MoneyGeek’s Take: U.S. Bank Personal Loan Review
U.S. Bank offers personal loans to customers and non-customers. Existing U.S. Bank customers with a minimum credit score of 660 may get up to $50,000 within two days. Non-customers may get a personal loan of up to $25,000.
U.S. Bank’s personal loans range between $1,000 and $50,000, and the repayment term is between three and five years, but current customers can get a seven-year term. You can use the loan to cover many expenses, including medical bills, home renovation and debt consolidation. U.S. Bank does not require collateral for a personal loan and charges no origination fees.
At a Glance: U.S. Bank Personal Loans
- US Bank
- 5.99% to 17.99%APR Range
- 660Minimum Credit Score
- $1,000 to $50,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Two DaysTime To Recieve Funds
on US Bank Website
MoneyGeek Breakdown - U.S. Bank Personal Loan Details and Requirements
U.S. Bank charges an APR of 5.99% to 17.99%.
Credit Score Requirements
U.S. Bank requires a minimum credit score of 660.
Borrowers don’t need a certain income to qualify for a personal loan from U.S. Bank.
A personal loan at U.S. Bank can be between $1,000 and $50,000 for current customers or $1,000 and $25,000 for non-customers.
The repayment period for U.S. Bank non-customers is between 36 to 60 months. Current customers may have a term of up to 84 months.
Is U.S. Bank Right for You?
Lenders determine your personal loan amount, interest rate and repayment terms based on various factors, including your credit score. Before applying for a loan from U.S. Bank, you need to make sure that the lender’s terms suit your needs and your profile meets its qualifications. The U.S. Bank personal loan review from MoneyGeek can help you understand the lender’s requirements.
Who U.S. Bank Is Perfect For
U.S. Bank personal loans are available to current customers with a credit score of at least 660; non-customers may need a higher score to qualify. If you are looking for a personal loan of no more than $50,000, U.S. Bank may be a great option for your needs if you’re a current customer. If you don’t have a checking or another account with U.S. Bank, the maximum loan amount is $25,000.
The lender is good for individuals who need quick cash since it delivers the funds within two days. Customers who pay their bills on time won’t have to worry about the late fee U.S. Bank charges. If you aren’t a responsible payer, you may want to consider another lender that doesn’t charge a late payment fee. As for interest rate, U.S. Bank provides a low starting rate of 5.99%, so, for example, it is a solid option for debt consolidation to pay off credit cards.
Who Should Not Choose U.S. Bank
You must understand the drawbacks of U.S. Bank before completing your loan application, as it helps determine whether the lender is best suited to meet your financial needs.
U.S. Bank personal loans may not be ideal for you if you need more than $50,000 or if you need a lender that accepts co-signers. Plus, if your credit score is below 660, you are not eligible for a U.S. Bank personal loan.
You may also want to choose a different personal loan lender if you are a non-U.S. Bank customer and need a loan term over 60 months to keep your monthly payments lower. U.S. Bank only gives 84 month loan terms to its customers.
How to Apply for a U.S. Bank Personal Loan
Once you settle on U.S. Bank as your preferred personal loan lender, you need to complete and submit the application. Once approved, you sign some paperwork before your loan gets funded. MoneyGeek outlined the steps you follow in detail to help you get started.
You can use the personal loan calculator on the U.S. Bank website to determine your repayment terms and estimated interest rate based on your credit score. The information you need to provide at this stage includes your ZIP code, desired loan amount, credit score range and preferred repayment period. You then specify whether you will be making automatic payments, and the calculator provides you with the total loan amount (principal and interest), the estimated APR and monthly payment amount. You can also check your interest rate before applying through a soft credit check that does not affect your credit score.
Fill Out Application Form
You need to provide your social security number or individual taxpayer identification number, as well as your home address and employment information.
Wait for Approval
After you submit the application, U.S. Bank conducts a hard credit check and approves or rejects your loan within a minute or two.
Review Loan Agreement
Alongside the loan offer, you receive the agreement that contains the terms of payment. Make sure to read through the terms and ensure that they are acceptable and in line with your financial obligations and needs.
Sign Loan Agreement
If you are happy with the agreement, you sign it and return a copy to the lender. U.S. Bank customers can close their personal loans online through the company website, while non-customers may need to visit the nearest branch.
Receive or Direct Funds
The lender disburses the funds to your account within two days of approval.
Once you sign the loan agreement, you commit to making payments to U.S. Bank according to the terms stipulated in the agreement. Failure to make timely payments results in a penalty of $10.
What To Do if You Are Rejected From U.S. Bank
If U.S. Bank doesn’t approve your personal loan application, you should try and find out the reason. Quite often, it’s due to incomplete paperwork, a lower credit score than needed or failure to meet another requirement, such as an income lower than necessary for the loan amount.
When you receive feedback on your declined loan application from U.S. Bank, ask if there is a way to change the decision. For example, lowering your loan amount or the term of the loan may turn a denied application into an approved application.
If the decision is final, don’t rush into applying for a personal loan through another lender. It’s best to address the reason you were denied by U.S. Bank first; otherwise, you risk another denial and a negative impact on your credit score.
Frequently Asked Questions About U.S Bank Personal Loans
Personal loan requirements vary across lenders, and it is your responsibility to evaluate these requirements before applying. MoneyGeek’s U.S. Bank personal loan review uncovered several commonly asked questions about the lender; we answer them below to help you understand the details of its personal loans thoroughly.
Read More on Personal Loans
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