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

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U.S. Bank personal loan
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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.

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.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. 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. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% 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.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. 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 Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), 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.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 15.49% APR to a high of 34.49% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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 - $50,000Visit Upstart
6.26% – 14.87%1$5,000 - $100,000Visit SoFi
6.99% – 35.97%*$1,000 - $50,000Visit Upgrade
8.00% – 25.00%2$5,000 - $35,000Visit Payoff
4.99% – 29.99%3$10,000 - $35,000Visit FreedomPlus
5.99% – 18.99%4$5,000 - $50,000Visit Citizens
15.49% – 34.49%5$2,000 - $25,000Visit LendingPoint
6.16% – 35.89%6$1,000 - $40,000Visit LendingClub
6.99% – 18.24%7$5,000 - $75,000Visit Earnest
9.95% – 35.99%8$2,000 - $35,000Visit Avant
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.