U.S. Bank’s debt consolidation solutions include personal loans, personal lines of credit, home equity loans, home equity lines of credit and credit cards. Each of these options works best for different types of people. Their APRs and funding amounts vary drastically. Some also require collateral while others do not.
Below, you’ll find a description of each U.S. Bank debt consolidation option, including the potential costs.
U.S. Bank Debt Consolidation Options:
Premier Loan (personal loan): With a U.S. Bank Premier Loan, you can borrow between $3,000 and $25,000. The APRs range from 6.49% to 17.99%, and there is no origination fee. The loan does not require collateral, and the repayment periods range from 12 to 48 months.
Premier Line of Credit (personal line of credit): This gives you revolving credit, meaning you can borrow up to a certain credit limit at any time rather than getting a lump sum immediately. In addition, you can borrow multiple times as long as you never go over the credit limit. Credit lines are up to $25,000. The APR is currently 11.75% for all borrowers, and there is no annual fee. There is no collateral requirement.
Home Equity Loan: A home equity loan uses your house as collateral, which means you could lose the property if you default. Home equity loans from U.S. Bank range from $15,000 to $750,000 and have APRs of roughly 4% to 8%, with no closing costs. They can last up to 30 years.
Home Equity Line of Credit: This is a revolving line of credit (meaning you can borrow multiple times), but it’s secured by your house. Credit lines range from $15,000 to $750,000, and APRs go from about 4% to 8%. There are no closing costs, but there is an annual fee of up to $90 after the first year. U.S. Bank HELOCs have a draw period of 10 to 15 years, followed by a repayment period of 10 to 20 years for any outstanding balance.
Credit Card: U.S. Bank offers several credit cards. If you consolidate debt on a credit card, you’ll want one with a long introductory 0% APR period.
How to Choose the Right U.S. Bank Offer for Debt Consolidation
In general, your best option is to use a Premier Loan or Premier Line of Credit when consolidating debt with U.S. Bank. These loans offer relatively low APRs without requiring any collateral.
However, if you are a homeowner and don’t mind using your house as collateral, a home equity loan or HELOC can get you even lower rates and much longer repayment periods.
Unfortunately, U.S. Bank does not disclose minimum credit requirements for any of their loans, but they do note that only people with credit scores of 730+ have a shot at qualifying for the lowest rates.
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