U.S. Bank Personal Loans Review

U.S. Bank offers personal loans with same-day funding available

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U.S. Bank logo
Investopedia’s Rating
3.1

If you’re a U.S. Bank customer with a FICO score of 660 or higher, a U.S. Bank personal loan may be worth considering. This lender offers competitive terms, and you may receive your funds within a few hours of applying. Non-customers should look elsewhere.

  • Pros & Cons
  • specifications
Pros & Cons
Pros
  • Funding available within hours for certain customers

  • Loans start at $1,000

  • No origination fee or prepayment penalty

Cons
  • Pre-qualification is not available

  • You may need to visit a branch to close your loan

  • Non-bank customers need higher credit scores to qualify

specifications
APR Range
7.49% - 19.99%
Loan Amount
$1,000 - $50,000
Loan Terms
12 Months or 60 Months
Recommended Minimum Credit Score
660
Average Origination Fee
0.00% - 0.00%
Late Fee
N/A
Why Trust Us
38
Lenders reviewed
40
Loan features considered
1,520
Data points analyzed
112
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Pros Explained

  • Funding available within hours for certain customers: Once you're approved for a U.S. Bank personal loan, you could receive your loan funds within a few hours.
  • Loans start at $1,000: U.S. Bank’s personal loan starts as low as $1,000, and this lender offers an additional loan product for those who want to borrow as little as $100.
  • No origination fee or prepayment penalty: Some lenders charge origination fees and prepayment fees, but U.S. Bank doesn’t charge these fees.

Cons Explained

  • Pre-qualification is not available: Some lenders provide the option to pre-qualify and see a rate quote before you apply, but U.S. Bank does not offer pre-qualification. You won’t know what rate and terms you qualify for until you submit a full application and undergo a hard credit check. 
  • You may need to visit a branch to close your loan: If you don’t have a U.S. Bank account, you may need to visit a U.S. Bank branch to close your loan. Branches are primarily located in Midwest and Western states.
  • Non-bank customers must have higher credit scores to qualify: U.S. Bank members are required to have scores of 660 or above to qualify for personal loans. For non-members, the minimum score requirement is not disclosed. However, the bank states that the score requirement is higher.

Introduction

U.S. Bank is an established financial institution that provides quick funding and relatively competitive terms on personal loans, but only for those who meet certain qualifications. If you have an existing U.S. Bank account and a credit score above 660, this lender may approve you for a loan within one minute of applying and may disburse loan funds within hours.

The process of qualifying for a loan is primarily dictated by whether or not you're an existing U.S. Bank customer. Those who aren't will need higher credit scores to qualify and may have to visit a physical bank branch to complete the application process.

While the terms disclosed by U.S. Bank are competitive, it doesn't offer loan pre-qualification and may not offer certain loans or loan terms in your state. Late fees aren’t disclosed either. 

Company Overview

U.S. Bancorp, the parent company of U.S. Bank, was founded in 1863 as the First National Bank of Cincinnati. The bank rebranded to U.S. Bank in the 1990s, and it’s currently headquartered in Minneapolis, Minnesota. 

U.S. Bank operates in 13 countries and has a network of more than 2,000 U.S. branches throughout the Midwest and West. In recent years, the bank has expanded to the East Coast as well. In addition to secured and unsecured loans, U.S. Bank provides consumer and business banking, wealth management, and investing services.

Types of Personal Loans Offered by U.S. Bank

U.S. Bank offers personal loans for multiple purposes, including vacations, medical bills, and debt consolidation. Here's what you can expect:

  • Fixed rates
  • No collateral required
  • No origination fee
  • No prepayment fee
  • 0.50% autopay discount available

In addition to its primary personal loan product, U.S. Bank also offers these personal loan products: 

  • Home Improvement Personal Loan. Up to $50,000 for qualified checking customers or $25,000 for non-customers.
  • U.S. Bank Simple Loan. Emergency loan up to $1,000 for customers with personal checking accounts and recurring direct deposits. Note that this loan has fees of $6 for every $100 borrowed.

Other financing products from U.S. Bank include home loans, vehicle loans, and lines of credit.

Time to Receive Funds

According to U.S. Bank, qualified loan applicants who have an existing U.S. Bank account could receive funds within hours of completing their application. This turnaround time for funding is faster than most lenders offer; however, it's uncertain how long non-customers and applicants with lower credit scores may have to wait to receive funds.

U.S. Bank Personal Loan Features

Autopay Discount

Borrowers can reduce their APR by 0.50% through U.S. Bank's autopay discount. Take advantage of the rate reduction by setting up autopay from your checking or savings account. The autopay account does not have to be a U.S. Bank account.

