As low as 9.49%
Minimum Credit Score
12 to 84
No origination fee
on USAA Bank’s secure website
USAA offers personal loans for members with low, fixed interest and protections to fall back on if you get behind in payments.... Read More
USAA loan terms range from 12 to 84 months; however, longer terms are not available for smaller loans. Loan amounts range from $2,500 to more than $20,000 with APRs as low as 9.49%, and funds are available the next day after you qualify.
USAA personal loans have no origination or prepayment fees, although they do charge a late fee of 5% of the total amount due.
Fees and penalties
Applying for a USAA personal loan will show up as a hard pull on your credit report. USAA does not have a minimum credit score requirement or debt-to-income cap, but will consider your credit score as part of their lending decision.
In addition to the financial requirements, you must also qualify for USAA membership under their military service requirements. You are eligible if you are in the following categories:
- Active military: You are currently serving in the U.S. Air Force, Army, Coast Guard, Marines or Navy.
- Former military: If you have retired or separated from the military with an honorable discharge.
- Family members of servicemembers: If you are the child, spouse, widow, widower, or unmarried former spouse of a USAA member.
- Cadets and midshipmen: Cadets and midshipmen at U.S. service academies or involved in ROTC and officer candidates with 24 months of commissioning are eligible for membership.
Apply for a personal loan with USAA
Before you can apply for a USAA personal loan, first you’ll need to set up your USAA membership online or by phone. The membership application will ask for your personal information, along with other qualifying USAA membership questions. You will need to submit documents to verify your status, like a discharge certificate, your military orders (if you’re actively serving) or the name of a family member who is also a member, so USAA can look up their account.
Once you have a membership with USAA, you can sign into your online account to start the personal loan application process. The loan application will ask for your name, address and will use your Social Security number to check your credit report. You will also need to list your income and employer.
USAA states that their online personal application makes an instant decision in most cases; however, applicants will be alerted at the end of this if additional time or documents are necessary.
If USAA approves the loan, the funds will be available the next day, or it can be immediately deposited into your USAA bank account. If you don’t have a USAA account, they will send you a check, as they do not support the option of direct depositing the loan in a bank account at another bank.
Like all lending products, there are both pros and cons to a particular loan product.
Alternatives to a USAA personal loan
If you meet the USAA membership requirements, their personal loan could be a solid choice. USAA offers competitive interest rates especially for applicants with excellent credit scores. They don’t charge application or origination fees, so you can set up a personal loan without paying anything besides the interest. Funds are usually available by the next business day, an important feature for someone who needs fast cash.
If you want a long-term personal loan, USAA’s terms go all the way up to 84 months, provided you borrow at least $20,000 —you won’t see terms of this length with many lenders.
If you don’t meet the eligibility requirements to be a USAA member, consider the following three alternatives for a personal loan:
Minimum Credit Score
36 or 60
1.00% - 6.00%
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.... Read More
If you’d like to compare your options before applying for USAA, LendingClub is a solid alternative. They use a peer-to-peer system where you submit your financial information online and get matched with a financial institution that can fund your loan. If you have strong credit and high income, you may qualify for an even lower interest rate through LendingClub; however, it takes about seven days to fund your loan.They also charge an origination fee of 1.00% - 6.00% to set up your loan, a fee USAA does not charge.
Minimum Credit Score
24 to 60
If you have a credit score below 600, OneMain Financial is one of the few lenders that you can use to get a personal loan.... Read More
Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
OneMain Financial could be a solid alternative option, especially if you need money quickly, because they approve and pay out loan funds within one day. They also accept borrowers with fair credit and could be an option if you cannot qualify for a USAA loan. However, their interest rates are higher than USAA and the application process can’t be entirely completed online— you must go to a physical branch to close your loan.
Minimum Credit Score
24 to 48
0.00% - 6.00%
LendingPoint is an online lender that targets borrowers with fair credit, and allows borrowing up to $25,000.... Read More
LendingPoint offers medium-term loans through a quick online application. Their personal loans only last between 24 to 60 months, so they don’t offer as many options as USAA. Their interest rates are relatively high, but funds could be received within two days, as early as the next business day, and look at factors beyond your credit score to make a lending decision.
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