U.S. Bank Personal Loans Review: What You Need To Know

Quick Take: U.S. Bank is best for existing customers who want a personal loan with high loan limits, low APRs, no fees and fast funding. The biggest perk is lack of fees — there are no origination fees or a prepayment penalty. You aren’t required to provide collateral to secure the loan. The one drawback is that U.S. Bank doesn’t make direct payments to the creditor.

MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $100,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

At-a-Glance: U.S. Bank Personal Loans

• APR: 8.74% to 24.99%

• Loan amounts:

  • Existing customers: $1,000 to $50,000

  • Non-U.S. Non-customers: Up to $25,000

• Terms:

  • Existing customers: 12 to 84 months

  • Non-customers: Up to 60 months

• Fees: None

• Funding speed:

  • Existing customers: One to four business days

  • Non-customers: One to four business days

• Autopay discount: 0.50%

• Prequalification: Yes — soft pull on your credit

• Direct-to-creditor payments: No. You're responsible for paying your creditors.

• Loan type: Unsecured

Pros and Cons

Here are the pros and cons of U.S. Bank's personal loans:

Pros

• No origination fees

• No prepayment fees

• 0.50% autopay discount

• Prequalification requires only a soft credit check

• Same-day funding — U.S. Bank customers only

Cons

• No direct-to-creditor payments

• Slower funding for non-customers

• Best rates likely require strong credit

• Lower loan limits for non-customers

Overview of U.S. Bank Personal Loan Options

U.S. Bank is the fifth largest bank in the United States and headquartered in Minneapolis, Minnesota. The bank offers a comprehensive suite of products including checking, savings, CDs, credit cards, personal loans, home loans and mortgages.

U.S. Bank is best for those who have good-to-excellent credit. For personal loans, existing customers will enjoy a higher loan limit, lower APRs and no origination fees or prepayment penalties.

Rates, Terms and Loan Details

U.S. Bank rates, terms and loan details differ between existing customers and non-customers. Here's a closer look at some of the specifics:

Existing U.S. Bank Customers

• Rates: 8.74% to 24.99%

• Terms: 12 to 84 months

• Loan amount: $1,000 to $50,000

• Autopay: Available for 0.50% discount

Non-U.S. Bank Customers

• Rates: 8.74% to 24.99%

• Terms: Up to 60 months

• Loan amount: Up to $25,000

• Autopay: Available for 0.50% discount

Loan Details on Lowest APR

To get the lowest APR of 8.74%, you must meet the following requirements:

1. Your loan must be $10,000 or more.

2. The term must be between 12 to 36 months.

3. You must have a credit score greater than 800.

4. The purpose for the first $10,000 must be for home improvement.

5. The rate includes a discount for automatic payments from a U.S. Bank checking or savings account.

Fees

U.S. Bank’s biggest selling point is no fees on its personal loans.

• No origination fees

• No hidden costs

• No prepayment penalty

Eligibility Requirements

To be eligible for a U.S. Bank personal loan, you must meet these requirements:

1. Must have a Social Security number

2. Must provide government-issued ID

3. Must be a U.S. resident

4. Must provide home address

5. Must provide proof of income/employer information

6. Must have good-to-excellent credit typically — over 800 gives you an optimal APR

Tip: For U.S. Bank existing customers, you may be able to get faster funding and lower rates on your personal loan.

Application Process

It’s fairly straightforward to apply for a U.S. Bank personal loan:

1. Navigate to the U.S. Bank personal loan page and either click on “Apply Now” or “Check Rate.”

2. Provide details regarding your loan including the loan amount and purpose of the loan.

3. You can prequalify — which results in a soft credit check — for your loan and see comparable loan offers.

4. Review your loan including rate and term.

5. Apply formally for a loan. U.S. Bank will guarantee an approval within minutes.

6. Your loan will be funded. Loan funding will happen within one to four business days. For some existing customers, it can be a matter of a few hours. Non-customers’ funding will take longer.

Funding Speed

On the official U.S. Bank website, approval of the loan is immediate. Funding speed, indicated on the website, is generally between one to four business days.

• Existing customers may receive funds, reportedly, within two hours.

• Non-customers may have to wait longer.

Payment Examples

Interest over a long period of time can add up. Here’s the difference between how much interest is paid on $10,000 at 12% at 36 months vs. 60 months. These are estimates only.

U.S. Bank vs. Competitor Options

How does U.S. Bank compare to other personal loan lenders?

LightStream

LightStream is a strong competitor if you have excellent credit. They offer APRs from 6.24% to 24.89% with autopay, and a max of 25.39%, with loan amounts up to $100,000, and repayment terms up to 20 years for certain loan purposes.

Like U.S. Bank, they charge no fees. The catch? LightStream's minimum loan amount is $5,000, which may be a bit higher than what some may be looking for.

Discover Personal Loans

Discover offers personal loans up to $40,000 with APRs ranging from 7.99% to 24.99%. They also charge no fees and allow you to prequalify with a soft credit pull. One nice perk: Discover can send funds directly to your creditors if you're using the loan for debt consolidation.

FAQs

What credit score do you need?

You need good-to-excellent credit, which is around 670 or more.

How fast is funding?

Approval of the loan is immediate. Funding will occur within one to four business days. Some existing customers may receive funds within a few hours.

Is there an autopay discount?

Yes, there’s an autopay discount of 0.50%.

Does U.S. Bank pay creditors directly?

No, U.S. Bank doesn’t pay creditors directly.

Sources

• U.S. Bank Official Website (usbank.com) - Personal Loans Page

• U.S. Bank Official Website (usbank.com) - What is a Good Credit Score?

• LightStream Official Website (lightstream.com)

• Discover Official Website (www.discover.com) - Personal Loans Page