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.
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.
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.
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.
Interested in a personal loan?Here are the top personal loan lenders of 2018!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.16% to 35.89%. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at time of application. The origination fee ranges from 1% to 6% and the average origination fee is 5.49% as of Q1 2017. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months or longer.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|7.73% – 29.99%||$1,000 - $50,000||Visit Upstart|
|6.26% – 14.87%1||$5,000 - $100,000||Visit SoFi|
|6.99% – 35.97%*||$1,000 - $50,000||Visit Upgrade|
|8.00% – 25.00%2||$5,000 - $35,000||Visit Payoff|
|4.99% – 29.99%3||$10,000 - $35,000||Visit FreedomPlus|
|5.99% – 18.99%4||$5,000 - $50,000||Visit Citizens|
|15.49% – 34.49%5||$2,000 - $25,000||Visit LendingPoint|
|6.16% – 35.89%6||$1,000 - $40,000||Visit LendingClub|
|6.99% – 18.24%7||$5,000 - $75,000||Visit Earnest|
|9.95% – 35.99%8||$2,000 - $35,000||Visit Avant|