Founded in 1922 and headquartered in San Antonio, USAA is a members-only bank serving the military community. Personal loans are available starting at a fixed rate of 7.24% APR. Applicants need to be members to apply—to qualify you’ll need to be a qualifying member of the military or a family member of one.  

We’ve reviewed relevant and important details, including fees and loan amounts to help you make a decision about whether USAA is the right fit for your financial situation. 

Investopedia is committed to providing our readers with unbiased product recommendations. We may receive compensation when you click on links to products, but this doesn’t affect how we rate, review, and rank them.

Pros

  • Ability to receive loan proceeds quickly

  • No application fee

  • Offers one of the longest loan terms compared to other lenders

Cons

  • Access for members only

  • Low maximum personal loan amount

  • No soft credit inquiry available

Pros Explained

  • Ability to receive loan proceeds quickly - Once approved, borrowers can expect to get funds as soon as 24 hours.
  • No application fee - USAA doesn’t charge a fee to apply for their personal loan, nor will you pay extra if you decide to pay off your loan early. 
  • Offers one of the longest loan terms compared to other lenders - Borrowers have up to 84 months to pay back their loans up on approval.

Cons Explained

  • Access for members only - Only USAA members have access to the lender’s products.
  • Low maximum personal loan amount - At $5,000, this amount is low for those who need more cash to finance large purchases such as major home repairs or even consolidate larger amounts of high interest debt. 
  • No prequalification option available - Applicants will be subject to a hard inquiry, which could have an affect on your credit score.

Types of Personal Loans Offered by USAA

USAA allows borrowers to use their personal loans for almost all purposes. This can include home improvement projects, relocation expenses, car repairs or other types of major purchases. Although USAA doesn’t have a separate debt consolidation loan, you can take out a personal loan from the lender to pay off existing high-interest debt.

Loan Amounts

USAA offers personal loans from $2,500 to $5,000. The final amount you’ll be approved for will be based on various factors such as your creditworthiness and loan term. For example, applicants who want a 48-month loan term will need to borrow $5,000.

Annual Percentage Rate (APR)

USAA offers fixed interest rate personal loans from 7.24% to 17.65% APR. Borrowers may be eligible for a 0.25% discount if enrolled in autopay.

Loan Terms

USAA personal loan borrowers can be approved for a repayment term ranging from 12 to 84 months.

Credit Score Requirements

It's recommended that you have fair credit before applying for a USAA personal loan, which generally means a minimum credit score of 600. However, lower APRs tend to be reserved for those with higher credit scores. In other words, you can qualify for the most competitive terms and rates the higher your score.

As an example, applicants who have a high credit score may receive an estimated APR of 7.49% with the autopay discount for a 36-month term. If you were to borrow $2,500, the total cost of your loan would be $2,799, according to USAA's personal loan calculator.

Fees

USAA doesn’t charge an application fee or any prepayment penalties. That means you have the option of paying off your loan early with incurring extra charges. However, late payment fees aren’t specified so you’ll want to contact the lender to find out what those are if any.

Time to Receive Funds

The lender may approve your loan within a few minutes and you’ll be sent your loan proceeds within 24 business hours.

USAA Personal Loan Features

USAA Membership Required

The lender only grants personal loans to its members. To qualify, you’ll need to be a qualifying U.S. military member or are an eligible family member — this includes those on active duty, veterans, cadets, those in the Guard or Reserve, or midshipmen.

Autopay Discount Available

Borrowers can receive a 0.25% discount off their final rate if they opt into autopay.

Apply for a USAA Personal Loan

USAA requires applicants to be a member to apply for a loan. The entire process can be done online or over the phone by calling 800-531-8722. Here’s what to expect: 

  1. Join USAA as a member if you haven’t already done so. You’ll need to provide personal details as details about you or your family member’s military service and create an online account. 
  2. Submit relevant documentation such as a discharge certificate, your military orders to verify your status, and finalize your membership application. 
  3. Log into your account to begin the personal loan application process.  
  4. Fill out relevant details such as the desired loan amount and term. 
  5. Review loan offers and follow the prompts to complete the application process. This can include supporting documentation. 

Once USAA approves your loan, sign your loan documents and your loans will be deposited into your USAA bank account as soon as 24 hours. 

Can You Refinance a Personal Loan With USAA?

No, you cannot refinance your USAA personal loan.

Verdict

USAA offers competitive rates for its members, though borrowers who desire a longer loan term will need to take out a larger loan amount. This lender is best for borrowers who aren’t looking to take out more than $5,000 and pay it back over a longer period of time. 

Unfortunately, since USAA personal loans are only available to members, not everyone can qualify even if credit requirements are met. That means unless you’re either a qualifying U.S. military member or you are a qualifying relative of one, you'll need to look elsewhere. 

Either way, shopping around is the best way to find the best rate and terms for your credit profile. 

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.