U.S. Bank Personal Loan Review

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Written By

Updated on Tuesday, June 25, 2019

U.S. Bank
APR

7.49%
To
17.99%

Credit Req.

Not specified

Terms

12 to 60

months

Origination Fee

No origination fees

APPLY NOW Secured

on U.S. Bank’s secure website

U.S. Bank Personal Loan Details
 

Fees and Penalties

  • Term lengths: 12 to 60 months
  • APR range: 7.49%-17.99%
  • Loan amounts: $3,000-$25,000
  • Time to funding: Not specified
  • Credit check: Not specified, but hard pulls are generally required to complete an application
  • Origination fee: No origination fees
  • Prepayment fee: None
  • Late payment fee: Not specified

U.S. Bank product details

The U.S. Bank Premier Loan is an unsecured personal loan that U.S. Bank customers can use for almost anything. U.S. Bank highlights debt consolidation, home remodeling and major purchases (such as a wedding, a vacation or a new vehicle) as potential options.

If you are eligible, you can choose to borrow as little as $3,000 and your loan’s term could be as long as 60 months. However, to qualify for the lowest advertised rate, you must have a credit score of 0 and take out between $5,000 and $25,000 loan with a 12 to 60 month term. You will also need to sign up for automatic payments from an eligible U.S. Bank account — still, you can get approved with a lower credit score and without signing up for autopay.

If you’ve been a U.S. Bank checking account customer for six months and had direct deposits into the account for the previous three months consecutively, you may also qualify for the U.S. Bank Simple Loan. Although it’s also an unsecured personal loan, the Simple Loan has a $1,000 loan limit and expensive fees — $15 for each $100 dollar you borrow, of $12 with autopay. It may be a good alternative to a payday loan if you need to cover an emergency expense, but it’s not a substitute for a large personal loan.

Eligibility requirements

  • Minimum credit score: Not specified
  • Minimum credit history: Not specified
  • Maximum debt-to-income ratio: Not specified

Besides meeting U.S. Bank’s financial and credit requirements, you’ll need to be at least 18 years old; it may also be advantageous to live within a certain radius of a U.S. Bank branch if you’d like to apply for a Premier Loan.

Applying for a personal loan from U.S. Bank

You can start an application for a U.S. Bank Premier Loan by visiting a bank branch, calling customer service at 1-800-491-3150 or filling out an online application.

Open an account. If you’re not already a U.S. Bank customer, you’ll need to open a different account (e.g. a checking account) before continuing.

Apply online. When applying online, you can either log in to your U.S. Bank account or start filling out an online application form and indicate you don’t bank online. Fill in your personal and financial information, including your name, address, contact information, income and employer.

Next, you’ll need to choose your desired loan amount (from $3,000 to $25,000) and loan term (from 12 to 60 months). You’ll also need to indicate if you’ll use the money outside the U.S. (and, if so, in which country), and whether you plan to use the money for an auto purchase, debt consolidation, home improvement or “other.”

You will need to agree to a credit check before reviewing your application results, which could put a hard inquiry on your credit reports and may result in a small ding to your credit scores.

Complete the application in person. After submitting your application online, you may need to visit a U.S. Bank branch to finish the application.

Pros and Cons of a U.S. Bank Personal Loan

Pros:

Cons:

  • Fixed interest rate. You’ll know exactly how much you’ll pay each month and don’t need to worry about your rate or payments increasing.
  • $3,000 minimum loan. Only borrowing what you need could help you save money on interest. The $3,000 minimum loan amount is lower than some other lenders’ minimums.
  • 12-month loan term. Other lenders may require you choose a longer term. If you can afford to pay off your loan sooner, a shorter loan term might help you get a lower interest rate.
  • Lowest advertised APR isn’t available on all loans. To qualify for the lowest rate, you need to apply for a loan for $5,000 to $25,000 with a 12- to 48-month term and agree to automatic payments from a U.S. Bank checking account.
  • Limited to existing customers. You need to be a U.S. Bank customer before you can qualify.
  • You may have to visit a branch. If you’re looking for a simple, time-saving process, you may want to opt for a lender that offers an entirely online application and funding process.
  • $25,000 limit. Other personal loan lenders might approve you for up to $100,000.

Who’s the best fit for a U.S. Bank personal loan?

If you’re already a U.S. Bank customer, the U.S. Bank Premier Loan could be a good option if you’re looking for an unsecured personal loan to consolidate debts or pay for a major expense. But its drawbacks outweigh the pros.

Think carefully about how long you’ll need to repay the loan because of the possibility of a prepayment penalty. A longer term could help lower your monthly payments, but it will also cost you more in interest. While U.S. Bank offers 60-month term loans, if you’re borrowing at least $5,000, you may want to see if you can get a lower interest rate and still afford your monthly payments with a 48-month (or shorter) term.

