U.S. Bank Personal Loans: 2022 Review
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Our Take
4.5
The bottom line:
With minimal fees, a wide range of loan amounts and fast funding, U.S. Bank is a strong option for good-credit customers.
Full Review
on NerdWallet's secure website
Pros & Cons
Pros
- Offers a 0.50 percentage point rate discount for setting up autopay.
- No origination or prepayment fees.
- Offers wide range of loan amounts.
- Able to fund loans within one business day.
- Offers mobile app to manage your loan.
Cons
- No option to pre-qualify.
- Available in a limited number of states.
- May require an in-person visit.
Compare to Other Lenders
 |  |
|---|---|
Est. APR6.99-24.99% | Est. APR7.99-22.73% |
Loan term3 to 6 years | Loan term2 to 7 years |
Loan amount$3,500-$40,000 | Loan amount$5,000-$100,000 |
Min. credit score720 | Min. credit score680 |
Compare estimated rates from multiple lenders
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Full Review of U.S. Bank Personal Loan
U.S. Bank offers personal loans to existing customers with at least a 660 FICO score. Once approved, borrowers can receive the funds in as little as one business day.
U.S. Bank offers financing in 25 states, and you must live near a branch to apply for a personal loan. Some applicants will need to visit the 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 660 FICO score or higher.
Are an existing customer and live near a branch.
Need quick access to funds.
U.S. Bank at a glance
Affordability |
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Loan flexibility |
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Transparency |
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Customer experience |
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Key terms to know about personal loans
» COMPARE: Best bank loans
Where U.S. Bank stands out
Rate discount for autopay: Existing customers who make automatic payments from their U.S. Bank personal checking or savings account can qualify for a rate discount of 0.5 percentage points. Autopay discounts from other lenders range from 0.25 to 0.5 percentage points.
Offers joint and secured 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.
Applicants can also choose to secure the loan with a certificate of deposit, a type of savings account, which could lead to a lower rate.
Quick funding: Once they’ve signed the loan agreement, 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.
Wide range of loan amounts: U.S. Bank offers loans ranging from $1,000 to $50,000, so whether you need to cover a small emergency repair or fund a large home improvement project, you can apply for the right loan amount.
» MORE: Best good-credit lenders
Where U.S. Bank falls short
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.
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 the lender.
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 the lender. Other banks offer this feature to simplify the debt 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 to meet the following requirements:
Minimum credit score: 660.
Max debt-to-income ratio: 60% (includes housing).
Loan example: A two-year, $7,000 loan with a 15.5% APR would cost $341 in monthly payments. You’d pay $1,186 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.
on NerdWallet's secure website
Methodology
NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. 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 more about our ratings methodologies for personal loans and our editorial guidelines.
