U.S. Bank Personal Loans: 2021 Review

U.S. Bank’s personal loans have low rates, but they’re only available to existing customers who live near a branch and have good credit.

Jackie VelingMar 25, 2021
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Our Take

4.0

NerdWallet rating 

The bottom line: As long as you meet the eligibility criteria and don’t pay your loan off in the first year, U.S. Bank is a strong option for good-credit customers.

U.S. Bank Personal Loan

U.S. Bank Personal Loan

Min. Credit Score

680

Est. APR

5.49 - 16.99%

Loan Amount

$1,000 - $25,000

Pros & Cons

Pros

  • Competitive rates among similar lenders.

  • Rate discount for autopay.

  • Offers joint loan option.

  • Able to fund loans within one business day.

  • Offers mobile app to manage your loan.

Cons

  • No option to pre-qualify.

  • Charges prepayment fee.

  • Must be an existing bank customer.

  • Available in a limited number of states.

  • May require an in-person visit.

Compare to Other Lenders

Marcus by Goldman Sachs
SoFi
NerdWallet rating 
NerdWallet rating 
Est. APR

6.99 - 19.99%

Est. APR

5.99 - 18.85%

Loan Term

3 to 6 years

Loan Term

2 to 7 years

Loan Amount

$3,500 - $40,000

Loan Amount

$5,000 - $100,000

Min. Credit Score

660

Min. Credit Score

680

Compare estimated rates from multiple lenders

Compare Rates

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Full Review

To review U.S. Bank’s personal loans, NerdWallet collected more than 40 data points from the lender, confirmed details with several customer service representatives 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 personal loans offer low rates to existing customers with at least a 680 FICO score. Loans can be used for any purpose and, once approved, borrowers can receive the funds in as little as one business day. Borrowers can choose from repayment terms between one and five years.

The lender doesn’t charge origination fees, but it’s one of few lenders that charges a prepayment fee if you pay off your loan within the first year.

U.S. Bank has locations in 25 states. You must live within 50 miles of a branch to apply for a personal loan, and some applicants will need to visit a bank to close their loan.

The bank also offers a separate high-interest, small-dollar loan called the Simple Loan.

U.S. Bank is best for borrowers who:

  • Have a 680 FICO score or higher.

  • Have been a customer for at least four months and live near a branch.

  • Do not plan to pay the loan off in the first year.

  • Want to add a co-borrower to the application.

U.S. Bank at a glance

Credit building

  • No pre-qualify option.

  • Reports payments to three credit bureaus.

Affordability

  • APRs are low among lenders targeting similar borrowers.

  • No origination fee.

  • Charges prepayment fee.

  • Rate discount for autopayments.

Loan flexibility

  • Offers joint loans.

  • Does not offer direct payment to creditors for debt consolidation loans.

  • Funds loans within one business day.

  • Loans not available in: AL, AK, CT, DE, FL, GA, HI, LA, ME, MD, MA, MI, MS, NH, NJ, NY, NC, OK, PA, RI, SC, TX, VT, VA, WV.

Transparency

  • Clearly discloses rates and terms on website; fees are not disclosed.

  • No FAQ to answer borrower questions.

Customer experience

  • Offers multiple customer contact channels and extended hours.

  • Offers mobile app to manage loan.

  • Provides some financial education.

  • May need to visit a branch to close the loan.

» COMPARE: Best bank loans

Where U.S. Bank stands out

Competitive rates: U.S. Bank’s personal loans have lower annual percentage rates than other banks, so well-qualified bank customers may not have to look further for a low rate.

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

Rate discount for autopay: Existing customers who make automatic payments from their U.S. Bank personal checking or savings account can qualify for a 0.5% rate deduction. Autopay discounts from other lenders range from 0.25% - 0.50%.

Quick funding: Once the loan closes, borrowers can expect to receive the funds in their account within one business day, according to the lender. Though fast funding is increasingly common among bank lenders, it is not guaranteed.

Where U.S. Bank falls short

Prepayment penalty: U.S. Bank charges a fee for paying off your loan within the first year. The minimum fee is $50 and the maximum fee is $100, according to multiple customer service representatives. Known as a prepayment penalty, this fee is extremely rare on personal loans.

No soft credit check: U.S. Bank does not offer the option to pre-qualify, which lets borrowers check potential loan amounts, rates and terms without affecting their credit score. You can pre-qualify with multiple lenders on NerdWallet to compare offers.

Limited transparency: Though U.S. Bank clearly discloses rates and repayment terms on its website, it does not accurately list its fees. According to the website, there is no prepayment penalty, though multiple customer representatives confirmed otherwise.

The website also does not offer an FAQ page for its personal loan product, something most lenders offer. An FAQ helps give applicants a better understanding of the loan before they apply.

May need to visit a branch: Though U.S. Bank offers an online application, some customers will need to visit a branch to close their loan, according to customer service representatives.

No direct payment to creditors: If you want to use a loan for debt consolidation, U.S. Bank does not send loan proceeds to your other creditors, according to customer service representatives. Other banks offer this feature to simplify the payoff process.

How to qualify for a U.S. Bank loan

U.S. Bank does not publicly disclose many of its borrower requirements. To apply, you need:

  • Minimum credit score of 680.

  • Your Social Security number or individual taxpayer identification number.

  • Home address and employment information.

Loan example: A two-year, $7,000 loan with a 23.4% APR would cost $368 in monthly payments. You’d pay $1,832 in total interest on that loan.

How to get a U.S. Bank loan

Apply on U.S. Bank site

Existing customers can fill out an application on U.S. Bank’s website. The lender says you’ll know if you’re approved in less than a minute.

Pre-qualify on NerdWallet

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. Pre-qualifying will not impact your credit.

Personal Loans Rating Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including: soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus, and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews. Read our editorial guidelines.