U.S. Bank Personal Loans Review (January 2024) (2024)

Updated: Jan 18, 2024

Written by:

Cassidy Horton

U.S. Bank Personal Loans Review (January 2024) (1)

Written by: Cassidy Horton Contributing Writer

Cassidy Horton is a finance writer with over five years of experience. She holds an MBA and a bachelor’s in public relations from Georgia Southern University and has worked with top finance brands like Forbes Advisor, NerdWallet and Consumer Affairs.

Edited by:

Kelly Larson

U.S. Bank Personal Loans Review (January 2024) (2)

Edited by: Kelly Larson Senior Editor

Kelly is an editorial leader and collaborator with over 13 years of experience creating and optimizing data-driven, reader-focused digital content. Before joining our team, Kelly was the cross-niche editor and Branded Content Lead at personal finance and fintech site Finder.

If you’re already a U.S. Bank customer, its personal loans can be appealing. With a minimum credit score of 660, you can take out loans up to $50,000 in just a few hours.

If you’re not a current customer, though, the terms aren’t nearly as generous. Non-customers face tighter constraints, needing a higher credit score of 720 to qualify for loans up to $25,000. Here’s a closer look at how U.S. Bank personal loans work.

Best Personal Loans of January 2024 Best Personal Loan Rates of January 2024 LightStream Personal Loans Review (January 2024) SoFi Personal Loans Review (January 2024)

  • Our Thoughts on U.S. Bank Personal Loans
  • Pros and Cons of U.S. Bank Personal Loans
  • Who Are U.S. Bank Personal Loans Best For?
  • How To Get a U.S. Bank Personal Loan
  • U.S. Bank Personal Loans Reviews
  • Eligibility Requirements for U.S. Bank Personal Loans
  • U.S. Bank Personal Loans Usage Rules
  • U.S. Bank Personal Loans Fees and Penalties
  • How U.S. Bank Compares to Other Lenders
  • The Bottom Line
  • How We Rated U.S. Bank Personal Loans
  • FAQs

Our Thoughts on U.S. Bank Personal Loans

MarketWatch Rating: 4.4 out of 5 stars

U.S. Bank shines best for its existing customers, offering competitive rates, higher loan limits up to $50,000 and favorable loan terms from 12 to 84 months. Couple that with no origination fees and no penalties for early repayment, and it’s easy to see why it’s a top choice for many. The bank’s same-day funding is another advantage.

But there’s a catch for non-customers: U.S. Bank’s requirements are steeper if you don’t have an existing account. These include a higher minimum credit score of 720, a cap on loan amounts at $25,000 and loan terms that only extend to 60 months. So if you aren’t already banking with them and aren’t willing to switch, it might be worth exploring other options.

U.S. Bank’s personal loan rates are competitive overall, going as low as 8.24% as of this writing. But if you have excellent credit and think you might qualify for the lowest rate, lenders like PenFed, LightStream and Discover have annual percentage rates (APRs) that start at 7.99%, so you might be able to save money by shopping around.

Pros and Cons of U.S. Bank Personal Loans

A few of the benefits and drawbacks of U.S. Bank personal loans include the following:

Pros of U.S. Bank Personal Loans

  • Competitive interest rates help you save money over the life of your loan
  • No origination fees or prepayment penalties
  • Can receive loan money within hours if you’re a U.S. Bank customer with a strong credit score
  • Enjoy a 0.5% interest rate discount by signing up for automatic payments from your bank account
  • U.S. Bank offers both personal loans and lines of credit, depending on your needs

Cons of U.S. Bank Personal Loans

  • U.S. Bank requires a credit score of 660 or higher
  • Maximum loan is capped at $25,000 for non-customers and $50,000 for customers
  • Specific loan programs are not available in every state
  • Lines of credit have variable rates that can change and affect the cost of borrowing
  • Must be an existing bank customer to enjoy the best rates and terms

Who Are U.S. Bank Personal Loans Best For?

U.S. Bank’s personal loans are best for existing U.S. Bank customers or those willing to switch banks. If you fall into this group and have a credit score of at least 660, you’ll benefit the most from a U.S. Bank personal loan.

