When you’re looking for a personal loan from an established bank, U.S. Bank is worth checking out. In business since 1863, U.S. Bank has offered a wealth of financial options for customers for a very long time.
The options for personal loans — including those that are designed specifically for home improvement or emergencies — are available through an easy-to-complete application, open to existing customers and non-customers alike.
Here’s what you need to know about this financial institution and the potential personal loans you can get from U.S. Bank.
U.S. Bank Personal Loans At-a-Glance
U.S. Bank Top Features
U.S. Bank offers several types of loans, along with a full suite of banking products. The top features of the bank include:
- 3 types of personal loans are offered: personal, home improvement, and simple loan
- There are no clearly restricted uses for personal loan funds
- No origination fees or a prepayment penalty
- Terms are flexible, ranging from 12 to 84 months
- Current customers can borrow personal loans from $1,000 to $50,000
- New customers can borrow up to $25,000
- Fixed APRs are competitive with other banks
- The simple loan has a higher APR–it allows for borrowing up to $1,000 in $100 increments and paying $6 for every $100 you borrow, paid back in three monthly installments
- Customers can obtain a loan with a credit score as low as 660
- Borrowers who are not current customers must have a higher credit score to qualify
What Is U.S. Bank?
You might have seen U.S. Bank branches all over the country, but do you know how much history is behind the bank and what they do for their customers? Here’s a brief rundown of who U.S. Bank is:
- U.S. Bank has branches in 26 states
- They have been named one of the world’s most ethical companies and have won accolades for diversity
- U.S. Bank is home to a wide variety of financial instruments, from investments to checking/savings accounts to loans of all kinds
- The bank is for anyone at any stage of their financial life, from those who need a quick emergency loan of a few hundred dollars to those who are investing millions in a retirement nest egg
- More than 80% of all transactions through U.S. Bank are now handled online
- Loans and lines of credit are offered by the U.S. Bank National Association
Who is U.S. Bank For?
When it comes to personal loans, U.S. Bank offers a dedicated loan for home improvement, a personal loan that can be used for anything you might need, and a smaller, short-term loan for those emergencies that pop up and could spell disaster for your savings account.
Personal loans through U.S. Bank are open to anyone who qualifies, but those who have an existing relationship with the bank are more likely to get approval and perhaps more advantageous terms.
Compare the best personal loans, research fees, and see how others stack up against U.S. Bank.
Compare U.S. Bank to Other Lenders
Though some might say that U.S. Bank has the market cornered on financial offerings and customer service, there are other lenders out there who strive to compete and do it well.
Consider that good credit is a must to get a personal loan with U.S. Bank, which cuts out a lot of options for those who have a dented and scratched credit report.
Upstart is a promising alternative, as they cater to those who have new credit — which often means a lower credit score — but offer up to $50,000 in loans, just as U.S. Bank does.
Happy Money is another that offers loans to those with a lower credit score, but those loans are only available for debt consolidation.
Another option is SoFi, which does require a decent credit score to qualify but offers up to $100,000 in loans. If you need a higher loan than the $50,000 ($25,000 for non-customers) U.S. Bank offers, SoFi could be a viable contender.
How Does U.S. Bank Work?
U.S. Bank has been around since 1863, so there’s no doubt it’s a solvent bank with a wide variety of financial options to choose from. Those who already have a U.S. Bank checking, savings, or another account will likely have an easier time getting a personal loan.
Current customers will certainly see their loan funds sooner, sometimes within the same business day, and they can have a credit score as low as 660 to qualify.
Approval usually takes only a few minutes and in some cases, you can apply with a co-signer.
There are currently three types of loans offered by U.S. Bank:
Personal Loan
The U.S. Bank personal loan ranges from $1,000 to $50,000 and has a term of 12 to 84 months.
Fixed APRs vary depending on your credit history and other factors, but they are competitive with other lenders and not outrageously high.
There are no stated restrictions on what the loan can be used for, and there are no origination or prepayment fees. Borrowers who are not current customers can borrow up to $25,000.
Home Improvement Loan
This is a loan that is meant to be dedicated to home improvement projects or repairs.
The terms and amounts offered are the same as that of the personal loan.
