It's important to clarify that the VA does not offer business loans. However, veteran entrepreneurs can access several beneficial loan programs through the U.S. Small Business Administration (SBA). For instance, the SBA's Veterans Advantage program waives upfront fees on certain veteran loans, making an SBA loan an appealing option for veteran business owners.

    Whether you're seeking to hire employees, purchase equipment, or cover other operational costs, finding the best veteran business loan will involve considering options that meet your unique business needs. It's advisable to review and compare different lending programs, including those provided by the SBA and other financial institutions that recognize the service and commitment of veterans.

    In addition to financial resources, veterans can also benefit from various counseling and training services designed to support their entrepreneurial journey. By leveraging these resources, veterans can build successful businesses and contribute significantly to the U.S. economy.

    Military Debt Consolidation Loan

    Military Debt Consolidation Loans (MDCLs) provide an effective solution for veterans and active-duty military members facing financial hardships. These loans are particularly useful for those with a VA home loan.

    MDCLs operate on the same principle as conventional debt consolidation loans. They allow veterans to take out a single loan to pay off all unsecured personal loans and debts, such as credit card debt, medical bills, high-interest debt such as payday loans, etc. This simplifies financial management by consolidating multiple loan repayments into a single monthly payment to one lender.

    MDCLs are "cash out" loans, meaning you refinance your current loan for an amount greater than what you owe and receive the difference in cash. For instance, if you owe $80,000 on your home and qualify for a $100,000 MDCL, you could have around $20,000 (minus closing costs) to pay off your unsecured debts. The VA guarantees your refinanced loan, but the new loan value cannot exceed the appraised value of your home.

    The advantages of an MDCL are considerable. Veterans typically benefit from lower interest rates and closing costs than civilians and significantly lower interest than they would accrue using credit cards. Repayment options are also flexible, ranging from 10 to 30 years.

    However, it's essential to consider the potential drawbacks. An MDCL means you'll lose the equity in your home and take on more debt. Closing costs vary depending on the lender, and a pre-payment penalty or a balloon payment may be involved. Furthermore, this process converts unsecured debt into secured debt, with your home acting as collateral for secured loans. Defaulting on your mortgage could result in losing your home. Lenders consider your income and credit score when determining your eligibility for an MDCL, so ensuring you can comfortably repay the loan is crucial.

    A VA-backed cash-out refinance loan is a powerful financial tool for veterans who wish to tap into their home equity or refinance a non-VA loan into a VA-backed loan. This type of loan allows you to replace your existing loan with a new one under different terms.

    Requirements and conditions

    1. Military Service. Veterans must have served in the military with a discharge other than dishonorable.
    2. Credit History. Lenders assess the veteran's credit history and score to determine creditworthiness.
    3. Income and Debt-to-Income Ratio. The veteran's income and debt-to-income ratio are evaluated to gauge repayment ability.
    4. Employment Stability. Lenders consider the veteran's employment history for stability and income consistency.
    5. Documentation. Veterans need to provide identification, proof of military service, income verification, and other necessary documents.
    6. Loan Amount and Purpose. Loan programs may have restrictions on the loan amount and its designated purpose.
    7. Loan Repayment Term. Each loan program specifies its repayment terms, including the loan duration and payment frequency.
    8. Lender-Specific Requirements. Different lenders may have their own additional criteria to meet.

    Best Places to Get Personal Loans for Veterans Today 28.02.2024

    Navy Federal Credit Union

    Apply for a loan

    As the largest credit union in the U.S., Navy Federal Credit Union offers a range of financial products and services exclusively for military personnel and their families. They provide personal loans with competitive rates and flexible terms for veterans.Navy Federal Credit Union


    Apply for a loan

    USAA is a financial institution that caters to active and retired military members and their families. They offer a variety of loan options, including personal loans, with favorable terms and competitive interest rates.USAA

    PenFed Credit Union

    Apply for a loan

    PenFed Credit Union is another credit union that serves military members and their families. They offer personal loans with flexible terms, competitive rates, and a simple application process.PenFed Credit Union

