It’s hard to ignore the impressively low APR rates from US Bank on personal loans. You will need to be a member of the bank, though, in order to apply.
- Autopay rate discounts available
- No origination fees
- Short, emergency loans available
- Must be a US Bank customer
While not all traditional banks offer personal lending, US Bank personal loans are made available to its members. Among the several positives of the program, the biggest stand out is the US Bank personal loan rates. Compared to the rest of the industry, rates are impressively low. If you are interested in getting a loan through the bank, you will have to have an existing account with US Bank. Additionally, the bank has a great rate savings deal for loans over $ 5,000 using autopay.
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US Bank at a glance
| Lender | Loan Amount |
|---|---|
| Loan Amount | $ 1,000–$ 25,000 |
| APR | 5.49% to 16.99% |
| Terms | 12–60 months |
| Eligibility Requirements | Must be existing US Bank customer Must have FICO score of 680 or above |
| US Bank Customer Service | 800-US-BANKS 800-872-2657 Log in to your account |
* Rates accurate as of December 7, 2020.
What we like about US Bank personal loans
Even the highest personal loan rates charged by US Bank are lower than some of the bottom rates of other providers. The bank also offers significant flexibility with loan terms and repayment. Where many lenders start out loans at $ 5,000, you can get a loan through US Bank for as little as $ 1,000.
US Bank personal loans come with no origination fees and no prepayment penalties. This means you won’t be paying extra money upfront, like with some loan providers.
Things to consider
In order to get a personal loan through US Bank, you will need to be a member of the bank. Additionally, the bank requires you to have a credit score of 680 or above and sufficient, stable income.
What you need to know about US Bank personal loans
US Bank loans are available for as little as $ 1,000 or as much as $ 25,000. APR rates range from 5.49% up to 16.99%, depending on your overall creditworthiness. The bank charges no additional fees, including no origination fees and no prepayment penalties. Flexible repayment terms are available from as short as 12 months and as long as 60 months.
The bank also offers something known as a Simple Loan. The Simple Loan program is designed specifically for current bank customers to meet immediate financial needs up to $ 1,000. The loan is broken down into increments of $ 100, and repayment is done in three monthly installments. The cost of the loan is $ 6 for every $ 100 that you borrow. Funding can be achieved quickly and with real-time decisions. To qualify, you will need to have at least three months of direct deposits into your US Bank checking account.
Applying for a US Bank personal loan is easy and can be completed online, over the phone or at a branch location.
1. Collect the required information. You will need to have your SSN or ITIN number, home address and employer information ready for the application process.
2. Select the medium you want to use to apply. Applications can be completed online, in-person or over the phone.
3. Complete your application. Fill out the required paperwork from the bank and provide any additional documents that are requested. The bank will have most of your personal information already as you are required to be an account holder to apply.
4. Accept and sign your loan terms.Once you are approved, you will get your loan terms. If you are satisfied with the agreement, sign your loan and wait for your funding. According to the bank, funds are available within one business day of loan closing.
Collateral and criteria
All personal loans through US Bank are unsecured and require no forms of collateral. Currently, US Bank does not offer secured personal loans. You do have additional borrowing options, though, including personal lines of credit, US Bank Simple Loans or a US Bank reserve line of credit.
Eligibility for a US Bank personal loan starts with having a US Bank account open. From there, you’ll need a good credit score and stable, sufficient income. This may make the product not great for people with less-than-great credit. Loan approval and your rates and terms are based on your individual creditworthiness and relationship with the bank.
US Bank personal loans vs. the competition
US Bank vs. LightStream
Personal loans through LightStream are available from 5.95%–19.99%, making them slightly more expensive than US Bank loans. That being said, LightStream is willing to beat any comparable rate by 0.10%, so it’s hard to say that any lender is less expensive. Money is available from $ 5,000 up to $ 100,000. What’s great about LightStream is that you can get your money as fast as the same day. Because LightStream doesn’t have restrictions to be part of any bank and is willing to beat any rate, it looks to be the superior option.
US Bank vs. Marcus
Marcus by Goldman Sachs offers personal loans from $ 3,500 up to $ 40,000. APRs start at 6.99% and go up from there. What’s nice about these personal loans is there are no origination fees, no prepayment penalties and no late fees. Instead of a late fee, you just accumulate more interest on the loan, which will result in a higher overall payment amount. Keep in mind that this does not mean these won’t show up on your credit report. Overall, Marcus and US Bank personal loans are fairly comparable, but you may be able to get better rates with US Bank.
Too long, didn’t read?
US Bank personal loans come with some of the best personal loan rates in the industry. You are going to need to be a bank customer to qualify, though. Signing up is easy and can be done through any one of three methods — online, over the phone or in-person at a branch location.
We welcome your feedback on this article and would love to hear about your experience with the personal loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.
