U.S. Bank Personal Loans: 2025 Review

Editor’s note: U.S. Bank did not respond to our most recent request for details regarding its personal loan product. We reviewed its website and attempted to contact company representatives, but some of the information presented here may not be recently updated. Due to the lack of verifiable information, NerdWallet did not give U.S. Bank’s personal loan a star rating.

U.S. Bank offers personal loans to both customers and non-customers, though customers have access to larger loan amounts and longer repayment terms.

Financing is available in 26 states, and borrowers can see if they qualify with a soft credit check, which won't hurt your credit score.

U.S. Bank also offers a separate small-dollar loan called the Simple Loan.

» MORE: Best bank loans

Table of Contents

U.S. Bank personal loans at a glance

Where U.S. Bank personal loans stand out and fall short

How to use U.S. Bank's personal loans

Regulatory action against U.S. Bank

Customer reviews of U.S. Bank's personal loans

Do you qualify for a U.S. Bank personal loan?

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

Compare U.S. Bank with other lenders

U.S. Bank personal loans at a glance

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Where U.S. Bank personal loans stand out

Rate discount for autopay: Existing customers who make automatic payments from any 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 on your loan.

Offers joint loans: Applicants can apply for a joint loan by adding a co-borrower to their personal loan application. Adding a co-borrower with a higher credit score could help you qualify for a lower rate or higher loan amount.

Quick funding: Once they’ve signed the loan agreement, current customers may receive the funds in their U.S. Bank account within hours, according to the lender. If you want funds sent to an external account, you may need to wait up to four business days.

» MORE: Best personal loans for fast funding

Wide range of repayment terms: Current customers can choose from seven repayment terms, ranging from one to seven years. If you choose a shorter term, you’ll pay less in interest, while a longer term means lower monthly payments.

Where U.S. Bank personal loans fall short

Loan product varies by customer status: 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. Sending funds to an external account will also take longer.

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How to use U.S. Bank personal loans

U.S. Bank loans can be used for a variety of reasons, such as debt consolidation, emergency expenses, vacations, weddings, home improvement projects, moving and vehicle financing.

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Regulatory action against U.S. Bank

In July 2022, the Consumer Financial Protection Bureau issued an order against U.S. Bank for unlawful practices that violated federal laws, including the Truth in Lending Act.

According to the CFPB, the bank implemented a financially incentivized sales goal, which led employees to open credit cards, lines of credit and deposit accounts for consumers without their knowledge or permission. These actions then resulted in fees and hits to those people’s credit reports.

The CFPB ordered U.S. Bank to stop the practice, develop a remediation plan for affected consumers and pay a fine of $37.5 million.

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U.S. Bank personal loan customer reviews

As of September 2024, U.S. Bank has 1.2 stars on Trustpilot, a website that collects consumer reviews. Consumer reviews were critical of a number of the bank’s services, largely related to customer service timeliness. The lender’s mobile app received 4.7 stars across 434,000 reviews on Google Play and 4.8 stars across 1.7 million reviews on the Apple App Store.

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Do you qualify for a U.S. Bank personal loan?

To be eligible to apply for a U.S. Bank personal loan, you must meet the following requirements:

• Be 18 years or older.

• Provide a Social Security number.

• Provide a home address and employment information.

The lender doesn’t disclose many of its qualification requirements on its website, but the majority of credit card and loan customers have a credit score above 660, according to a recent filing with the Securities and Exchange Commission.

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

Here are the steps to apply for a U.S. Bank loan.

1. Pre-qualify on U.S. Bank’s website. You’ll be asked how much you want to borrow and what the funds are for, as well as some personal information like your annual income and whether you rent or own your home. Then, the lender will ask for your contact information before you can preview loan offers. There’s no hard credit pull at this stage.

2. Preview loan offers and accept the one that fits your budget. Once you accept a loan offer, you’ll submit a formal personal loan application. This step could require more documents, like W-2s, pay stubs and bank statements to confirm the information you gave during pre-qualification. U.S. Bank will do a hard credit check when you apply, so your credit score could temporarily dip.

3. Make a plan to repay the loan. U.S. Bank reports payment to the three main credit bureaus (Equifax, Experian and TransUnion), so on-time payments will help build your credit score, but missed payments will hurt it. Setting up automatic payments and keeping an eye on your budget are two ways to manage your loan payments.

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Compare U.S. Bank with other 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.

Discover and LightStream are two similar lenders that accept borrowers with good to excellent credit (690 credit score or higher) and can fund loans the same or next day after approval.

Discover

» MORE: Read our review of Discover

LightStream

» MORE: Read our review of LightStream

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