U.S. Bank Personal Loan Review

Grace Enfield, Content WriterMar 30, 2023

WALLETHUB’S RATING: 3.9 / 5

Grace Enfield, Content WriterMar 30, 2023

WalletHub’s Rating

3.9 out of 5 rating 3.9 / 5

Bottom Line: U.S. Bank personal loans are good for existing U.S. Bank customers with good-to-excellent credit. The company offers large loan amounts with fast funding and no origination fee.

This content is not provided or commissioned by any issuer. Opinions expressed here are the author’s alone, not those of an issuer, and have not been reviewed, approved or otherwise endorsed by an issuer.

Pros

Loans of up to $50,000
APRs as low as 8.74%
0% origination fee and $0 prepayment fee
You can check your rate online

Cons

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 8.74% 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.

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U.S. Bank Personal Loan Terms


APRs	8.74% - 21.24%
Loan Amount	$1,000 - $50,000
Loan Terms	12 - 84 months
Origination Fee	0%
Prepayment Fee	$0
Late Fee	$0
Minimum Credit Score	Fair^*
Minimum Income	N/A
Loan Purpose	N/A
Time to Receive Loan Money	N/A
Other Requirements	N/A

According to multiple third-party sources

U.S. Bank Personal Loan Rates, Fees & Other Terms

Category Rating: 4.6/5

Overall APR Range: U.S. Bank offers fixed APRs of 8.74% - 21.24%, 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 145 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

Category	Score
Rates, Fees & Other Terms	4.6/5
Requirements & Application Info	4.9/5
Reviews & Transparency	3.8/5
OVERALL	13.3/15

U.S. Bank Personal Loans vs. Popular Competitors


Reviews	*****	*****	*****
APRs	8.74% - 21.24%	7.49% - 23.74%	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^*
Winner	Wells Fargo

According to multiple third-party sources

Methodology

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.

Questions & Answers(11 questions)

Is U.S. Bank a secured loan provider?

Upvotes

Gino Rodriguez, Writer

U.S. Bank does not offer secured personal loans, but they do offer unsecured personal loans and other types of secured loans including auto loans and mortgages. Secured loans require collateral, such as a car, home or money in a bank account, whereas unsecured loans do not.

The upside to an unsecured personal loan is that you don't run the risk of losing an asset if you fail to make the payments. With secured loans like mortgages and auto loans, the property will be used as collateral, so you could lose your home or car if you don't pay the loan back. However, U.S. Bank reports payment information to the major credit bureaus every month, so if you make your payments on time, you can boost your credit score.

For more information, visit WalletHub's U.S. Bank reviews page.

How do I know if U.S. Bank approved me?

Upvotes

Gino Rodriguez, Writer

You will know if U.S. Bank approved you because you will receive an application decision via email. U.S. Bank may approve you as early as one day after you apply, or within at least 30 days, depending on the type of product you apply for.

You can check your application status by logging into your account online or going into a branch in the meantime. Just keep in mind that approval for a U.S. Bank loan or credit card is never guaranteed.

How can I check my U.S. Bank loan status?

Upvotes

Gino Rodriguez, Writer

You can check your U.S. Bank loan status by logging in to your account online or going into a branch. When you check the status of your U.S. Bank loan application, you will find out whether you have been approved or denied, or if the application is still pending. You may also learn that more information is needed from you before U.S. Bank can make a final decision.

How to Check Your U.S. Bank Loan Status

Online: You can check your U.S. Bank loan status by logging into your online account with your username and password. U.S. Bank may send you an email with your login information, or you will have to create your own account.
Over the phone: You can check the status of your U.S. Bank loan by calling 800-720-2265 and speaking to a representative.
In person: You can speak directly to a customer service representative about the status of your loan application by going into a U.S. Bank branch.

You can expect U.S. Bank to make a decision as soon as one day after you submit your application or within a few days. For more information about U.S. Bank, check out WalletHub's full review of U.S. Bank personal loans.

Does a U.S. Bank personal loan help build credit?

Upvotes

Rick Bormin, Personal Loans Moderator

A U.S. Bank personal loan does help you build credit, as long as you make the monthly payments on time. If you do make payments on time, U.S. Bank will relay positive information to all three major credit bureaus each month, which will improve your credit score.

You can try the free credit score simulator on WalletHub to get a better idea of how a U.S. Bank loan might impact your credit-building efforts in particular. Just keep in mind that a U.S. Bank loan can also hurt your credit. The company will perform a hard inquiry into your credit history when you apply, which will likely lower your score by about 5 - 10 points. Your score will also drop due to any payments that are 30+ days late, as well as the loan adding to your overall debt load.

Does U.S. Bank give instant approval for personal loans?

