U.S. Bank Loan Review
What is U.S. Bank?
Founded in 1863 as First National Bank of Cincinnati, U.S. Bank is now the fifth-largest bank in the United States. They have 73,000 employees across the country, and their branches and ATMs are located in 26 states. As a company, U.S. Bank focuses on empowering their employees to make decisions that support their customers’ success across the company. They also prioritize corporate responsibility, providing financial education to their customers, and working with U.S. Bank borrowers and account holders to navigate the many financial milestones in their lives.
U.S. Bank touts their wide range of loan options as perfect for borrowers with a variety of lending needs. They also have responsive customer service team and a deep dedication to furthering their customers’ financial success with tools like their free credit score calculator (per their company mission). Additionally, their lending options are all secure, online (which reflects their Green initiative), and convenient — U.S. Bank customers can apply in their online portal.
U.S. Bank personal loan highlights
- No origination fees: U.S. Bank doesn’t charge any origination fees for its Premier loans. In addition, there aren’t any prepayment penalties for paying off your loan early. They also don’t have any late fees. Their Simple loans charge $12 for every $100 borrowed with automatic payments from your U.S. Bank checking or savings account, or $15 for every $100 borrowed with manual payments.
- Easy online application: Their online application process makes receiving funding quickly an option for qualified borrowers.
- Range of loan options: U.S. Bank’s Premier Loan and Simple Loan options offer flexible choices for individuals who are trying to tailor their personal loan to their unique financial needs. Simple Loans offer quick, real-time approval for loans up to $1,000, and Premier Loans offer a larger borrowing limit at $25,000.
- Limited application approval requirements: If you’re looking at U.S. Bank loan options for home repairs or refinancing — they don’t require any property inspection.
U.S. Bank Premier Personal Loan Details
|Terms||Fees and Penalties|
|● Term lengths: 12 to 60 months
● APR range: 7.49% to 17.99%
● Loan amounts: $3,000 to $25,000
● Time to funding: not specified
● Credit check:Not specified
|● Origination fee: No fees
● Prepayment fee: 1% prepayment fee
● Late payment fee: Not specified
● Other fees: Not specified
U.S. Bank Simple Loan Details
|Terms||Fees and Penalties|
|● Term lengths: 3 monthly payments
● APR range: 70-88%
● Loan amounts: $100 to $1,000
● Time to funding: not specified
● Credit check: Not specified
|● Origination fee: $12 for every $100 borrowed (with automatic payments), $15 for every $100 borrowed (with manual payments)
● Prepayment fee: No
● Late payment fee: No
● Other fees: No
U.S. Bank product details
U.S. Bank offers two primary loans for borrowers: the Premier loan and the Simple loan; they also offer both a Premier and Reserve line of credit. The Premier loan is exclusively for U.S. Bank customers and has a loan range from $3,000 to $25,000. They offer discounts for U.S. Checking Account customers and those who pay via automatic payments.
Their Simple loan is available in increments of $100 up to $1,000. The Simple loan is paid back on a 3-payment/month schedule; to qualify, U.S. Bank customers will need to have an active checking account for at least 6 months, with recurring direct deposits for three months. Both loans offer fixed fee schedules with no annual fees.
U.S. Bank’s Premier Line of Credit has a credit limit of $25,000, requires no collateral, has no annual fees and offers an APR up to 17.99%. Their Premier Line of Credit is a revolving, open-ended line of credit that’s available with fewer fees. Their Reserve Line of Credit is attached to U.S. Bank checking accounts as overdraft protection.
U.S. Bank offers a range of financial education to their customers, including wealth management services.
- Minimum credit score: Not specified
- Minimum credit history: Not specified
- Maximum debt-to-income ratio: Not specified
U.S. Bank doesn’t publish their minimum credit score, credit history, or debt-to-income ratio requirements. However, they do indicate that they will check your credit and that it will play a factor in your approval and offer. If you find that you don’t qualify for a personal loan, you may consider looking into credit repair. Improving your credit score may increase your odds for future approval.
Other eligibility requirements include:
- Must be a US Bank customer
- U.S. Residency
- Social Security Number (SSN)
- Minimum 18 year old age requirement
- U.S. Bank checking account open for 6 months (for Simple loan)
- Consistent deposits into a U.S. checking account for 3 months (for Simple loan)
Applying for a personal loan from U.S. Bank
U.S. Bank offers easy-to-start online applications. You can check your application status on the U.S. Bank’s website, and load all of your application documents there, as well.
You can apply for both the Premier and Simple loans online — the Simple Loan, in particular, has an immediate approval process.
Pros and Cons of a U.S. Bank Personal Loan
|● Quick approval: With both U.S. Bank’s Simple and Premier loans, they offer quick approval and funding for U.S. Bank customers.
● Easy online application: Their online application process is straightforward, and allows you the ability to load your documents and track the progress of your application in one place.
● No fees: No origination or prepayment fee.
● Fixed rates: Fixed, consistent rates make for easy budgeting.
|● Limited availability: Loans are available to U.S. Bank customers only.
● No pre-approval: U.S. Bank doesn’t offer a simple pre-approval process to help you get an understanding of your rates before committing to an application.
● Fees vary: Depending on the loan type you select, interest rates and discounts vary.
Who’s the best fit for a U.S. Bank personal loan?
U.S. Bank personal loans are only available to U.S. Bank customers. However, if you are interested in becoming a U.S. Bank customer, you can reap the reward of the many loan benefits this bank has to offer. From a wide borrowing range to several loan options, depending on your borrowing needs, U.S. Bank has a loan option for all of their customers.
They also have a fast approval process — often being able to fund your loan immediately (for Simple loans) or within a few business days (for Premier loans and the lines of credit). Individuals who don’t want to pay fees will appreciate that U.S. Bank offers no origination, prepayment, or late payment fees.
Additionally, the APR range for the Premier Loan is lower than several of their competitors at 7.49% – 17.99%. Finally, U.S. Bank is flexible with conditions for the Premier personal loan in that they don’t require property inspections or home appraisals.
Alternative personal loan options
FreedomPlus offers application approval in 2 to 3 hours, and funds will be available in your account in 48 hours or less. They have an easy online application process, and all of their loans have fixed rates — making budgeting your monthly payments a snap. FreedomPlus is also partnered with Freedom Financial Network, which offers consumer financial education to their borrowers through programs like Bills.com.
First Midwest Bank
With decision and funding within 24 hours, First Midwest Bank offers an easy application process, up to $25,000 funding, fixed APRs, and flexible payment terms to choose a loan that fits your monthly budget. They are rated among LendingTree’s top lenders for those with excellent credit, and offer a wide range of additional financial products and services to compliment your personal loan.
Discover Personal Loans
With personal loans up to $35,000¹, Discover Loans’ flexible repayment terms, online application, and no-fee policy could make them an excellent fit for your lending needs. To apply, Discover requires that you’re 18 years of age, have a household income of $25,000 or more, and have proof that you’re a U.S. citizen. However, their wide range of loan terms (36 to 84 months) offers you a flexible way to pick a loan that’s monthly payment fits within your budget.
¹The APR ranges from 6.99% to 24.99% APR based on creditworthiness at time of application. Loans up to $35,000. Fast & Easy Process. Terms are 36 to 84 months. No prepayment penalty. This is not a firm offer of credit. Any results displayed are estimates and we do not guarantee the applicability or accuracy to your specific circumstance. For example, for a $15,000 loan with an APR of 10.99% and 60 month term, the estimated monthly payment would be $326. The estimated total cost of the loan in this example would be $19,560.
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