U.S. Bank Personal Loans: 2022 Review

U.S. Bank’s personal loans are available to borrowers who live near a branch and have good credit.
Sep 21, 2022

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Our Take

4.5

NerdWallet rating 

The bottom line:

With minimal fees, a rate discount and fast funding, U.S. Bank is a strong option for good-credit customers.

U.S. Bank Personal Loan
Est. APR
7.74-20.24%
Loan amount
$1,000-$50,000
Min. credit score
660
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Pros & Cons

Pros

  • Option to pre-qualify with a soft credit check.
  • Wide variety of repayment term options.
  • Rate discount for autopay.
  • Joint and secured loan options.

Cons

  • Available in a limited number of states.
  • May require an in-person visit.
  • No direct payment to creditors with debt consolidation loans.

Compare to Other Lenders

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

6.99-24.99%

Est. APR

7.99-23.43%

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

730

Min. credit score

680

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 credit score. Non-customers will likely need a higher credit score, according to the lender.

Financing is available in 26 states, and you must live near a branch to apply. Though the bank can fund loans online, if you don’t already have a checking or savings account, you may need to visit your nearest branch to close the loan.

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

Table of Contents

U.S. Bank personal loans at a glance

Minimum credit score

660.

APR

7.74% - 20.24%.

Fees

  • Late fee: $29.

  • Returned payment fee: $25.

Loan amount

  • For U.S. Bank customers: $1,000 to $50,000.

  • For non-U.S. Bank customers: $1,000 to $25,000.

Repayment terms

  • For U.S. Bank customers: 1 to 7 years.

  • For non-U.S. Bank customers: 1 to 5 years.

Time to fund after approval

  • For U.S. Bank customers: Funds can be sent within minutes to a U.S. Bank account.

  • For non-U.S. Bank accounts: Funding may take 1 to 4 business days.

Loan availability

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

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 overall on your loan.

Offers joint and secured loans: Applicants can add a co-borrower to their personal loan application or secure the loan with a certificate of deposit, a type of savings account. Adding collateral or 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 can expect to receive the funds in their U.S. Bank account within minutes, according to the lender. If you want funds sent to an external account, you may need to wait one to four business days.

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. Non-customers can apply for terms up to five years.

Where U.S. Bank personal loans fall short

May need to visit a branch: Though U.S. Bank lets borrowers pre-qualify and fill out an application online, some 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 personal loan for debt consolidation, U.S. Bank doesn't send loan proceeds to your other creditors. Some other banks and online lenders offer this feature to simplify the debt payoff process.

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, the Consumer Financial Protection Act and the Fair Credit Reporting 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 has ordered U.S. Bank to stop the practice, develop a remediation plan for affected consumers and pay a fine of $37.5 million.

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

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

  • Have a 660 credit score or higher.

  • Be 18 years or older.

  • Provide a Social Security number.

  • Provide a home address and employment information.

Before you apply

  • Check your credit. You can get your free credit report on NerdWallet or at AnnualCreditReport.com. Doing so will help you spot and fix any errors before you apply.

  • Calculate your monthly payments. Use a personal loan calculator to determine what APR and repayment term you’d need to get a loan with affordable monthly payments.

  • Make a plan to repay the loan. Review your budget to see how the loan’s monthly payments impact your cash flow. If you have to cut other expenses in order to repay the loan, it’s better to know that before you borrow.

  • Gather your documents. U.S. Bank may request proof of income, which can be a W-2 or pay stub, as well as photo identification, like a driver’s license or passport. Having these documents handy can speed the application process.

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

  • 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.

  • 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 also do a hard credit check when you apply, so your credit score could temporarily dip.

  • Make a plan to repay the loan. U.S. Bank reports payment to the three main credit bureaus, 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.

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.

U.S. Bank vs. Discover

Like U.S. Bank, Discover lets you pre-qualify for its personal loan with a 660 minimum credit score, and it doesn’t charge an origination fee. Though Discover doesn’t offer a rate discount, it will send funds directly to creditors for debt consolidation loans, saving you that step.

U.S. Bank vs. LightStream

LightStream’s personal loans come with no fees, and its wide range of repayment terms is similar to U.S. Bank's. Its larger loan amounts are an especially good fit for funding big expenses, like home improvement projects. You can add a co-signer to your application to boost your chances of getting approved.

How we rate U.S. Bank personal loans

NerdWallet writers rate lenders against a rubric that changes each year based on how personal loan products evolve. Here’s what we prioritized this year:

Category

Star rating

Affordability

Transparency

Loan flexibility

Customer experience

Overall

Affordability An affordable loan has low rates and fees compared to other similar loans and may offer rate discounts. Transparency A transparent lender makes information about the loan easy to find on its website, including rates, terms and loan amounts. Transparency also means allowing users to pre-qualify online to preview potential loan offers and reporting payment information with the major credit bureaus. Loan flexibility A flexible loan is one that lets users customize terms and payments. That means offering a wide range of repayment term options, allowing the borrower to change their payment date, offering loans in most states and funding it quickly. Customer experience A good customer experience can include a fully online application process, financial education on the lender’s website and a customer service team that’s available most of the time and can be reached multiple ways.

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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.