2023 U.S. Bank Personal Loan Review
Personal loan rating: 3.9/5
- Accessibility: 3.2/5
- Rates and terms: 4.8/5
- Repayment experience: 3.9/5
Personal loan details
- APR range: 8.74%–21.24%
- Loan terms: 12 to 84 months
- Loan amount: $1,000–$50,000
- Minimum credit score: 660
U.S. Bank is a brick-and-mortar financial institution with branches in 26 states. The lender offers flexible loan amounts ($1,000 to $50,000) and may be best for consumers with credit scores of 660 or higher.
- No origination fees: This lender doesn’t charge its customers origination fees when they take out loans. Origination fees are administrative fees that sometimes come with personal loans, typically ranging from 1% to 8%.
- Autopay discount: U.S. Bank offers one of the highest autopay discounts on the market (0.50%) to borrowers who sign up for autopay with a personal checking or savings account.
- Flexibility for customers: If you’re already a U.S. Bank customer, you can borrow anywhere from $1,000 to $50,000 with loan terms ranging from 12 to 84 months. However, if you’re not already a customer, you may be able to only borrow up to $25,000 with terms up to 60 months.
- 660 minimum credit score: On its website, U.S. Bank states that you’ll need a minimum credit score of at least 660 to qualify for a loan. If you’re not already a customer, you may need a higher score.
- Potentially slow funding: If you don’t have a U.S. Bank account, it can take anywhere from one to four business days after loan approval before funds are deposited in your account.
- Lowest rates require excellent credit: If you want to qualify for U.S. Bank’s lowest interest rates, you’ll need a credit score of at least 800 and a loan amount of at least $10,000.
- Best for U.S. Bank customers: This lender offers the most flexibility to established customers, providing larger loan amounts and longer repayment terms. If you’re not a U.S. Bank customer, you’ll want to make sure you have a good or excellent credit score before applying.
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U.S. Bank pros and cons
It’s important to consider both the benefits and drawbacks of any lender before applying for a personal loan. Here’s what you may expect from U.S. Bank:
No origination fees
0.50% autopay discount
Offers joint applications
Funding could take up to four days
Limited loan amounts and terms if not a U.S. Bank customer
Must have 660 credit score or higher
May require a visit to a branch
U.S. Bank provides competitive annual percentage rates (APRs) to borrowers, which cap at 21.24% — much lower than the 36% maximum APR of some competitors. Borrowers won’t have to pay origination fees or prepayment penalties and can receive a 0.50% rate discount if they sign up for autopay. If you don’t think your credit is strong enough for a U.S. Bank loan, you have the option to file a joint application with a second person.
On the other hand, if you don’t have a U.S. Bank checking or savings account, it may take up to four days to receive your loan funds. On top of that, U.S. Bank customers may qualify for loans up to $50,000 and repayment terms up to 84 months, while noncustomers can only apply for up to $25,000 and terms up to 60 months.
CFPB regulatory action against U.S. Bank
In July 2022, the Consumer Financial Protection Bureau (CFPB) took legal action against U.S. Bank for illegally opening checking and savings accounts, credit cards and personal lines of credit without customers’ knowledge. The financial institution was also pulling customers’ credit reports without permission.
According to the CFPB, the bank was pressuring employees to make sales goals, leading to the creation of sham accounts.
The CFPB fined U.S. Bank $37.5 million for violating the Consumer Financial Protection Act, the Fair Credit Reporting Act, the Truth in Lending Act and the Truth in Savings Act.
U.S. Bank requirements
Other than a minimum credit score and some required documents, U.S. Bank doesn’t provide a lot of details regarding its basic criteria for personal loans.
|Minimum credit score||660|
|Residency||This lender only has branches in 26 states, so be sure to check whether U.S. Bank serves your area before applying.|
|Required documents|| |
|Closing the loan||If you already have a U.S. Bank checking or savings account, you can complete the entire loan application process online. However, if you don’t have a U.S. Bank account, you may need to visit a branch in person.|
If U.S. Bank’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
Best personal loan options for:
How to get a loan with U.S. Bank
U.S. Bank not only offers the option to prequalify for a loan, but its application process is quick and straightforward. Applicants can find out if they qualify for a loan within a minute after they’ve submitted an application.
Prequalify for a loan
To begin the U.S. Bank personal loan process, see if you prequalify for a personal loan. This means you can view the potential rates, terms and amounts you may qualify for without any impact on your credit.
Fill out an application
If you prequalify for a U.S. Bank personal loan, the next step is to fill out an official application with the lender. You’ll need to provide your Social Security number and information about your income and employment.
Lenders typically require supporting documentation to verify your information, including pay stubs, W-2s, government-issued identification and a mortgage/rental agreement.
You’ll also have to submit to a hard credit pull, which will allow U.S. Bank to access your credit report. Keep in mind that a hard inquiry can cause your credit score to drop by a few points.
Close your loan
If your application is approved, the final step in the process is to close your loan.
If you’re a current U.S. Bank customer — meaning you have a checking or savings account with the bank — you can close your personal loan online. If you’re not a current U.S. Bank customer, you may need to visit a branch in person.
After you’ve signed your loan agreement, it can take anywhere from one to four business days to receive your U.S. Bank loan funds.
If you don’t meet U.S. Bank’s loan requirements, you may want to work on increasing your chances for loan approval. This can include steps like checking your credit report for errors, improving your credit score and paying your bills on time.
How U.S. Bank compares to other personal loan companies
Even if you believe U.S. Bank aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how U.S. Bank stacks up against similar personal loan lenders.
|Lender||U.S. Bank||Discover||Wells Fargo|
|Minimum credit score||660||Not specified||620|
|Repayment term||12 to 84 months||36 to 84 months||12 to 84 months|
|Funding timeline||Receive funds within one to four business days||Receive funds within one business day||Receive funds within one to three business days|
|Bottom line||U.S. Bank has a lower maximum APR than both Discover and Wells Fargo Bank. It also serves both its current customers and noncustomers, unlike Wells Fargo. However, U.S. Bank has potentially slow funding, which can take up to four days.||At just $35,000, Discover offers the lowest maximum loan amount of the three. It also has less flexible repayment terms than U.S. Bank and Wells Fargo. However, out of the three, it has the quickest funding timeline.||Wells Fargo offers the largest loan amount of these three lenders at $100,000. It also has a lower minimum credit score requirement than U.S. Bank. However, this lender only offers personal loans to existing Wells Fargo customers.|
How we rated U.S. Bank
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
Frequently asked questions
Once you’ve filled out an application and submitted to a hard credit check for a U.S. Bank personal loan, you may find out whether you’ve been approved in less than a minute.
After you’re approved for a personal loan and sign your agreement, the funding timeline can take one to four business days. If you have a U.S. Bank checking or savings account, the funding timeline may be faster.
U.S. Bank’s personal loan application process is simple and straightforward. It doesn’t take long to fill out an application and find out whether you’ve been approved.
What can eat up time, however, is verifying your information. This can be avoided by preparing the necessary documents ahead of time, including pay stubs, W-2s, IDs and mortgage/rental agreements.
Existing U.S. Bank customers will need a credit score of at least 660 in order to qualify for a personal loan.
If you’re not already a U.S. Bank customer, you’ll need to have an even higher credit score, though the lender doesn’t specify exactly what score is needed.
If you don’t have strong enough credit to meet U.S. Bank’s criteria, consider working to improve your score or applying with a joint borrower to get approved and secure lower rates.