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Personal Finance Loans Personal Loans
Written by Ryan Wangman, CEPF; edited by Richard Richtmyer; reviewed by Elias Shaya
Updated
2023-12-21T20:12:33Z
- Who is US Bank Best For?
- US Bank Personal Loans Pros and Cons
- How to Apply for a US Bank Personal Loan
- US Bank Personal Loan Frequently Asked Questions
- Why You Should Trust Us
Our experts answer readers' personal loan questions and write unbiased product reviews (here's how we assess personal loans). In some cases, we receive a commission from our partners; however, our opinions are our own.
U.S. Bank Personal Loan
Check rates
Compare loan options and get your rates today.
Insider’s Rating
3.5/5
Regular APR
8.74% to 24.99%
Loan Amount Range
$1,000 to $50,000 for US Bank customers, up to $25,000 for non-customers
Minimum Credit Score
660
Pros
- Competitive APRs
- Low minimum loan amount
- No origination fee or prepayment penalty
- Fast funding
- Autopay discount
- Joint application allowed
Cons
- Late fee
- Not available in some states
- Worse terms for borrowers who aren't customers of US Bank
- No loan preapproval
Product Details
- Get your money within a few hours if you're a US Bank customer
- 0.50% discount when you autopay from a US Bank account
- Available in Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
- Loan terms range from 12 to 84 months (maximum 60 months for non-customers)
Who is US Bank Best For?
US Bank is best for the bank's existing customers who want to take out a personal loan from the same institution where they already do their banking. The bank offers favorable terms to its customers, including a funding time that may be as short as a few hours — faster than most lenders.
If you aren't a customer, you may be able to find better terms elsewhere.
US Bank Personal Loan Details
If you have a US Bank personal checking or savings account and your loan is approved, you may close it online. If you don't have a US Bank account, you might need to close your loan in person at a branch.
US Bank doesn't offer loan preapproval, so your application will require a hard credit inquiry. A hard credit inquiry will show up on your credit report and may temporarily lower on your credit score.
US Bank has more than 2,000 branches across 27 states, and you'll need to live in a state with branch locations or within 50 miles of a branch. Branch locations are available in:
- Arkansas
- California
- Colorado
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Minnesota
- Missouri
- Montana
- Nebraska
- Nevada
- New Mexico
- North Carolina
- North Dakota
- Ohio
- Oregon
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Washington
- Wisconsin
- Wyoming
See our picks for the best debt consolidation loans »
US Bank Personal Loans Pros and Cons
| Pros | Cons |
Competitive interest rates. Both US Bank's minimum and maximum APRs are in line with some of the better personal loan offerings. | Late fee. If you miss a payment by more than five days after the due date, you'll pay a $29 penalty. |
Low minimum loan amount.You can borrow as little as $1,000 with US Bank, which makes it a great option for those who only need a small amount of money to cover an expense. | Not available in some states. You are able to get a loan in 27 out of 50 states, but if you don't live in one of those states or within 50 miles of a branch, you can't get a loan. |
No origination fee or prepayment penalty.Other lenders charge origination fees, which are a percentage of your loan amount that comes out of your overall balance. You can pay your loan off early and not worry about adding any extra expenses. | Worse terms for borrowers who aren't US Bank customers. Generally, US Bank customers have more loan options than non-customers. Customers can get a term as long as 84 months, while non-customers have a cap of 60 months. There is a 660 minimum credit score for US Bank customers, and an undisclosed higher number for non-customers. You can borrow as much to $50,000 if you are a US Bank customer, but only up to $25,000 if you're a non-customer. |
Fast funding.US Bank customers may receive their funds within hours after applying for a personal loan and accepting its terms. | No loan preapproval. The lender will perform a hard credit inquiry after you submit your loan application. A hard credit inquiry will show up on your credit report and may slightly reduce your credit score. |
Autopay discount.You'll save 0.50% when you automatically pay from a personal checking or savings account. | |
Joint application allowed.Some borrowers may need to enlist the help of a co-signer to boost their chances of loan approval or to get a lower rate. US Bank allows co-signers on its loans, unlike some competitors. |
How to Apply for a US Bank Personal Loan
1.Formally send in your information for a loan. You'll need to send in basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. However, US Bank will conduct a hard credit check to produce your loan details, which will impact your credit score.
2.Look over different loan offers and pick the one you can afford. After you submit your information, US Bank will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
3. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan.
U.S. Bank Personal Loan
Check rates
Compare loan options and get your rates today.