Upvotes

Grace Enfield, Content Writer

Yes, U.S. Bank give personal loan approval to well-qualified applicants. If U.S. Bank needs to verify any of your information, the approval process may take a little longer, but you can expect to receive your funds within 1 - 4 business days after you're approved and you accept the offer.

Key Things to Know About U.S. Bank Personal Loan Approval

Minimum credit score: 660
Minimum income: Not disclosed
Approval timeline: Same day
Funding timeline: 1 - 4 business days after approval
Age requirement: 18+
Citizenship requirement: U.S. citizen, permanent resident or visa holder
Residency requirement: New U.S. Bank customers must live in CO, IA, KY, MN, MO, OH, OR, TN, WA or WI

For more information, check out the full U.S. Bank personal loan review on WalletHub.

How much can you borrow from U.S. Bank?

Upvotes

Grace Enfield, Content Writer

You can borrow $1,000 - $50,000 from U.S. Bank, depending on your credit score, income, employment status and other factors. U.S. Bank personal loans also have APRs of 8.74% - 21.24%, based on your overall creditworthiness, and repayment periods of 12 - 84 months . You will need to have a credit score of 660+ to qualify.

Key Things to Know About U.S. Bank Personal Loans

Loan amounts: $1,000 - $50,000
APRs: 8.74% - 21.24%
Repayment periods: 12 - 84 months
Credit score requirement: 660+
Funding timeline: As soon as 1 business day after approval
Origination fee: 0%
Late fee: $0

For more information, check out the full U.S. Bank personal loan review on WalletHub.

Is it easy to get a loan from U.S. Bank?

Upvotes

Grace Enfield, Content Writer

It is not easy to get a loan from U.S. Bank because you'll need a credit score of 660+ to qualify. Other requirements to get a loan from U.S. Bank include being at least 18 years old, having a bank account and having enough income to afford the loan.

Requirements to Get a Loan from U.S. Bank

Minimum credit score: 660+
Minimum income: Not disclosed
Age: 18+
Citizenship: U.S. citizen, permanent resident or visa holder
Residency: New U.S. Bank customers must live in CO, IA, KY, MN, MO, OH, OR, TN, WA or WI
Identification: SSN, ITIN or passport

You should have a good chance of approval if you meet all the requirements, but it is never guaranteed. The exact APR that you receive will depend on factors like your credit score, debt and income, too.

You can check out WalletHub's full U.S. Bank personal loan review to learn more.

Does U.S. Bank call your employer?

Upvotes

Grace Enfield, Content Writer

No, U.S. Bank does not call your employer. U.S. Bank instead uses the financial information and documents you provide during the application process, like a W-2 form, bank statement or pay stub, to verify that you are employed and that you have enough income to afford the loan.

For more information, check out the full U.S. Bank personal loan review on WalletHub.

What bank does U.S. Bank use?

Upvotes

Grace Enfield, Content Writer

U.S. Bank uses U.S. Bank to fund personal loans. The company offers loans of $1,000 - $50,000 with APRs of 8.74% - 21.24%, depending on an applicant's creditworthiness, and gives borrowers 12 - 84 months to repay their loans. You will need a credit score of 660+ to qualify.

Key Things to Know About U.S. Bank Personal Loans

Loan Amounts: $1,000 - $50,000
APRs: 8.74% - 21.24%
Repayment Periods: 12 - 84 months
Credit Score Requirement: 660+
Late Fee: $0
Origination Fee: 0%
Prepayment Fee: $0

For more information, check out the full U.S. Bank review on WalletHub.

What happens if I stop paying U.S. Bank?

Upvotes

Grace Enfield, Content Writer

If you stop paying U.S. Bank, your credit score will drop and you could default on the loan, causing even more significant credit score damage that lasts for years. Other consequences of not repaying a loan from U.S. Bank include being hounded by debt collectors and possibly being sued.

Consequences of Not Paying U.S. Bank

Damaging your credit score

If your payment is more than 30 days late, your credit score will suffer. Such late payments will stay on your credit report for 7 years.

To see how a late payment may damage your credit score, check out the free credit score simulator on WalletHub.

Defaulting on the loan

Going into default means you violated the terms of your loan agreement by not paying the bills, which is very bad for your credit score. Once your loan goes into default, your debt is more likely to be sent to collections, as well.

Being contacted by debt collectors

When your U.S. Bank loan goes into default, a debt collector will contact you to try to receive payment. It's imperative to know your rights when dealing with collections.

Possibility of being sued

If U.S. Bank or other debt collectors can't receive payment from you, they may sue you. However, they have legal grounds to sue you only if your state's statute of limitations allows them to.

For more information, check out the full U.S. Bank personal loan review on WalletHub.

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