U.S. Bank Personal Loans Review 2024 (2024)

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Pros Explained

• Funding available within hours for certain customers: If you are an existing U.S. Bank customer and are approved for a loan, you can receive the funds in your U.S. Bank checking or savings account within hours.
• Loans start at $1,000: U.S. Bank’s personal loan starts as low as $1,000, and this lender offers an additional loan product for existing U.S. Bank customers who need small emergency loans starting at just $100.
• No origination fee or prepayment penalty: Some lenders charge origination fees and prepayment fees, but U.S. Bank doesn’t charge these fees.
• 0.50% autopay discount: By signing up for automatic payments, you can qualify for a 0.50% percentage point discount on your loan interest rate. That discount amount is higher than many other lenders provide, helping you save money.

Cons Explained

• Non-bank customers need higher credit scores to qualify: U.S. Bank members are required to have scores of 660 or above to qualify for personal loans. For non-members, the minimum score requirement is 720.
• Non-customers have lower loan maximums: Existing U.S. Bank customers can borrow as much as $50,000, but non-customers have a maximum of just $25,000.
• Shorter loan term options for non-customers: While existing customers can have up to 84 months to repay their loans, non-customers are more limited. The maximum loan term for non-customers is 60 months.

Types of Personal Loans Offered by U.S. Bank

U.S. Bank offers personal loans for multiple purposes, including vacations, medical bills, and debt consolidation.

In addition to its primary personal loan product, U.S. Bank also offers other loan options for certain customers:

• Home Improvement Personal Loan: Up to $50,000 for qualified checking customers or $25,000 for non-customers
• U.S. Bank Simple Loan: Existing U.S. Bank checking account customers can borrow between $100 and $1,000 and receive the loan funds within minutes. The loan is a short-term emergency loan and is repaid in three monthly installments. Instead of an APR, the loan has a fee of $6 per $100 borrowed.

Time to Receive Personal Loan Funds

According to U.S. Bank, qualified loan applicants who have an existing U.S. Bank account could receive funds within hours of completing their application. This turnaround time for funding is faster than most lenders offer; however, it can take one to four business days for other customers to receive their loan funds after approval.

Borrower Requirements

To qualify for a U.S. Bank loan, you must meet the following requirements:

• You must be the age of majority in your state.
• You must have a credit score of 660 or higher (720 or higher if you're not an existing U.S. Bank customer).
• You must have a reliable source of income.

U.S. Bank Personal Loan Features

U.S. Bank's personal loans offer the following features:

• 0.50% autopay discount: Borrowers can reduce their APR by 0.50% through U.S. Bank's autopay discount. Take advantage of the rate reduction by setting up autopay from your checking or savings account. The autopay account doesn't have to be a U.S. Bank account.
• Mobile app: The U.S. Bank mobile app allows customers to view their accounts, make payments, and monitor their credit.

Co-Signers and Co-Applicants

U.S. Bank doesn't allow applicants to apply with a co-signer, but it does permit joint applications. A joint applicant can be a spouse or relative that applies for a loan with you. If approved, they have access to the loan funds and share the obligation to repay the loan.

Can You Refinance a Personal Loan With U.S. Bank?

U.S. Bank will not refinance an existing loan, but you may apply for another loan and use that to pay off the first one.

Customer Service

If you need help with your loan application, you can call, or schedule an appointment to talk to a representative in person, by phone, or by virtual appointment.

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