U.S. Bank Personal Loans: 2021 Review
Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.
Our Take
4.0
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.
Full Review
U.S. Bank Personal Loan
Min. Credit Score
660
Est. APR
5.99 - 17.99%
Loan Amount
$1,000 - $50,000
Pros & Cons
Pros
Competitive rates among similar lenders.
Existing customers can get a .5% rate discount for setting up 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
 |  |
|---|---|
Est. APR6.74 - 19.74% | Est. APR4.99 - 19.63% |
Loan Term3 to 6 years | Loan Term2 to 7 years |
Loan Amount$3,500 - $40,000 | Loan Amount$5,000 - $100,000 |
Min. Credit Score660 | Min. Credit Score680 |
Compare estimated rates from multiple lenders
Get more smart money moves — straight to your inbox
Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.
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
Affordability |
|
Loan flexibility |
|
Transparency |
|
Customer experience |
|
» 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.
» MORE: Best good-credit lenders
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.
» MORE: Compare debt consolidation loans
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 review process evaluates and rates personal loan products from more than 30 lenders. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.
Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.
This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read our editorial guidelines.