    Veterans United Home Loans

    Apply for a loan

    While primarily known for their VA home loan program, Veterans United Home Loans also provides personal loans for veterans. They offer dedicated support and specialize in meeting the unique needs of veterans and military personnel.Veterans United Home Loans

    Pioneer Military Credit

    Apply for a loan

    Pioneer Military Credit specializes in providing personal loans to military personnel, including veterans. They offer loans with flexible terms and competitive interest rates, designed to meet the specific financial needs of veterans.Pioneer Military Credit

    Omni Financial

    Apply for a loan

    Omni Financial is a lender that specializes in military loans, including personal loans for veterans. They offer quick approval and flexible repayment options, tailored to the unique circumstances of military members and veterans.Omni Financial

    Ways to receive the money

    1. Direct Deposit. This is the most common method where the loan funds are electronically transferred directly into the borrower's bank account. Once the loan is approved, the lender initiates the direct deposit process, allowing the borrower to access the funds conveniently.
    2. Check. Some lenders may provide loan funds in the form of a check. The borrower can deposit the check into their bank account or cash it at a bank or check-cashing location.
    3. Prepaid Debit Card. Sometimes, lenders may provide a prepaid debit card loaded with the approved loan amount. Borrowers can use the card to make purchases or withdraw cash as needed.
    4. Wire Transfer. For larger loan amounts or in specific circumstances, lenders may opt for a wire transfer to send the funds directly to the borrower's bank account. This method is commonly used when immediate access to funds is required.

    How to repay loans for veterans?

    1. Automatic Payments. Many lenders offer the option to set up automatic payments from your bank account. This ensures that your loan payments are deducted automatically on the designated due date each month. It's a convenient and reliable way to ensure timely repayment.
    2. Online Payments. Most lenders provide online platforms or portals where borrowers can log in and make their loan payments electronically. This allows you to manually initiate and schedule payments according to the loan terms.
    3. Check or Money Order. Some borrowers may prefer to make loan payments by mailing a physical check or money order to the lender. Ensure that you include your loan account number and other necessary details to ensure proper allocation of the payment.
    4. Payroll Deduction. Some employers may offer payroll deduction options if you are employed, allowing a portion of your paycheck to be automatically deducted and applied toward your loan repayment. Check with your employer to see if this option is available.
    5. Mobile Apps. Certain lenders may provide mobile applications that enable borrowers to make loan payments conveniently from their smartphones or tablets. These apps typically offer secure payment processing and account management features.
    6. In-Person Payments. Some lenders have physical branches or payment centers where borrowers can make payments in person. This option allows you to interact directly with a representative and make payments using cash, check, or other acceptable forms of payment.

    Things to pay attention to

    1. Understand Your Financial Situation. Before taking out any loan, thoroughly assess your current financial situation. Know your income, expenses, and existing debts. Make sure you can comfortably afford the monthly payments for the new loan in addition to your current obligations.
    2. Establish a Clear Purpose. Have a clear purpose for the loan. Whether it's for debt consolidation, starting a business, or making a large purchase, knowing exactly why you need the loan can help you stay focused and prevent unnecessary borrowing.
    3. Shop Around. Don't settle for the first loan offer you come across. Research various lenders and compare their loan products, interest rates, and terms. Be sure to consider both traditional lenders and those specifically serving veterans.
    4. Beware of Predatory Lenders. Unfortunately, there are unscrupulous lenders who may try to take advantage of veterans. Be cautious of offers that seem too good to be true, and always verify the legitimacy of the lender. Check their registration and reputation online or through trusted resources.
    5. Read the Fine Print. Before signing any loan agreement, read all the terms and conditions carefully. Understand the interest rate, repayment terms, fees, and what happens if you miss a payment. If anything is unclear, ask for clarification or seek advice.
    6. Build and Maintain Good Credit. Your credit score can significantly impact the terms of your loan. Regularly check your credit report, pay your bills on time, and work to improve your credit score if necessary.
    7. Consider Alternatives. Depending on your needs, there may be alternatives to loans. For example, grants, scholarships, or employer-sponsored programs might be available for educational expenses. Assistance programs or subsidies might be available for housing or medical costs.
    8. Get Professional Advice. Don't hesitate to seek professional advice. Financial counselors, veterans' service organizations, and nonprofit credit counseling agencies can provide valuable insights and help you navigate the lending process.