If you need a loan quickly and aren’t a U.S. Bank customer, you could look for a loan from a different lender. Additionally, if you’re a U.S. Bank customer but don’t live near a bank branch, you could apply for a personal loan from a different lender and have the money deposited in your U.S. Bank account to save yourself the hassle of possibly having to visit a branch.

U.S. Bank consumer reviews

U.S. Bank currently has a BBB rating of A-. Consumer reviews from LendingTree, (LendingTree is the parent company of MagnifyMoney) mention excellent customer service. Most consumers noted a relatively fast response time, and that staff took the time to address questions or concerns. Many have also praised the bank, stating that the transaction was smooth and there were no surprises.

Many reviews were from customers who refinanced their loan and noted that representatives were empathetic and kind. Take reviewer Harry from Cedar City, Utah, who described the customer service as “fantastic.”

“Very honest and empathetic regarding my concerns,” he continued. “Many of my phone calls were actually answered by her! That almost never happens these days.” He also noted that the agent went the extra mile by returning a call “from her home on a Sunday evening taking time from her family! I was very impressed.”

Other reviews for different loan officers also mentioned similar characteristics, that representatives were responsive and kind.

U.S Bank FAQ

If you find that you can’t make on-time payments. U.S. Bank may charge a late penalty fee. You can also contact U.S. Bank to see what your options are if you find you can’t keep up payments.

U.S Bank offers two types of personal loans — the Premier Loan and the Simple Loan. The main difference between the loan is the amount you can borrow. With the Simple Loan, you can borrow up to $1,000 in $100 increments, whereas the Premier Loan the minimum amount you need to take out is $3,000.

You can use personal loan funds for most things. Options include consolidating high-interest debt, making major purchases and home remodeling projects.

If you don’t qualify for a loan from U.S. Bank, you may be able to find out why your application was rejected to gain insight into how you can reapply or find another lender that may accept someone with your credit profile.

Personal loans are only available for existing U.S. Bank customers. If you’re not, then you’ll need to open a qualifying U.S. Bank product before proceeding with a personal loan application.

U.S. Bank offers the Simple Loan which offers borrowers up to $1,000 in $100 increments.

Unfortunately, you won’t find out until you apply. However, if you want to qualify for the lowest rates, U.S. Bank claims that the lowest APR offers are for loans that are at least $3,000 with terms ranging from 12 to 48 months. You’ll also need to opt for autopay from a U.S. Bank personal checking account.

Alternative personal loan options

Earnest

Earnest is an online lender that distinguishes itself with an innovative underwriting process. While your credit history and scores are still important, Earnest also considers your history of making payments on time, if you’ve built enough savings to cover your monthly expenses for at least two months and how well you manage your checking account. Even if you don’t have an excellent credit score, being financially responsible could help you get a lower rate.

Currently, Earnest offers fixed rates from 5.99% to 17.24% APR with terms ranging from 36 to 60 months. You can also borrow from $5,000 to $75,000.

LightStream

APR

3.49%
To
19.99%*

with AutoPay

Credit Req.

Not specified

Terms

24 to 144*

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

LightStream is the online lending division of SunTrust Bank.... Read More


*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 3.49% APR with a term of 3 years would result in 36 monthly payments of $292.98.

Although it’s an online-only lender, LightStream is a division of SunTrust Bank, a brick-and-mortar bank. LightStream doesn’t specify an exceptionally high minimum credit score requirement, but don’t let that fool you — this lender focuses on creditworthy applicants, in the “good” and “excellent” ranges.

If you can qualify, LightStream offers some of the lowest rates and longest terms, ranging from 3.49% to 19.99% APR with terms from 24 to 144 months. Plus, there are no origination fee or prepayment fees.

SoFi

SoFi
APR

5.99%
To
16.19%*

Credit Req.

680

Minimum Credit Score

Terms

24 to 84

months

Origination Fee

No origination fee

SEE OFFERS Secured

on LendingTree’s secure website

Advertiser Disclosure

SoFi offers some of the best rates and terms on the market. ... Read More


Fixed rates from 5.99% APR to 16.19% APR (with AutoPay). SoFi rate ranges are current as of July 10, 2020 and are subject to change without notice. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

SoFi is an online-only lender that offers personal loans for $5,000 to $100,000 without any origination or prepayment fees. You can pre-qualify for a loan online with a soft pull, which won’t impact your credit scores. An official application still requires a hard pull, though.

Once you accept a loan, you’ll be eligible for SoFi member benefits, such as discounts on other loans, career counseling and unemployment protection.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

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