U.S. Bank personal loan review: Different loan options for existing customers and newcomers

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In a Nutshell

You can get a U.S. Bank personal loan even if you’re not a current U.S. bank customer. But you might have to settle for a lower loan amount and longer terms. Plus, you may have to complete the closing process in person at a local U.S. Bank branch.
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  • Ability to prequalify
  • Allows co-signers
  • More loan options for existing customers


  • Loan terms differ for people who aren’t already U.S. Bank customers
  • Not available in all states
  • In-person closing may be required

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

Headquartered in Minnesota, U.S. Bank has branches and ATMs across the U.S. and offers a range of banking services along with traditional personal loans, home improvement loans, emergency loans and lines of credit.

Both current customers and newcomers may qualify for a U.S. Bank personal loan. You can prequalify online and check your rates without affecting your credit. But there are some key differences for existing customers, including loan amounts and terms.

Here are a few other things you need to know if you’re considering a U.S. Bank personal loan.

Loan terms may vary

If you’re looking to borrow more cash and want a longer time to pay off the loan, you’re likely better off becoming a customer before applying for a U.S. Bank personal loan. Current U.S. Bank customers can borrow anywhere from $1,000 to $50,000, while people who aren’t U.S. Bank customers can only borrow up to $25,000. And while U.S. Bank personal loans come with repayment terms that range from 12 to 84 months for current customers, the range for noncustomers is only 12 to 60 months.

While a longer-term loan means you’ll have lower monthly payments, keep in mind that choosing a longer loan term will cost you more in interest overall.

May apply with a cosigner

If your credit isn’t great or you’re still building your credit history, you can apply for a U.S. Bank personal loan with a co-signer. This may increase your chances of getting approved for the loan and help you avoid applying for bad-credit loans or credit cards for poor credit — which can often come with high interest rates or security deposit requirements.

Just remember that if you decide to complete a joint application, it’s important to keep in mind that both you and your co-signer are both on the hook for the loan. This means that if you aren’t able to make your payments, your co-signer will have to pick up the bill.

Might require in-person closing at a branch

You can apply for and close your U.S. Bank personal loan online, as long as you’re an existing customer. But if you don’t already have a U.S. Bank account, you may need to go to a branch location in order to complete the closing process. This could present a challenge if there isn’t a local branch location close by.

A closer look at a U.S. Bank personal loan

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

  • Autopay discount — If you sign up for autopay from a U.S. Bank account or other third-party account, you can save 0.5% on your interest rate.
  • Fast funding available — You can get your funds within hours if you’re a U.S. bank customer. But you’ll also need a FICO® credit score of at least 660.
  • No hidden fees — U.S. Bank doesn’t charge origination fees or prepayment fees, so you can pay off your loan early without any issues.
  • Direct pay to creditors isn’t offered — If you’re planning to use your loan funds to consolidate debt, you’ll need to send the payments to your creditors yourself.

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

If you’re already a U.S. Bank customer with a FICO score of 660 or higher, a U.S. Bank personal loan might make sense. This is particularly true if you need fast funding, need to borrow a large amount, want to pay it off over a long period of time, or want to lock in a low interest rate.

But even if you’re not a current U.S. Bank customer, a U.S. Bank personal loan could still be a good fit, especially if your credit is in good shape or you can apply with a cosigner. Just keep in mind that you’ll likely have to visit a branch to close on your loan.

How to apply with U.S. Bank

If you’re interested in a U.S. Bank personal loan, you can apply for prequalification on U.S. Bank’s website.

If you prequalify and decide to move forward with a full application, U.S. Bank will perform a hard inquiry, which may temporarily lower your credit scores. You’ll likely find out about your approval status in less than a minute. If you’re not a U.S. bank customer and get approved, you might need to visit a local branch to close your loan.

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

  • Wells Fargo: Wells Fargo offers larger loans of up to $100,000, which may come in handy if you need to borrow a significant amount of money.
  • Discover: If you’re looking for a debt consolidation loan and want a lender to pay your creditors directly, Discover is a good option to keep on your radar.

About the author: Anna Baluch is a freelance personal finance writer from Cleveland, Ohio. You can find her work on sites like The Balance, Freedom Debt Relief, LendingTree and RateGenius. Anna has an MBA in marketing from Roosevelt Un… Read more.