Can you pay off a USAA personal loan early? This question is about USAA

Yes, you can pay off USAA personal loans early, which is a smart idea because it will save you money on interest. USAA does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to. Example of How Much You Can Save By Paying Off a USAA Personal Loan Early Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 0%. Normal Payments: You will spend approximately $4,100 on interest. Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest. To estimate the cost of your USAA personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.

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Can you pay off a USAA personal loan early?

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This question is about USAA

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Grace Enfield, Content Writer

@grace_enfield • 06/07/22 This answer was first published on 06/07/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, you can pay off USAA personal loans early, which is a smart idea because it will save you money on interest. USAA does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.

Example of How Much You Can Save By Paying Off a USAA Personal Loan Early

Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 0%.
Normal Payments: You will spend approximately $4,100 on interest.
Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.

To estimate the cost of your USAA personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.

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What credit score do you need for a USAA personal loan?

USAA will consider people with bad credit (a credit score below 640) for a personal loan, according to customer service, because there is no officially specified USAA credit score requirement. You also need to be eligible for USAA membership to qualify for a USAA personal loan.

Keep in mind that USAA will look at more than just your credit score when evaluating your application for a personal loan. USAA will consider your entire financial profile, including things like your income, existing debts and recent credit inquiries, when deciding whether to approve you.... read full answer

If you're unsure of what your current credit score is, you can check it for free on WalletHub.

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How long does it take to get money from a USAA personal loan?

It takes 2 to 4 business days to get money from a USAA personal loan, in most cases. The USAA loan timeline includes around 1 business day to get approved for a USAA loan and another 1 to 3 business days to receive the funds after approval. Keep in mind that this is a typical applicant's experience, and in some cases it could take longer.... read full answer

How to Get Money From USAA as Fast as Possible

Fill out the application carefully. You should make sure that all information you enter on the application is correct and complete. That will eliminate any potential delays from USAA having to request additional information.

Check your credit report for errors. Before you apply, you should verify that everything on your credit report is accurate, as any incorrect negatives on there could impact your chances of approval. If you find any errors, you should dispute them right away to get them removed.

Apply online. Online applications have the fastest processing times since they are automated and streamlined.

Once you get approved for a USAA personal loan, the money will be delivered through an electronic funds transfer to your bank account, which usually takes 1 to 3 business days.

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How can you get USAA personal loan pre-approval?

USAA does not offer personal loan pre-approval, which means you cannot see your odds of approval and potential interest rates before applying. Most other personal loan providers do offer pre-approval, which can be very helpful for potential applicants.

Even though USAA does not offer personal loan pre-approval, you can try out WalletHub's free ... read full answer pre-approval tool, which checks with multiple other personal loan providers at the same time. It may help you find a good offer from a lender you weren't originally considering. This process will have no impact on your credit score.

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WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

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