U.S. Bank Personal Loan Review
U.S. Bank is a reputable financial institution that offers prompt funds and low-interest rates on unsecured personal loans. It is suitable for existing U.S. Bank account holders and borrowers looking to open a U.S. Bank account.
The lender typically only accepts loan applicants with good to excellent credit scores; account holders need a minimum credit score of 660, while non-account holders need a credit score higher than 660. This makes it more difficult for non-account holders to get a loan through U.S. Bank.
U.S. Bank provides you with an unsecured personal loan at a fixed annual percentage rate with fixed monthly payments and flexible terms. You can use your personal loan to cover vacations, medical bills, home improvements or consolidating debts. This lender offers competitive terms, and you may obtain your funds within a few hours after applying.
MoneyGeek’s U.S. Bank personal loan review will help you make an informed decision while applying for a personal loan.
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’s annual percentage rate (APR) ranges between 5.99% and 17.99%.
Credit Score Requirements
A minimum credit score of 660 is required to qualify.
U.S. Bank does not disclose any exact income requirements.
With U.S. Bank, existing account holders can borrow $1,000–$50,000. Non-account holders and customers that live in California and Nevada are only eligible for $1,000–$25,000.
U.S. Bank offers loans to account holders with repayment terms ranging from 36 to 84 months. Non-account holders may be eligible for a loan with repayment terms ranging from 36 to 60 months.
Is U.S. Bank Right for You?
Every personal loan lender offers specific criteria for the approval of a loan. While there are a number of factors to consider when choosing an ideal lender, MoneyGeek’s U.S. Bank personal loan review can help you make an informed decision.
Who U.S. Bank Is Perfect For
Personal loans from U.S. Bank may be advantageous if you are an existing customer with a current U.S. Bank checking account and have fair to good credit. As a member of U.S. Bank, you can apply for a personal loan conveniently online and typically receive a decision within minutes.
If authorized, the lender says you may be able to receive your funds fast — within two days for most loans — making it an attractive option if you need money for an emergency home repair or other unforeseen need.
Additionally, U.S. Bank has no origination costs or prepayment penalties and offers competitive rates. As a result, a personal loan from U.S. Bank may help you consolidate debt or fund a large purchase.
Who Should Not Choose U.S. Bank
Not every lender will be an ideal match for you and your financial needs. In the case of U.S. Bank, the primary drawback is that in order to be competitive for a loan, you must be an existing client with a qualified checking account.
Moreover, U.S. Bank defines an “existing account holder” as one who has had an account open for at least six months, so new U.S. Bank customers may still be subject to the higher credit score requirement of non-bank customers.
How to Apply for a U.S. Bank Personal Loan
Once you’ve decided that U.S. Bank is the best lender for you, you may proceed with your personal loan application. To make the loan application process easier for you, MoneyGeek completed a U.S. Bank personal loan review.
To prequalify, you will need to check your personalized rates on the U.S. Bank website. The lender will use some of your information to do a soft credit check. You will receive your prequalification status shortly after completing this step.
Fill Out Application Form
The next step is to fill out your application form. To fill out the application form, you will need to provide your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), your home address and information about your employment.
Wait for Approval
Following the submission of your application, U.S. Bank will obtain a copy of your credit report, which can affect your credit score. Typically, the lender will contact you within minutes to update you on your loan's approval status.
Review Loan Agreement
If your application is approved, U.S. Bank will send you a loan agreement. You should thoroughly inspect the document to ensure there are no errors. Verify all information and ensure that you understand the terms and conditions of the personal loan.
Sign Loan Agreement
If your loan is authorized and you have a personal checking or savings account with U.S. Bank, you can close your loan online. If you do not have a personal checking or savings account with U.S. Bank, you may be required to visit a bank to close your loan.
Receive or Direct Funds
After you close your loan, U.S. Bank will transfer the funds directly to your bank account. The funds will be transferred within two days.
With U.S. Bank, you will pay monthly payments for a duration of 36 to 84 months, at a fixed APR ranging from 5.99% to 17.99%. Non-bank customers have a lower repayment period of 36 to 60 months.
What to Do if You Are Rejected From U.S. Bank
There are a number of reasons why lenders reject loan applications. For example, an application may be rejected due to a lack of compliance with specific standards or qualifications. Moreover, it may have been rejected due to a poor credit score, inadequate paperwork, insufficient income or inadequate credit history.
After being rejected for a loan, the best course of action is to ask your lender why your application was denied.
Once you are provided with the reasons for your application rejection, make sure you thoroughly review them to figure out where you can improve. That way, you can modify your application or improve your borrower profile for future loan applications.
While you can still apply for a personal loan at the same lender, you can also seek a personal loan from a different lender. That being said, you should focus on improving your credit score, having a verified income and maintaining a good credit history to improve your loan application.
Frequently Asked Questions About Personal Loans
MoneyGeek answered some frequently asked questions about personal loans to help you decide if U.S. Bank is the best lender for you:
Read More on Personal Loans
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