Insider’s Rating
3.5/5
Regular APR
8.74% to 24.99%
Loan Amount Range
$1,000 to $50,000 for US Bank customers, up to $25,000 for non-customers
Minimum Credit Score
660
Pros
- Competitive APRs
- Low minimum loan amount
- No origination fee or prepayment penalty
- Fast funding
- Autopay discount
- Joint application allowed
Cons
- Late fee
- Not available in some states
- Worse terms for borrowers who aren't customers of US Bank
- No loan preapproval
Product Details
- Get your money within a few hours if you're a US Bank customer
- 0.50% discount when you autopay from a US Bank account
- Available in Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
- Loan terms range from 12 to 84 months (maximum 60 months for non-customers)
US Bank Personal Loan Frequently Asked Questions
Is it hard to get a personal loan with US Bank?
It is easier to get a loan with US Bank if you are a customer of the lender as opposed to a non-customer. The credit score requirement is lower and you'll be able to take out more money as a customer.
What credit score is needed for US Bank personal loan?
There is a 660 minimum credit score for US Bank customers, while there is a higher, undisclosed minimum for non-customers.
Is US Bank legit?
US Bank is a reputable bank insured by the FDIC. It has anA+ rating from the Better Business Bureau.
Does US Bank offer preapproval?
US Bank doesn't offerloan preapproval, so your application will require a hard credit inquiry.
US Bank Personal Loans Competitors
US Bank vs. Wells Fargo Personal Loan
US Bank allows customers to take out up to $50,000. You can borrow up to $100,000 with Wells Fargo. Other options for a larger loans include LightStream Personal Loan or SoFi Personal Loanand might be a better option.
Neither of the companies charge origination fees or prepayment penalties. Wells Fargo might charge a late fee of as much as $39 and US Bank may charge a late fee of $29.
US Bank vs. PNC Bank Personal Loan
Again, neither company will hit you with origination fees or prepayment penalties, but PNC Bank charges a late fee of $40 or 10% of the payment (whichever is greater). US Bank may charge a late fee of $29.
US Bank has a term length range of one to seven years, while PNC Bank's range is six to 60 months.
Is US Bank trustworthy?
US Bank, a Better Business Bureau-accredited company, has anA+ ratingfrom the BBB. The BBB is a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising, and openness about business practices.
However, US Bank has been at the center of a few recent scandals. In 2020, US Bank was one of three mortgage servicers that reached settlement agreements with the US Department of Justice to pay a combined $74 million. The DOJ claimed that the servicers didn't follow certain regulations and made errors that affected borrowers filing bankruptcy.
In that same year, US Bank paid$200 million in a settlementwith the government over allegations that the bank approved home loans for insurance when the borrowers did not meet standard underwriting requirements.
In July 2022, the Consumer Finance Protection Bureau fined US Bank $37.5 million for illegally retrieving its customers' credit reports and setting up checking and savings accounts, credit cards, and lines of credit without their permission. The bank also pressured its employees to sell unwanted products to customers, making those sales a part of employee goals.
If US Bank's recent scandals make you uncomfortable, you may want to consider a different lender for your auto loan needs.
U.S. Bank Personal Loan
Check rates
Compare loan options and get your rates today.
Insider’s Rating
3.5/5
Regular APR
8.74% to 24.99%
Loan Amount Range
$1,000 to $50,000 for US Bank customers, up to $25,000 for non-customers
Minimum Credit Score
660
Pros
- Competitive APRs
- Low minimum loan amount
- No origination fee or prepayment penalty
- Fast funding
- Autopay discount
- Joint application allowed
Cons
- Late fee
- Not available in some states
- Worse terms for borrowers who aren't customers of US Bank
- No loan preapproval
Product Details
- Get your money within a few hours if you're a US Bank customer
- 0.50% discount when you autopay from a US Bank account
- Available in Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, Wyoming
- Loan terms range from 12 to 84 months (maximum 60 months for non-customers)
Why you should trust us: How we rated US Bank
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>
Loans Reporter
Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Learn more about how Personal Finance Insider chooses, rates, and covers financial products and services here >>
Jr Compliance Associate
Elias Shaya is a junior compliance associate on the Personal Finance Insider team based in New York City. Personal Finance Insider is Insider's personal finance section that incorporates affiliate and commerce partnerships into the news, insights, and advice about money that readers already know and love. The compliance team's mission is to provide readers with stories that are fact-checked and current, so they can make informed financial decisions. The team also works to minimize risk for partners by making sure language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up to date and accurate. He joined Insider in February 2022 as a fellow on the compliance team. Elias has a Bachelor of Science in International Business from the CUNY College of Staten Island. Prior to joining Insider, he volunteered at the New York Presbyterian Hospital, where he worked with the biomedical engineering department. In his spare time, Elias enjoys exploring new restaurants, traveling to visit his family in Lebanon, and spending time with friends.
Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards.
Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.
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