Good for: Good credit, co-sign loans
U.S. Bank’s Premier loan is a personal loan available to existing customers who have good credit profiles.
U.S. Bank may be a good fit if you:
- Have excellent credit. U.S. Bank didn’t provide NerdWallet with a minimum score requirement for its personal loans, but the bank’s existing customers of other loan products have FICO scores over 750 on average, according to company filings.
- Have a co-applicant or an asset to put up as collateral. Joint applications are allowed, or you can pledge a paid-off car or certificate of deposit account as collateral. Doing so may increase your chances of qualifying for a loan or snagging a lower rate.
U.S. Bank Premier loan rates and terms
|Loan amounts||$3,000 - $25,000|
|Typical APR||7.49% - 17.99%|
|Fees||Origination fee: None
Late fee: $29 after 5 day grace period
Unsuccessful payment fee: $25
Prepayment fee: 1% of loan amount, ranging from $50 to $100 if loan is paid off within first 12 months
|Time to funding||Three business days on average|
|Repayments||Monthly over 12 to 60 months|
|Soft credit check?||No|
|How to qualify||
|Best for||Borrowers with good or excellent credit
Borrowers with a co-applicant
Customers with a car or CD account to pledge as collateral
U.S. Bank personal loan review
To review U.S. Bank, NerdWallet collected more than 30 data points from the lender, interviewed company executives and compared the lender with others that seek the same customer or offer a similar personal loan product. Loan terms and fees may vary by state.
U.S. Bank, the fifth-largest national bank by assets, has a competitive personal loan offering when it comes to interest rates and options to help people qualify, such as having a co-applicant. The Premier loan is an unsecured personal loan, but U.S. Bank also offers loans secured by automobiles, boats, RVs and motorcycles, as well as deposit accounts, Evan Lapiska, U.S. Bank spokesman, said in an email.
The loan is only available to existing bank customers, and while you can apply online, you have to visit a branch to complete the application. Customers who opt for automatic payments receive more favorable rates than those who do not, says Lapiska.
Prepayment penalty: The Premier loan has one major drawback: It is the only personal loan reviewed by NerdWallet that carries a prepayment penalty for paying off the loan early. (Paying off your loan early can save you money on interest).
No origination fee: U.S. Bank doesn’t charge an upfront fee on the loan, so you won’t have to worry about receiving less than the full loan amount you qualified for. This is a feature that only a handful of banks and online lenders offer.
Other financial products: In addition to the Premier loan, U.S. Bank also has a payday-style loan called the Simple Loan that is meant for emergency expenses. The bank also offers a personal line of credit and an overdraft line of credit, which work differently from a personal loan.
Customer service: U.S. Bank has phone, chat and email customer service as well as physical branches in all 50 states. The bank has a mobile app for tracking loan payments.
Loan example: For a borrower with excellent credit, an $8,000 personal loan with a repayment term of 24 months at 13.9% APR would carry monthly payments of $384, according to NerdWallet’s personal loan calculator.
How U.S. Bank compares
U.S. Bank’s rates are lower than other lenders that also target the same consumer, such as Wells Fargo or Marcus by Goldman Sachs, but loan amounts at U.S. Bank aren’t as high as the other two. Neither Wells Fargo nor Marcus charges a prepayment penalty.
Like U.S. Bank, Wells Fargo requires a hard credit pull, which can temporarily shave points off your credit score. Existing Wells Fargo customers can apply and receive funds online, but new ones have to apply at a branch. The bank also lets you send your money to pay off existing credit cards, which can improve your odds of successfully paying off debt.
Marcus is an online-only lender that requires a soft credit check, charges no fees and offers more flexibility in picking a loan that’s right for you. U.S. Bank has some degree of flexibility: Borrowers can change their payment due date by 15 days under certain circumstances, says Lapiska.
How to apply for a U.S. Bank loan
You can apply on U.S. Bank’s website by logging into your online banking account and then filling out an application for the Premier loan.
Check rates from other lenders
NerdWallet recommends comparing loans to find the best rate for you. Click the button below to pre-qualify and receive a personalized rate from lenders that partner with NerdWallet.
Before you shop for a personal loan:
- Learn how personal loans work
- Boost your chances of getting approved
- 4 steps to pre-qualify for a personal loan
A previous version of this article misstated the minimum loan amount and maximum loan term. This article has been corrected.