U.S. Bank personal loan review: Worth a look for existing customers

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In a Nutshell

U.S Bank personal loans may be worth exploring if you’re a current customer. There’s no origination fee and a discount for automatic payments. 

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Pros Cons
No origination fee Must be a U.S. Bank customer
Fixed interest rate and payments $25,000 loan maximum for online applicants
Interest-rate discount with automatic payments  

What you need to know about a U.S. Bank personal loan

U.S. Bank is one of the largest banks in the country and has branches nationwide. But unlike some large competitors, such as Chase and Bank of America, U.S. Bank offers personal loans.

U.S. Bank offers two types of personal loans: a traditional personal loan and a simple loan. Both are only available for existing customers. This review will focus on U.S. Bank’s personal loan, but we’ll touch on a few details about the simple loan later.

U.S. Bank’s personal loan is unsecured, which means the bank won’t ask for collateral to back up the loan. Your loan term can be one to five years, and the loan amounts offered online range from $1,000 to $25,000.

Here’s what else you need to know about personal loans from U.S. Bank.

U.S. Bank customers only

To qualify, you must be an existing U.S. Bank customer, with an account open for at least 120 days, who lives in a state with branch locations, according to a U.S. Bank representative.

U.S. Bank doesn’t specify minimum income or credit score requirements, but it says you’ll need “good credit history” and “stable, sufficient income.”

Interest-rate discount with automatic payments

If you set up automatic monthly payments through a U.S. Bank checking account or savings account, you’ll be eligible for an interest-rate discount. That’s a competitive perk. And the bank’s interest rates are very attractive if you qualify for that discount.

A closer look at U.S. Bank personal loans

Here are a few things to consider before you apply for a U.S. Bank personal loan.

  • Loan terms as short as one year — Many other lenders don’t offer 12-month personal loans. If you can pay off your balance in one year, a U.S. Bank loan may be attractive — and help you save on interest.
  • Smaller-than-average loan limits — If you’re looking to borrow a large amount online, U.S. Bank may not offer enough. A number of other lenders offer loans over $25,000.
  • Alternative to payday loans — If you need cash fast, consider U.S. Bank’s simple loan for up to $1,000. It may be a good alternative to a payday loan.
  • Use the money for many purposes — A U.S Bank personal loan may help you pay off high-interest credit cards through debt consolidation, make home repairs or finance a major event like a wedding.

Who a U.S. Bank personal loan is good for

If you’re a U.S. Bank customer living near a local branch, its personal loan may be worth exploring, especially if you prefer closing in person. The interest rates are competitive and may be a good option if you want a 12-month personal loan.

To potentially qualify for the best rate, U.S. Bank says you’ll need to …

  • Take out a loan of at least $5,000
  • Have a loan term of 12 months to 48 months
  • Set up automatic payments from a U.S. Bank personal checking account or savings account 

How to apply with U.S. Bank

You can apply for a U.S. Bank personal loan online, by phone or in person at a local branch.

You’ll want to have the following details ready: Your identifying information, including full name, address, date of birth and Social Security number.

You’ll also want to know your desired loan amount, term and loan purpose.

The U.S. Bank website notes that if approved, you could receive your loan funds in as soon as one business day. But keep in mind that depending on your bank, it could take longer to receive your cash.

Not sure if a U.S. Bank personal loan is right for you? Consider these alternatives.

  • Discover: Discover may be a good choice if you want to consolidate debt because it can pay your creditors directly.
  • Wells Fargo: Wells Fargo offers secured personal loans with competitive rates to eligible customers.

About the author: Kate Dore is a Nashville-based personal finance writer and Candidate for CERTIFIED FINANCIAL PLANNER<s… Read more.