Quick Online Process

Qualified applicants can submit an application online, get approved, and receive funds quickly. It only takes a few minutes to complete an online application, and funds may be available the same day you apply if you’re an existing U.S. Bank customer.

Larger Loans for Bank Members

While non-bank members are limited to borrowing $25,000, bank customers could potentially qualify for $50,000 (except in CA and NV). Credit requirements may also be lower for non-members.

Apply for a U.S. Bank Personal Loan

U.S. Bank offers an online application process that only takes a few minutes. Non-bank customers may have to visit a bank branch to complete an application. Here's what to expect online:

  1. Visit U.S. Bank's personal loans page and click "Apply now." 
  2. Log in using your bank credentials or continue as a guest. Guest must enter their zip code, and may be advised to call 800-872-2657 to set up a checking or savings account before completing an application. 
  3. Provide your Social Security number (SSN) or Individual Tax Identification Number (ITIN), home address, and employment information
  4. Submit your completed application

U.S. Bank typically offers loan decisions in less than one minute of receiving your application, and funds may be available within one business day of loan closing.

Each loan application you submit can cause your FICO score to dip by around five points. You can minimize that impact by submitting your loan applications within a two-week period, also known as the "rate shopping" period.

Can You Refinance a Personal Loan with U.S. Bank?

U.S. Bank does not disclose whether or not personal loan refinancing is available.

Customer Service

If you need help with your loan application, you can call 800-872-2657. You can also schedule an appointment to talk to a representative in-person, by phone, or by virtual appointment.

Customer Satisfaction

Customer satisfaction is poor for U.S. Bank. The bank's ratings on Consumer Affairs and Trustpilot are low—3.8 out of five stars and 1.3 out of five stars, respectively. However, there are few reviews about personal loans. Long-term U.S. Bank customers mention good experiences with in-person service and reaching an agent over the phone. 

Account Management

U.S. Bank allows borrowers to set up loan payments through an online account or in the U.S. Bank mobile app. If you want to find out your remaining loan balance for a payoff, the bank recommends calling 800-US-BANKS (872-2657) for your most up-to-date balance information.

How U.S. Bank Compares to Other Personal Loan Companies

U.S. Bank offers competitive terms on its personal loan. While some lenders charge as much as 6% for loan origination, this bank has no origination fee. U.S. Bank’s fast funding time and loan minimums as low as $1,000 also set it apart from competitors. 

But compared to other banks, U.S. Bank has some unique restrictions and requirements, like lower loan amounts for non-bank customers. Those who don’t have an existing U.S. Bank account may want to consider another lender.

U.S. Bank vs. Wells Fargo

If you're comparing options, Wells Fargo may be another lender to consider. Personal loans from U.S. Bank and Wells Fargo come with similar APR ranges, and rate discounts are available. Both of these major banks offer competitive rates for qualified applicants, with minimal fees for borrowing. Here's how the two lenders compare.

  • Neither bank has a prepayment penalty or origination fees.
  • Wells Fargo only allows bank customers to apply for its loans, while customers and non-customers can apply for loans from U.S. Bank.
  • Wells Fargo offers personal loans up to $100,000, while U.S. Bank offers personal loans up to $50,000.
  • Both banks offer loan funding in as little as one day.

When taking out a new loan, you could qualify for an APR discount, also known as a relationship discount, at a bank or credit union where you already do business.

  U.S. Bank Personal Loan Wells Fargo Personal Loan
APR Range  7.49% to 19.99% (with 0.50% autopay discount) 5.74% to 19.99% (with 0.25% relationship discount)
Loan Amounts  $1,000 to $50,000  $3,000 to $100,000 
Loan Terms  12 to 60 months  12 to 84 months 
Average Origination Fee  $0  $0 
Same Day Funding Available  Yes  Yes 

When it comes to personal loans, both Wells Fargo and U.S. Bank are good options for existing customers. With Wells Fargo, bank customers get the option to pre-qualify for a loan within minutes, with no impact on their credit scores. U.S. Bank doesn't offer the option to pre-qualify for its loans.

Read our full Wells Fargo personal loans review.

Final Verdict

If you're already a U.S. Bank customer, its personal loan could be a good option for you. Applicants with credit scores above 660 may get funding within hours of applying, and can expect competitive rates and terms.

Non-bank customers, however, may be better served elsewhere. Unlike U.S. Bank, most lenders don't require new customers to complete the application process in person, nor do they restrict your maximum loan amount to half of what's available to other customers.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. To rate providers, we collected over 25 data points across more than 50 lenders, including interest rates, fees, loan amounts, and repayment terms to ensure that our reviews help users make informed decisions for their borrowing needs.  

Our full personal loans methodology, including our data collection process and weighted data points, is available for review.