    Apply for a loan

    1. A line of credit is another alternative available to veterans. This financial tool provides a predetermined credit limit that can be accessed as needed. Veterans can borrow and repay funds from the line of credit multiple times, and they only pay interest on the amount they borrow. It offers flexibility and can be useful for managing fluctuating expenses.
    2. Veterans may be eligible for various grants provided by government agencies, nonprofit organizations, and charitable foundations. These grants can help with specific needs, such as housing, education, job training, and starting a business. Examples include the Specially Adapted Housing Grant (SAH) and the Veterans' Mortgage Life Insurance (VMLI) program.
    3. Many organizations and institutions offer financial assistance programs tailored to veterans. These programs may provide grants, scholarships, or emergency funds to cover essential expenses. They are often designed to support education, vocational training, and other critical needs. Examples include the Marine Corps Scholarship Foundation and the Army Emergency Relief program.
    4. Crowdfunding platforms and peer-to-peer lending networks provide alternative ways for veterans to access funding. These platforms allow individuals to raise money for specific projects, ventures, or personal needs by leveraging the support of a large community. Veterans can use these platforms to seek financial assistance for various purposes, from business startups to medical expenses.
    5. Numerous veteran support organizations provide financial counseling and assistance. These organizations offer guidance on managing finances, debt consolidation, budgeting, and accessing resources available exclusively to veterans. Examples include the Veterans of Foreign Wars (VFW) and the American Legion.
    6. Some states offer their own veteran loan programs, like the Texas Veterans Land Board, which provides low-interest land, home, and home improvement loans for Texas veterans. Another example is the Military Residency Choice Act, which allows active-duty military members to claim residency in one state, regardless of where they're stationed, potentially helping them qualify for local veteran loan programs. Some private lenders and nonprofits offer specialized loan programs and financial assistance exclusively for veterans, often with competitive interest rates and flexible repayment terms.

    Editorial opinion

    Loans for veterans are generally viewed positively as they are designed to assist those who have served the country in transitioning to civilian life or achieving financial stability. They often come with favorable terms, making credit more accessible to veterans. Experts usually appreciate the lower interest rates, flexible repayment terms, and tailored services these loans offer. However, they also caution against potential exploitation by predatory lenders targeting veterans, and highlight the importance of financial education and counseling to ensure veterans can make informed decisions regarding these loans.


    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 state. 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 Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
    3. Carefully review all the terms and conditions of your loan contract.
    4. Thoroughly examine the interest rates 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 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 50 microfinance organizations, 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.

    Additional resources



    Can veterans get loans?

    Absolutely, veterans can indeed obtain loans. Just like civilians, veterans can apply for and receive various types of loans, such as personal loans, business loans, and home loans, from traditional financial institutions like banks and credit unions. Some lenders even offer special loan programs specifically for veterans, providing favorable terms such as lower interest rates, flexible repayment terms, or lower fees.

    However, it's crucial to note that just like any other borrower, veterans will need to meet certain eligibility criteria set by the lender, which often include a good credit score, a stable income, and a low debt-to-income ratio. Veterans should also be aware that while there are legitimate loan programs designed to help them, there are also scams that target veterans, so they should be cautious when exploring loan options.

    In addition, some nonprofit organizations and government programs offer financial assistance or loan options to veterans. These may be worth exploring as alternatives or supplements to traditional loans.

    What types of loans are available for veterans?

    Veterans have access to a wide variety of loans, reflecting the diverse financial needs they might have throughout their post-service lives.

