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USAA is the source for banking, insurance, investments, and retirement plans for veterans, active military, and their families. The organization is dedicated to ensuring that members of the military experience financial security throughout their careers and upon retirement.

Founded in 1922, USAA has grown into much more than anticipated and now has millions of members.

An unsecured personal loan is one product offered by USAA. Rates for personal loans of at least $2,500 begin at 10.99 percent APR for a term of 48 months. Loan terms range from 12 to the maximum 48 months and members must have excellent credit and enroll in automatic payments to qualify for the lowest interest rates.

Those with bad credit should not automatically assume that payday loans are their only option. They may qualify for a USAA unsecured personal loan but will likely be charged a higher rate of interest. Credit score commonly equates to risk factor and even the USAA is not willing to gamble on an individual with a very low score.

Borrowers with poor credit scores may pay rates of over 17 percent.

To qualify for a lower interest rate, active military and veterans can improve their credit score before applying for a loan. The first step is to review the credit report, which can be obtained free in the mail or online, upon request.

Each year, U.S. citizens can request one free credit report from each of TransUnion, Equifax, and Experian.

If any errors or inconsistencies are included in the report, the individual should request that these be corrected immediately. Paying off past-due and collection accounts and then focusing on high interest rate debt should begin improving the credit score.

Once the individual is debt-free, the credit picture should look a lot better and the person may qualify for a loan with a lower interest rate.