U.S. Bank, one of the country’s largest banks with a history dating to 1863, offers banking products to customers nationwide. The company has two, unsecured, fixed-rate personal loans for existing U.S. Bank customers. In this review we will focus on the U.S. Bank Personal Loan, as well as cover a few key details of the U.S. Bank Simple Loan. Find out what you need to know before applying for a U.S. Bank personal loan.  

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Pros

  • Competitive APR

  • Co-Applicants Allowed

  • Quick Access to Funds

  • Discount for Autopay

Cons

  • U.S. Bank Account Required

  • No Prequalification

  • Some In-Person Loan Closings

  • Prepayment Penalty

Pros Explained

  • Competitive APR: U.S. Bank offers a better than average annual percentage rate (APR) for the most qualified borrowers.
  • Quick Access to Funds: You may have access to the money within one business day of the loan closing.
  • Discount for Autopay: If you sign up for automatic payments, U.S. Bank offers an APR discount.
  • Co-Applicants Allowed: U.S. Bank allows you to apply for a personal loan with a co-signer, according to a representative.

Cons Explained

  • U.S. Bank Account Required: U.S. Bank offers a personal loan for existing customers. To qualify, you must have an account for at least 120 days. 
  • No Prequalification There is no option to check rates with a soft pull on your credit. 
  • Some In-Person Loan Closings: After getting approved, some customers may have to visit a branch to finalize the loan. Depending on where you live, this extra step may be a hassle. 
  • Prepayment Penalty: There is a prepayment penalty if you pay off a loan of $5,000 or more within one year. The penalty is 1% of the original loan amount—with a minimum fee of $50 and a maximum of $100.

Types of Personal Loans Offered by U.S. Bank

U.S. Bank offers four personal loan products:

  • U.S. Bank Personal Loan
  • U.S. Bank Simple Loan (for small emergencies)
  • U.S. Bank Personal Line of Credit (instant access to funds)
  • U.S. Bank Reserve Line of Credit (overdraft protection)

Loan Amounts

The U.S. Bank Personal Loan allows you to borrow between $1,000 to $25,000. You may borrow $100 to $1,000 with the U.S. Bank Simple Loan.

APR

The U.S. Bank Personal Loan offers a competitive fixed-rate APR. There is no variable-rate option. The lowest APR is available if you borrow less than $5,000 with a term of 12 to 48 months.

Fixed APR Range 2.99% to 16.49%
Variable APR Range N/A

The U.S. Bank Simple Loan is a three-month loan with a high fixed-rate APR. There is a $6 fee for every $100 you borrow. For example, if you borrow $400, your total fee will be $24, which is an APR of 35.64%.

Loan Terms

The U.S. Bank Personal Loan term is 12 to 60 months. The U.S. Bank Simple Loan term is three months.

Credit Score Requirements

There is no minimum credit score requirement for the U.S. Bank Personal Loan, according to a representative.

Fees

U.S. Bank doesn’t charge an origination fee, but there are a few others to watch out for:

  • Prepayment Penalty: If you pay off a loan of $5,000 or more within one year, there is a 1% penalty based on the original loan amount. The minimum fee is $50, and the maximum is $100.
  • Late Payment Fee: There is a $29 late payment fee after a five-day grace period, a representative confirmed.
  • Returned Payment Fee: You may have to pay $25 for a returned payment. 

Time to Receive Funds

Same-day funding may be possible if you meet these two requirements:

  • Have a U.S. Bank checking or savings account
  • Close the loan online on a business day by 7:30 p.m. CST 

Otherwise, you can expect to receive the funds by the end of the next business day.

U.S. Bank Personal Loan Features

  • Use the personal loan for any purchase or product 
  • No origination fee
  • Customer service in person or by phone
  • U.S. Bank mobile banking app

Apply for a U.S. Bank Personal Loan

Before you begin, it’s important to know that U.S. Bank doesn’t allow you to prequalify with a soft pull on your credit. When you submit an application, there will be a hard inquiry on your credit, which will temporarily lower your score.

1. Start the application process by logging into your U.S. Bank account. The company may have already filled in some of the fields, which you will have the option to change. 

2. The application will ask for housing details:

  • Home Address
  • Date of Occupancy
  • Rent or Own
  • Monthly Housing Payments

3. U.S. Bank also wants to know about your job:

  • Employment Status
  • Occupation
  • Employer
  • Length of Employment
  • Employer’s Contact Information

4. The company will ask about your income. U.S. Bank allows you to include these sources: 

  • Salary and Wages
  • Overtime
  • Commission
  • Self-Employment Income
  • Social Security Income
  • Retirement Pay
  • Public Assistance
  • Disability Income
  • Rental Income 

The company also allows you to include your spouse’s or domestic partner’s income.

5. The next step asks how much you want to borrow, your preferred loan term, and the purpose of the loan. 

6. You will have the opportunity to review your application and make changes.

7. Before submitting the application, you will review the loan details, including the APR, terms, and information about automatic payments. You will also review and accept the company’s disclosures, credit authorization, and consumer pricing information.

8. U.S. Bank will let you know about your loan approval status in less than a minute. It may be possible to close online, but some customers will have to visit a U.S. Bank branch.

9. You will have access to the funds within one business day of the loan closing. 

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

It’s possible to refinance with U.S. Bank if your creditworthiness improves and you want to secure a better APR.

Verdict

The U.S. Bank Personal Loan is a solid option for its current customers. The company offers competitive APRs and fees—with the exception of its prepayment penalty. The U.S. Bank Simple Loan may be worth considering for a one-time emergency, especially in lieu of a payday loan, but it won’t be the cheapest option.

Methodology

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of personal loan lenders. We collected over 25 data points across more than 50 lenders—including interest rates, fees, loan amounts, and repayment terms—to ensure that our content helps users make the right borrowing decision for their needs.