    1. Personal Loans. These are versatile loans that can be used for virtually any purpose, such as consolidating debt, covering unexpected expenses, or financing a large purchase. Many banks, credit unions, and online lenders offer personal loans; some have special programs or terms for veterans.
    2. Business Loans. Veterans who are starting or expanding a business can apply for business loans. In addition to traditional lenders, the U.S. Small Business Administration (SBA) offers programs like the Veterans Advantage program, which provides favorable terms for veteran-owned businesses.
    3. Auto Loans. Veterans looking to purchase a vehicle can take advantage of auto loans offered by many financial institutions. Some lenders offer special auto loan programs for veterans with competitive rates and terms.
    4. Home Improvement Loans. These loans are intended for homeowners who need to make repairs or improvements to their property. Some lenders offer home improvement loans specifically for veterans.
    5. Education Loans. While many veterans are eligible for education benefits like the GI Bill, some may still need additional funding for education-related expenses. Private student loans are available from a variety of lenders.
    6. Debt Consolidation Loans. Veterans struggling with high-interest debt from credit cards or other loans may benefit from a debt consolidation loan, which combines multiple debts into a single loan with a potentially lower interest rate.
    7. VA Home Loans. While all the aforementioned options are not unique to veterans, the VA Home Loan is a special program available exclusively for veterans. These loans, guaranteed by the U.S. Department of Veterans Affairs, allow veterans to purchase or refinance a home with favorable terms.

    Can a veteran get a loan without a job?

    Getting a loan without a job can be challenging, but it's not impossible, and this applies to veterans as well. Lenders typically want to see a reliable source of income before approving a loan, as it gives them confidence that the borrower will be able to repay the debt. However, there are other forms of income and factors that lenders may consider if a veteran doesn't have a traditional job.

    For example, lenders may consider income from retirement pensions, disability payments, investment returns, or other government benefits a veteran may receive. They may also take into account any savings or assets the veteran has. If a veteran has a strong credit history, this can also boost their chances of getting a loan. In such cases, it's crucial to provide all necessary documentation to prove these sources of income and assets.

    What is a veteran loan?

    A Veteran Loan, often referred to as a VA Loan, is a type of mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs (VA). This program is designed to offer long-term financing to eligible American veterans or their surviving spouses (provided they do not remarry). VA loans aim to provide veterans with a federally guaranteed home loan which requires no down payment. This is an excellent benefit for those who have served our country. The VA loan program was designed to help veterans, active service members, and their families afford to purchase a home. However, the VA itself doesn't lend money; it guarantees the loan, providing more favorable loan terms, such as no down payment, competitive interest rates, and no requirement for private mortgage insurance.

    Does the VA lend money?

    The U.S. Department of Veterans Affairs (VA) does not directly lend money to veterans. Instead, the VA operates a home loan program in which it guarantees a portion of home loans provided by private lenders, such as banks and mortgage companies. This guarantee protects the lender if the borrower defaults on the loan, which makes lenders more willing to offer favorable terms such as lower interest rates or no down payment.

    While the VA guarantees these loans, the private lender sets the terms and approves the loan. Veterans interested in these loans must apply directly with a VA-approved lender and meet both the VA's eligibility requirements and the lender's credit and income requirements.

    Aside from home loans, the VA does not provide or guarantee personal loans, business loans, or other types of loans. Veterans seeking these types of loans would typically need to approach traditional financial institutions or lenders that specifically serve veterans.

    Are veterans only ex military?

    The term "veteran" typically refers to individuals who have served in the military and are no longer on active duty. This includes those who have retired from the military or completed their service obligations and have been discharged. However, the term "veteran" is often used more broadly to encompass not only ex-military personnel but also current members of the National Guard and Reserve who have completed a certain period of service, even if they have not been on active duty.

    In the context of VA loans and other veterans' benefits, eligibility requirements may vary depending on the specific program or benefit. Generally, eligibility is determined based on the length and type of service, the character of discharge, and other factors.