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

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In a Nutshell

Offering competitive interest rates and multiple loan options, U.S. Bank personal loans are only available for existing bank customers with a qualifying account.
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Pros

  • Multiple loan options
  • Small loan amounts available
  • Competitive interest rates

Cons

  • You may need to visit a branch in person to close the loan

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

Headquartered in Minnesota, U.S. Bank operates branches all over the country and is one of the largest banks in the United States.

If you’re looking for the best personal loan for your situation and are considering U.S. Bank, here’s what you need to know about the lender.

Multiple lending options to choose from

U.S. Bank has several types of personal loans to choose from, so you can apply for a loan or line of credit based on your needs and plans for the money.

  • Personal loan: Best for people consolidating debt or financing a major purchase, U.S. Bank personal loans range from $1,000 to $50,000, with loan terms between 12 and 84 months. 
  • Home improvement loan: If you’re renovating your home or updating appliances, consider a home improvement loan. U.S. Bank home improvement loans are unsecured, and you may be able to borrow $1,000 to $50,000 to pay for items such as home repairs, a new bathroom or solar panels.
  • Simple Loan: If you need money fast, U.S. Bank’s Simple Loan may be for you. This type of loan allows you to borrow between $100 and $1,000 for planned and unexpected expenses and get the money transferred quickly to your account. Simple Loans have repayment terms of three months, and you’ll pay a fee for every $100 you borrow. Take note that the fees can translate to an APR that’s in the high double digits — but U.S. Bank Simple Loans may still be a less-expensive alternative to payday loans.
  • Personal line of credit: If approved for a personal line of credit, you can get ongoing access to funds and pay interest only on the amount you use.

Some loans must be closed in person

While you can apply for all U.S. Bank personal loans online, there are some cases where you have to visit a branch in person to finish the loan process. With U.S. Bank’s home improvement loans, for example, some borrowers may have to go to a branch to complete the loan closing process, which can be a hassle.

A closer look at U.S. Bank personal loans

Here’s some more important information about U.S. Bank personal loans.

  • Interest rates — U.S. Bank’s interest rates on personal loans and home improvement loans are competitive — in line with the national average APR for personal loans, based on Federal Reserve data. You can also qualify for a 0.5% interest rate discount if you sign up for autopay with a U.S. Bank personal checking or savings account.
  • Eligibility requirements — To qualify for a U.S. Bank personal loan, you must undergo a credit check. Plus, U.S. Bank prefers applicants to have minimum credit scores of 660 or higher.
  • No prepayment penalties — There’s no prepayment penalty on any U.S. Bank personal loan. Paying off your loan early can help reduce interest charges.

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

U.S. Bank personal loans can be useful if you’re an existing customer with an active U.S. Bank checking account and have fairly strong credit. As a U.S. Bank customer, you can quickly and easily apply for a personal loan online and usually receive a decision in minutes.

If you’re approved, the lender says you may be able to get your money quickly — within one business day with most loan types — making it a good option if you have an emergency car repair or other unexpected expense.

U.S. Bank doesn’t charge origination fees or prepayment penalties, and it has competitive rates, so a U.S. Bank personal loan could help you consolidate credit card debt or finance a major purchase.

But be cautious before applying for U.S. Bank’s Simple Loan, since it comes with fees for every $100 you borrow, which can add up. If you’re also a member of a federal credit union, you may be able to qualify for a payday alternative loan with lower APRs.

How to apply for a U.S. Bank personal loan

To apply for a loan, you’ll have to meet a few qualifications: be at least 18 years old, have an existing U.S. Bank checking account and a valid Social Security number or individual taxpayer identification number, as well as your home address and employment information.

U.S. Bank will then check your credit, and you may find out if you’re approved within minutes.

If approved, your funds will be deposited directly into your U.S. Bank checking account.

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

If you aren’t a U.S. Bank customer or need a larger loan than the bank offers, consider these lenders.

  • SoFi: SoFi lets you check your potential rate online without affecting your credit scores.
  • Wells Fargo: You have to be an existing customer to be eligible, but Wells Fargo offers larger personal loan amounts and a greater variety of rate discounts.

About the author: Kat Tretina is a personal finance writer with a master’s degree in communication studies from West Chester University of Pennsylvania. Obsessed with her many side hustles, she focuses on helping people pay down their … Read more.