Review: How to Qualify for a Low-Interest Personal Loan From U.S. Bank

U.S. Bank personal loan

If you’re a customer of U.S. Bank, you might qualify for a low-rate personal loan. You can use a personal loan to fund just about any purchase, from home improvements to a vacation to Hawaii.

Here’s the catch, though: You must live within 50 miles of a U.S. Bank branch. That means most East Coasters — as well as residents of Alaska and Hawaii — are excluded from borrowing a U.S. Bank personal loan.

If you’re close to a branch, however, U.S. Bank could have the funds you’re looking for. Read on to learn about the pros and cons of borrowing a U.S. Bank personal loan, as well as how to apply online.

Pros of taking out a U.S. Bank personal loan

U.S. Bank customers enjoy several benefits when borrowing through their bank. Here are a few of the main pros of taking out a personal loan with U.S. Bank.

  • All personal loans are unsecured, so you don’t have to put up collateral.
  • Personal loans are flexible, so you can use them for a variety of purposes.
  • You can borrow as much as $25,000 and choose terms between one and five years.
  • APRs start as low as 6.99%, as of August 2017.
  • You’ll get APR discounts when enrolling in autopay or making qualifying home improvement purchases.
  • You can apply online, over the phone, or in person at a U.S. Bank branch.
  • You can make payments through your online account, over the phone, in person, or through the U.S. Bank mobile app.

Cons of taking out a U.S. Bank personal loan

Along with the pros, there are a few drawbacks of borrowing with U.S. Bank. Compared to other lenders, U.S. Bank doesn’t always offer the lowest rates on personal loans, or even fees. Here are the main cons to know:

  • You must hold a U.S. Bank checking account for at least 120 days before you can apply for a personal loan.
  • U.S. Bank personal loans are only available to those who live within 50 miles of a branch location. Use the bank’s branch finder tool to see if there’s a location near you.
  • U.S. Bank charges a prepayment fee and origination fee.
  • You won’t find potential interest rates on the bank website. You’ll need to call customer service for rates or submit a full application, which comes with a hard credit check.

U.S. Bank personal loan products

U.S. Bank’s personal loans are unsecured, so you can borrow without putting up your house or car as collateral. You can use a personal loan for just about any purchase, and you can borrow up to $25,000.

You might use a personal loan to consolidate debt, remodel your home, or finance a wedding. All of the bank’s loans have fixed APRs, so your interest rate won’t change over the life of the loan.

In addition to personal loans, U.S. Bank also offers auto loans, RV loans, boat loans, and home equity loans.

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Using the U.S. Bank online platform

Since U.S. Bank has branches throughout the country, you can apply for a loan in person. Alternatively, you can fill out its online application.

This application isn’t the most visually appealing, but it’s straightforward. Start by clicking “Apply Now” on the Premier Loans page.

U.S. Bank personal loan page

After confirming you’re a checking account holder, you’ll go on to fill out basic information. This includes your name, address, income, employment status, and housing costs.

You’ll also provide your Social Security number, monthly income, debt payments, and the total amount of your assets. Finally, you’ll upload a document as proof of employment, such as a W-2 or recent pay stub.

U.S. Bank personal loan application

After you finish filling out page one, you’ll go on to provide information about your U.S. Bank checking account. Finally, you’ll review all your information and submit the application.

After hitting submit, you’ll see whether you qualify for a personal loan. Unfortunately, there’s no way to check your chances for approval without submitting to a hard credit check. You’ll need to go through the whole process before getting your loan offers. However, you can call a banker to learn about your potential rates.

If you get a good offer, you can select the loan and finish the process.

U.S. Bank personal loan interest rates and fees

All U.S. Bank personal loans have fixed APRs. With a credit score of 760 or higher, you could qualify for an APR as low as 6.99% on a $5,000 to $25,000 loan with a 12- to 48-month repayment term.

That being said, APRs vary depending on several factors. I spoke with customer service about taking out a $10,000 loan in Ohio. As of August 2017, the loan had a $50 origination fee and the rates were as follows:

  • One-year term: 9.41% APR; monthly payment of $876.42
  • Three-year term: 8.81% APR; monthly payment of $317.11
  • Five-year term: 9.77% APR; monthly payment of $211.36

The representative said these rates are subject to change daily, but they’ll stay in effect once you sign the loan. If you snag a good rate, it could be in your best interest to finalize your application as soon as possible.

Plus, look into all your options for an APR discount. You’ll get a 0.50% APR discount when you set up autopay and a 1.00% discount with Green Home Improvements or Energy Efficient purchases.

U.S. Bank personal loans come with a 1 percent prepayment fee. It will be at least $50 but no more than $100.

Plus, the bank will likely charge fees for late payments, though customer service couldn’t share the exact structure. These fees might vary depending on where you live.

U.S. Bank eligibility requirements

In order to take out a U.S. Bank personal loan, you must meet a few eligibility requirements. These include the following:

  • You’ve held a U.S. Bank checking account for at least 120 days.
  • You have a valid Social Security number.
  • You live within 50 miles of a branch location. Most U.S. Bank branches are located on the West Coast and in the central U.S. States with no U.S. Bank locations include: Alabama, Alaska, Connecticut, Delaware, Florida, Georgia, Hawaii, Louisiana, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Oklahoma, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia, and West Virginia.
  • You meet credit, income, and debt-to-income requirements.

Since the bank’s personal loans are unsecured, you must show a solid history of debt repayment and the means to pay back a loan.

Contact information for U.S. Bank

Since there isn’t a ton of information on the U.S. Bank website about its personal loans, it’s a good idea to call customer service with any questions. You can reach them at 800-491-3150.

Customer service is available Monday through Friday from 7 a.m. to 10 p.m. CST, as well as Saturday from 9 a.m. to 5 p.m. CST.

For more information on U.S. Bank or to stay up to date on its latest news, follow the bank on Facebook or Twitter.

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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Finance Lender Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (
  2. Personal LoansFixed rates from 5.49% APR to 14.24% APR (with AutoPay). Variable rates from 4.98% APR to 11.44% APR (with AutoPay). SoFi rate ranges are current as of December 21, 2017 and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 4.98% APR assumes current 1-month LIBOR rate of 1.34% plus 3.89% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

2 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate Disclosure: Fixed interest rates range from 4.99% – 16.24% (4.99% – 16.24% APR) based on applicable terms. Lowest rates shown are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
7.39% - 29.99%$1,000 - $50,000
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4.98% - 14.24%1$5,000 - $100,000
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8.00% - 25.00%$5,000 - $35,000
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4.99% - 16.24%2$5,000 - $50,000Visit Citizens
5.99% - 35.89%$1,000 - $40,000Visit LendingClub
5.25% - 14.24%$2,000 - $50,000Visit Earnest
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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print, understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.