Overview
U.S. Bank offers personal loans to both customers and non-customers, though customers have advantages like larger loan amounts and longer repayment terms.
Loans are available nationwide, and borrowers can see if they qualify with a soft credit check, which won't hurt their credit score.
U.S. Bank also offers a separate small-dollar loan to its checking account holders called the Simple Loan.
» MORE: Compare the best personal loans
Detailed breakdown
We review lenders’ annual percentage rate offerings and the competitiveness of each lenders’ APR range. We also assess whether a lender charges an origination fee and any opportunity for borrowers to receive a rate discount.Customer experience (20%)
We consider the experience of the consumer trying to manage a personal loan, which means accessibility of customer service representatives, whether borrowers can choose and change their payment due date, and the ability to track their loan on a mobile app.Underwriting and eligibility (20%)
We consider the rigorousness of each lender’s underwriting practices and how widely available their loans are. This category includes whether a lender does a hard credit check before providing a loan, the range of credit profiles they accept and how many states their loans are offered in.
We assess how flexible lenders can be with borrowers, including whether they offer multiple loan types, personal loan amounts and repayment term options and whether they offer direct payment to creditors on debt consolidation loans.Application process (15%)
We consider the lender’s full application process, including a borrower’s ability to preview their loan offer via pre-qualification, whether basic loan information such as APR range and repayment terms are available and easy to find online and how quickly a loan can be funded after approval.
Read more about our ratings methodology for personal loans.
Where U.S. Bank personal loans stand out
- Rate discount for autopay: Borrowers who make automatic payments from a U.S. Bank personal checking or savings account can qualify for a rate discount of 0.5 percentage points. A rate discount means you’ll pay less interest overall on your loan.
- Wide range of loan amounts and repayment term options: U.S. Bank offers personal loans ranging from $1,000 to $50,000 with repayment terms ranging from one to seven years, but you’ll have to be a bank customer in order to get the highest loan amounts and longest repayment terms.
- Has joint loan and secured loan options: Applicants can apply for a joint loan with a co-borrower or a secured loan using a certificate of deposit as collateral. Adding a co-borrower with a higher credit score or adding collateral to your loan could help you qualify for a lower rate or higher loan amount.
- No origination fee: Personal loans from U.S. Bank do not have origination fees. Other lenders deduct this fee from the borrower’s loan before funds are disbursed, essentially lowering the amount of money the borrower receives.
- Same-day funding available: After signing a loan agreement, current customers may receive the funds in their U.S. Bank checking or savings account within two hours, according to the lender. If you want funds sent to an external account, it could take from one to four business days.
Where U.S. Bank personal loans fall short
- Loan features differ for non-customers: Unlike some other banks, U.S. Bank’s personal loan is available to non-customers, but the loan itself varies significantly. As a non-customer, you can only apply for loan amounts up to $25,000 and terms up to five years. You won’t be able to get a rate discount, and funding can take up to four business days.
- No direct payment to creditors with debt consolidation loans: If you want to use your U.S. Bank personal loan to consolidate debt, you’ll have to receive the loan funds, then pay off your creditors yourself. Several other lenders streamline the debt payoff process by sending funds from debt consolidation loans directly to your creditors.
- No hardship assistance or program for borrowers in need: U.S. Bank doesn’t offer hardship assistance if you’re not able to make payments on time. Missing payments can result in late fees and a hit to your credit score. Several other lenders provide hardship assistance such as deferred or reduced payments.
- No option to change your repayment date: The day of the month that your loan payment is due will remain the same throughout the life of the loan. Some lenders let you adjust your payment due date, which can be helpful if you change jobs and get paid on a different schedule.
How to qualify
U.S. Bank says its personal loans typically go to good- and excellent-credit borrowers. While you don’t have to be an existing customer to get a loan, having a checking or savings account with this bank will help if you want same-day funding, a rate discount, a loan over $25,000 or a six- or seven-year repayment term.
U.S. Bank loans are available nationwide.
U.S. Bank’s borrowing requirements
- Minimum credit score: 680.
- Maximum debt-to-income ratio: 60%.
- Must provide a valid Social Security number and email address.
» MORE: How to get a personal loan
Ready to check rates? See what rate you can get by pre-qualifying.
Compare U.S. Bank to the best lenders
Personal loan lenders offer different rates, loan amounts and special features, so it pays to weigh other options. The best personal loan is usually the one with the lowest APR.