On the other hand, U.S. Bank’s personal loans may not be the best choice for individuals with credit scores below 660 (or 720 if you’re not a customer), as they may face more challenging approval processes or less favorable terms.

Also, if you need to borrow more than $50,000, you might need to explore alternative lenders, as U.S. Bank’s maximum limit is capped at $50,000 for existing customers and $25,000 for non-customers.

How To Get a U.S. Bank Personal Loan

If you’re considering a U.S. Bank personal loan, here’s what you can expect during the application and funding process.

Application Process

To start, visit U.S. Bank’s website and use its platform to check your rates, apply and get prequalified. This will require some personal information, such as your name, contact details, annual income and Social Security number. U.S. Bank will conduct a soft credit check during this stage, which won’t impact your credit score.

Additionally, you’ll need to specify the loan amount you’re seeking and the purpose of the loan, whether it’s for debt consolidation, an auto purchase, home improvement or another reason. Once you provide this information and review your personalized loan rates, you can proceed to the formal application.

The timeline for the entire application process can vary, but for U.S. Bank customers with good credit scores, it’s possible to receive approval and funding within hours. Non-customers may experience a slightly longer process, and approval timelines can be influenced by factors such as the completeness of your application and verification of information.

Approval and Funding

Upon submitting your formal application, U.S. Bank will review your credit history, financial information and the purpose of your loan. You’ll receive a loan offer outlining the terms, interest rate and repayment schedule if approved.

To expedite the approval process, provide accurate and complete information during your application. Also, consider signing up for autopay to take advantage of the 0.5% interest rate discount, which can save you money on your monthly payments.

Once you’ve accepted the loan offer, U.S. Bank will disburse the funds to your account. This can be a U.S. Bank checking account, savings account or another account of your choice.

U.S. Bank Personal Loans Reviews

A consistent theme across U.S. Bank reviews centers around the bank’s excellent customer service and user-friendly policies. Although it has some negative reviews, many customers appreciate the bank’s accessibility, both online and offline. Its A- rating with the Better Business Bureau (BBB) also reflects the bank’s commitment to customer satisfaction and reliability.

Here are some specific reviews from customers:

My account with them has always been great. No problem and I would recommend them to everyone. Wonderful bank.

Teresa B., Mayflower, Ark., Sept. 17, 2023, Best Company

“US Bank is a world class bank offering good rates, low fees and easy access to my funds. They offer good loan products and help you manage savings accounts into solid financial vehicles. They have financial experts ready to help.”

Eddie R., Ogden, Utah, Oct.17, 2020, Best Company

US BANK GOES OUT OF ITS WAY TO BE AVAILABLE TO ALL ITS CUSTOMERS. THEY HAVE VERY COURTEOUS SERVICE STAFF & online help is always there to help. They have very customer-friendly policies. I have used this bank for over 25 years!

Carol, Batavia, Ohio, June 14, 2021, ConsumerAffairs

The U.S. Bank app doesn’t work sometimes. When I called about one of the issues, a customer service person said to just uninstall and reinstall it. Knowing that customer service departments can give messaging as directed by the corporate office, I wonder if the corporate office knows it has problems and doesn’t have any intention to make it better and expects its customers to run hobbled, if you will.

Rhett, Manti, Utah,July 16, 2022, ConsumerAffairs

In response to the last comment, a U.S. Bank spokesman said it’s possible that the customer had that experience during a planned outage for updates on the app.

At U.S. Bank, we are committed to great client experiences and take app reliability and performance very seriously,” the spokesman said in a statement. “We are proud of the stability of our app and have no known foundational issues with it or website. While we don’t have enough information to look into this specific client experience, it’s possible they could have experienced the issue during a planned outage.”

Eligibility Requirements for U.S. Bank Personal Loans

To be approved for a U.S. Bank personal loan, applicants must meet specific eligibility requirements. Understanding these requirements can help you determine if you’re likely to qualify for a loan.

Credit Score and Financial History

Your credit score plays a key role in determining whether you qualify for a U.S. Bank personal loan. Typically, U.S. Bank requires a FICO score of 660 or above for approval. FICO scores are a commonly used way to measure your likelihood of paying back a loan.

Having a higher credit score, ideally 720 or higher, can improve your chances of not only meeting the basic eligibility requirements but also getting the best U.S. Bank personal loan rates.

