With a U.S. Bank personal loan you can gain quick access to funds for your one-time financing needs, whether that is consolidating your debt or covering a large expense. U.S Bank offers unsecured personal loans ranging from $1,000 to $50,000 to existing U.S. Bank customers (from $1,000 to $25,000 for noncustomers). Loan terms run between 12 and 84 months for customers (between 12 and 60 months for noncustomers).
U.S. Bank’s loans carry low interest rates that range from 8.74% to 21.24%, depending on your creditworthiness, which includes discounts for automatic payments. Borrowers with higher credit scores are more likely to qualify for interest rates on the low end of the spectrum. Similar to other top providers, U.S. Bank charges no origination fees, and there is no prepayment penalty, meaning you can always make loan payments before they are due.
Applying for a U.S. Bank loan is easy and can be done online; however, you must be a current U.S. Bank customer. Some customers may need to visit a U.S. Bank branch if additional information or documentation is required.
Eligibility: U.S. Bank requires applicants to be existing U.S. Bank customers. If you’re a current customer, you can qualify for a personal loan with a minimum credit score of 660. However, those with scores of 660 won’t benefit from the lowest interest rates available.
Because you may need to visit a branch to close your loan, you must live near a physical location. U.S Bank has branches in 26 states: Arkansas, Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin and Wyoming.
Loan uses: U.S. Bank’s personal loans can be used for any purchase or product besides a home or education expenses. For example, they can cover vacation costs, home improvements, medical bills or help consolidate any debt obligations, like credit cards.
Turnaround time: An applicant typically will learn their loan approval status in less than a minute. If you qualify for the personal loan, you may fund your loan online; however, you may need to visit a branch if a U.S. Bank representative needs more information. After your loan closes, funds are available within one business day.