Unlike a home improvement loan that is taken out against the value of equity you have in your home, this is an unsecured personal loan, and you do not need to put up your home for collateral.
Simple Loan
The simple loan is for borrowers who need emergency loan funds. With this loan, you can borrow up to $1,000 in $100 increments.
There is no prepayment fee or late fee, but there is a fee of $6 for every $100 you borrow. You pay back this loan in three monthly payments, and it’s designed for short-term borrowing. This loan option requires you to have a checking account with U.S. Bank for at least six months and at least three months of recurring direct deposit.
When you are ready to pay off your loan, you can do that online if you have an established U.S. Bank checking or savings account.
If you don’t have an account, however, you might be required to visit one of U.S. Bank branches to close the account. The bank operates in 26 states.
How to Get Started
To open an account with U.S. Bank, you will need your legal identifying information, including a government-issued photo ID. You will also need to provide your home address, social security number, and employment information to qualify for a loan.
Once you submit the application, U.S. Bank will run a hard credit check and let you know of their decision within minutes. You might be able to use a co-signer; in that case, the bank will need all their information as well.
In most cases, the bank will require a credit score of 660 or above for existing account holders to qualify for the loan. Those who are not existing customers will need a higher credit score to be considered. You must be 18 years or older to apply.
You can apply entirely online. The bank will let you know what your potential repayment terms are, as well as offer a discount if you choose autopay for the loan payments. Though you can opt to use your loan to pay off credit card debt, the bank doesn’t offer direct payment to your creditors, so you will have to handle that transfer of funds on your own.
Rating the Features
Understanding the features of the U.S. Bank personal loan can help you decide whether it’s the right option for you. Rating the features gives you a balanced look at what to expect from the personal loan and the bank itself, as well as provides a way to compare “apples to apples” when looking at various banks.
User Experience
U.S. Bank has been on the scene for quite some time and as such, has streamlined its user experience for all banking products. Applying for a personal loan is easy through the online application, and for existing customers, the whole process can be completed online.
The bank offers a loan repayment calculator to help you decide how much of a loan you can afford.
Fees and Rates
There are no fees for taking out a personal loan, including no origination fee. However, the APR tends to be a bit higher than some of the competitors, especially online banks.
The best rates are reserved for those who take out $10,000 or more for their loan and have a credit score of 800 or higher. Existing customers who use autopay get a 0.5% discount on their rate.
Transparency
U.S. Bank offers a great deal of “fine print” on its website that details everything you need to know. There are no hidden fees with personal loans; what you see in their offer to you is what you get. Getting in touch with customer service to ask questions you can’t find the answers to on the website is easy.
Flexibility
You can choose between a variety of repayment terms. The bank will provide you with several options and allow you to choose which one best suits your needs and budget.
Customer Support
You can reach customer service at any time via phone. You can log into your account at any time to view the status online. You can also schedule a virtual, in-person, or phone appointment for more in-depth questions. It’s also possible to walk into any convenient branch to ask a banker questions about your loan directly.
Pros and Cons of U.S. Bank Personal Loans
Frequently Asked Questions (FAQs)
Do I have to be a current customer of U.S. Bank to qualify for a personal loan?
No, you do not. However, if you are a customer you can get a higher loan amount with a lower credit score requirement, as well as a rate discount with autopay.
Didn’t U.S. Bank get into trouble with regulators recently? Are they safe to bank with?
In 2022, U.S. Bank was fined by the Consumer Financial Protection Bureau for implementing a sales goal based on financial incentives; as a result of that goal, accounts were opened for customers who were unaware of the new accounts. Credit scores were affected and some people incurred surprise fees. However, the situation is being remedied. There should be no concern about opening a personal loan account with U.S. Bank.
Can I get my funds sent to an account outside of U.S. Bank?
Yes, you can, though keep in mind it might take up to four business days for that transaction to complete.
Bottom Line
U.S. Bank is a well-established financial institution that offers many products, including a variety of personal loans to fit your unique needs.
A good credit score is required to qualify and an even better one (800 or higher) is necessary for the best possible rates.
Whether you have an established account there to take advantage of the rate discounts or don’t have an account and want the funds transferred elsewhere, you can get flexible repayment terms and a solid fixed rate with U.S. Bank.