Your credit history, which includes factors like your payment history, credit utilization and previous delinquencies, also plays a role in the approval decision. If you have a solid financial history that shows you can responsibly manage credit cards and other debts, it can boost your eligibility and strengthen your application.

Income and Employment

In addition to your credit profile, U.S. Bank will assess your income and employment status when reviewing your loan application. While specific income requirements are not provided on its website, having a stable source of income is usually a requirement for personal loans. Applicants with a steady job or a reliable source of income, such as investments or retirement funds, are more likely to meet these criteria.

U.S. Bank Personal Loans Usage Rules

U.S. Bank gives you a lot of freedom when it comes to how you use its personal loans. It doesn’t have strict rules about what you can’t do with the money. So, whether you’re thinking about fixing up your home, paying for a special wedding, moving to a new place or even covering an unexpected medical bill, you can use a U.S. Bank personal loan to do it.

Just remember that a personal loan is a form of debt. And because it’s unsecured — meaning there’s no collateral to back it up — you may face higher interest rates. It’s important to always borrow responsibly and ensure the money is used for necessary purchases. That way you don’t find yourself trapped in a cycle of debt.

U.S. Bank Personal Loans Fees and Penalties

Before you take out a personal loan, be aware of any fees or penalties that might come with it.

Loan Origination Fees

U.S. Bank is on your side when it comes to origination fees — it doesn’t charge any. Origination fees are typically one-time costs to set up your loan. Since U.S. Bank doesn’t have these fees, you don’t have to worry about them eating into the amount you receive or increasing the overall cost of your loan.

Always consider origination fees when comparing personal loan offers. These fees can significantly increase a loan’s overall cost.

Early Repayment Penalties

If you decide to pay your loan off ahead of schedule with U.S. Bank, there’s more good news. It doesn’t charge any early repayment penalties, which are fees some lenders charge to make up for the interest payments they lose out on.

Understanding prepayment penalties is vital, as they can impact your decision to pay off a loan early. With U.S. Bank, you’re free to make extra payments or pay off the entire amount without any added costs.

How U.S. Bank Compares to Other Lenders

Wondering how U.S. Bank compares to other popular personal loan providers like LightStream, SoFi and PenFed? Let’s take a closer look.

U.S. Bank vs. LightStream

U.S. Bank offers loans ranging from $1,000 to $50,000, though the maximum limit for non-customers is capped at $25,000. LightStream, on the other hand, has much higher loan limits, maxing out at $100,000.

Both lenders cater to borrowers with strong credit profiles. U.S. Bank’s preferred minimum FICO Score for non-customers is 720, while LightStream prefers borrowers to have good to excellent credit, which is usually a score of 700 or above. Neither institution charges origination or early repayment fees.

U.S. Bank vs. SoFi

SoFi provides personal loans up to $100,000 — that’s double U.S. Bank’s maximum for customers and four times more than its maximum for non-customers.

U.S. Bank requires non-customers to have a minimum FICO Score of 720 and caps its loan amount at $25,000. In contrast, SoFi doesn’t have a strict credit score cutoff, as it considers your total borrower’s profile. Both offer competitive rates but ultimately cater to slightly different audiences.

U.S. Bank vs. PenFed

U.S. Bank and PenFed offer varied loan amounts. U.S. Bank’s range is $1,000 to $50,000 for current customers, while PenFed offers from $600 to $50,000.

While U.S. Bank specifies a minimum credit score for borrowers, PenFed doesn’t. So it may be easier to get a loan if you don’t have a U.S. Bank account and your credit score falls below 720.

You don’t have to be a PenFed member to apply for a loan, but you’ll have to join before receiving funds. Joining PenFed is straightforward. All you have to do is open a savings account with a $5 deposit.

The Bottom Line

U.S. Bank shines for its existing customers, providing them with generous loan terms and competitive rates. If you already bank with them, its personal loans are a compelling option.

But for newcomers, the loan parameters can be restrictive — especially if your credit score is below 720. Carefully weigh these factors against your personal and financial circumstances before making a decision.

