- Loans of up to $50,000
- APRs as low as 6.99%
- 0% origination fee and $0 prepayment fee
- You can check your rate online
- High credit score requirement for new customers
- Shorter repayment periods for new customers
- Lower maximum loan amounts for new customers
U.S. Bank Personal Loan Review Summary
U.S. Bank personal loans are good for existing U.S. Bank customers who have a credit score of 660 or higher. The company offers loans of up to $50,000 (though the maximum loan amount will be lower for new U.S. Bank customers), along with fixed APRs starting at 6.99% and repayment periods of 12 - 84 months .
Keep reading to learn more about how WalletHub scores U.S. Bank personal loans in three main review categories: Terms, Requirements & Application, and Reviews & Transparency.
U.S. Bank Personal Loan Terms
U.S. Bank Personal Loan Terms
|APRs||6.99% - 19.49%|
|Loan Amount||$1,000 - $50,000|
|Loan Terms||12 - 84 months|
|Minimum Credit Score||Fair*|
|Time to Receive Loan Money||N/A|
U.S. Bank Personal Loan Rates, Fees & Other Terms
Category Rating: 5/5
- Overall APR Range: U.S. Bank offers fixed APRs of 6.99% - 19.49%, which means the APR an applicant receives will be somewhere in that range and will not change over the life of the loan.
- How Rates Are Determined: The exact APR you receive will depend on factors like your credit score and income. You’ll need excellent credit to qualify for the lowest rates, and you’ll receive an APR discount when you autopay from a bank account.
- Fees: U.S. Bank has a 0% origination fee and a $0 prepayment fee. The $0 prepayment fee means you will be able to pay off your loan sooner than expected without penalty.
- Loan Amounts and Timelines: The company offers loan amounts of $1,000 - $50,000 and repayment periods of 12 - 84 months for existing customers. New customers will only be able to borrow up to $25,000 for up to 60 months.
U.S. Bank scores well in this category because the company offers a low minimum APR compared to competitors, has a large maximum loan amount for existing customers, and does not charge an origination fee or prepayment fee.
U.S. Bank Personal Loan Requirements & Application Info
Category Rating: 4.9/5
- Minimum Credit Score: If you’re a U.S. Bank customer, you will need to have a credit score of at least 660 to qualify for a personal loan. If you’re not an existing customer, the credit score requirement is higher.
- Minimum Income: The company does not disclose a minimum income requirement.
- Age: You must be at least 18 years old.
- Citizenship: You must be a U.S. citizen, permanent resident or visa holder.
- Residency: New customers must live in CO, IA, KY, MN, MO, OH, OR, TN, WA or WI.
- Identification: You can use your Social Security number, ITIN or passport number on your application. To use a passport number, you must visit a branch.
- Bank Account: You’ll need a checking or savings account that has been active and in good standing for at least 90 days to receive your funds. If you’re not a U.S. Bank customer, your bank account must be verified. This will take one business day or more.
- Ways to Apply: You can apply online, in person at a branch or over the phone by calling 866-409-0969.
- Joint Applications: The company allows joint applications, but the primary borrower must be a U.S. Bank customer.
U.S. Bank scores well in this category because the company lets you use different types of identification numbers on the application, does not require you to be a U.S. citizen to qualify and lets you apply with another person.
U.S. Bank Personal Loan Reviews & Transparency
Category Rating: 3.8/5
- Better Business Bureau: U.S. Bank has a B+ rating from the BBB and has been an accredited business since 1970.
- Consumer Financial Protection Bureau: U.S. Bank personal loans have received about 140 complaints in the past 10 years. Some complaints include problems with making payments and with closing the loan. The company has a good track record of responding to complaints in a timely manner.
- WalletHub: U.S. Bank has an average WalletHub user rating of 3.9/5.
- Transparency: U.S. Bank is very upfront about personal loan terms. Information on APRs, loan amounts, fees and other terms can be found on the company’s website. Some application requirements are available on the website, but you will have to call customer service to learn about other requirements. Additionally, the company allows you to check your rate through the website before you apply.
U.S. Bank receives a decent score in this category because the company is very clear about its loan terms. However, it has a mediocre BBB rating and there are some consumer complaints about the company’s personal loans.
Summary: U.S. Bank Personal Loan Scores by Review Category
|Rates, Fees & Other Terms||5/5|
|Requirements & Application Info||4.9/5|
|Reviews & Transparency||3.8/5|
U.S. Bank Personal Loans vs. Popular Competitors
Marcus by Goldman Sachs
|APRs||6.99% - 19.49%||5.99% - 19.99%||6.99% - 24.99%|
|Loan Amounts||$1,000 - $50,000||$3,000 - $100,000||$3,500 - $40,000|
|Loan Terms||12 - 84 months||12 - 84 months||36 - 72 months|
|Minimum Credit Score||Fair*||Fair*||Good*|
In order to provide the most accurate U.S. Bank personal loan review, WalletHub used 17 key metrics grouped into three overall sections: Terms, Requirements & Application, and Reviews & Transparency. We rated each section on a scale of 0 to 5, with 5 being the best, and then averaged the scores of the three sections to produce an overall rating for the loan.
- The “Terms” section includes information about how expensive the loan is, including rates and fees. It also takes into consideration how much consumers can borrow and how quickly they must pay it back. For companies where APR and fee ranges differ greatly by state, we used data from the most populous state serviced by the company. U.S. Bank’s loan terms do not fluctuate significantly by state, however.
- The “Requirements & Application” section examines how easy it is to apply for a loan and how long it takes to receive the money. It also looks at exactly who is eligible to apply.
- The “Reviews & Transparency” section measures the loan provider’s reputation as well as how clearly the lender discloses its terms and requirements. This takes into account user reviews and information from watchdog organizations.
The average of these three scores reflects how close a loan offer is to WalletHub’s definition of a 5-star loan. For more information, please read WalletHub’s full methodology.