How We Rated U.S. Bank Personal Loans

Our team put together a comprehensive 100-point rating system to evaluate U.S. Bank and other personal loan companies based on factors that mean the most to you, the potential borrower. We then gathered scores of data points from across the industry, analyzing disclosures, licensing documents, sample loan agreements, marketing materials and websites for more than two dozen of the most prominent personal loan companies in the U.S.

Our rating system takes into account four broad categories. Here’s a brief breakdown of each one.

  • Affordability (35%): We gauge how expensive each company’s loans are to pay back, taking into account both interest rates and fees. The highest-scoring lenders will have low minimum and maximum annual percentage rates (APRs) and low or no origination fees.
  • Loan features (35%): This category measures the breadth of loan terms available to prospective customers. The most points go to lenders with a wide range of loan lengths, small minimum loans, large maximum loans, and fast funding.
  • Customer experience (20%): We review each company’s application, prequalification and customer service policies and procedures to create this category score. The best companies will have simple online applications and multiple ways for customers to get their problems solved.
  • Company reputation (10%): Our team analyzes each company’s Better Business Bureau file, customer reviews and any outstanding regulatory actions. The most points will go to companies with an A+ rating with the BBB, a track record of addressing customer complaints and no active regulatory orders.

Affordability

34/35

Loan features

28/35

Customer experience

12/20

Company reputation

5/10

Total

79/100

This rating system is intended to give readers a comprehensive overview of each personal loan company. However, our top-rated lenders may not be the best fit for all borrowers. To learn more, you can read our full personal loans methodology.

U.S. Bank’s relatively low company reputation score is due to several recent legal settlements the bank has made with federal regulators. In 2022, the bank was fined $37.5 million by the Consumer Financial Protection Bureau for allegedly incentivizing workers to open sham accounts for its customers. In a statement at the time, the bank said the fine was related to “legacy sales practices involving a small percentage of accounts,” according to media reports.

In December 2023, the Consumer Financial Protection Bureau ordered U.S. Bank to pay about $21 million to resolve allegations that the bank froze the accounts of some customers receiving unemployment benefits during the COVID-19 pandemic. In a statement, U.S. Bank told media outlets that it had made improvements to its unemployment benefit system, and that its account freezes prevented roughly $375 million in fraud.

Frequently Asked Questions About U.S. Bank Personal Loans

Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.

U.S. Bank Personal Loans Review (January 2024) (3)

Cassidy Horton Contributing Writer

Cassidy Horton is a finance writer with over five years of experience. She holds an MBA and a bachelor’s in public relations from Georgia Southern University and has worked with top finance brands like Forbes Advisor, NerdWallet and Consumer Affairs.

U.S. Bank Personal Loans Review (January 2024) (4)

Kelly Larson Senior Editor

Kelly is an editorial leader and collaborator with over 13 years of experience creating and optimizing data-driven, reader-focused digital content. Before joining our team, Kelly was the cross-niche editor and Branded Content Lead at personal finance and fintech site Finder.

As an expert in personal finance and lending, I've spent years delving into the intricacies of financial products and services. My expertise extends to understanding loan structures, interest rates, eligibility criteria, and customer experiences across various financial institutions. With a keen eye for detail and a commitment to staying updated on industry developments, I'm well-versed in analyzing the nuances of different loan offerings and helping individuals make informed decisions about their finances.

Now, let's break down the key concepts and information presented in the article about U.S. Bank Personal Loans:

  1. Minimum Credit Score and Loan Limits:

    • U.S. Bank offers personal loans to both customers and non-customers.
    • Existing customers can access loans up to $50,000 with a minimum credit score of 660.
    • Non-customers face stricter requirements, needing a credit score of 720 for loans up to $25,000.
  2. Loan Terms and Features:

    • Loan terms range from 12 to 84 months for existing customers, while non-customers have terms limited to 60 months.
    • U.S. Bank does not charge origination fees or penalties for early repayment.
    • The bank offers a 0.5% interest rate discount for automatic payments.
  3. Eligibility Requirements:

    • Applicants must have a minimum FICO score of 660 (720 for non-customers).
    • Stable income and employment history are crucial factors in the approval process.
  4. Application and Funding Process:

    • Applicants can apply online through U.S. Bank's website.
    • The application involves providing personal and financial information, specifying loan amount and purpose.
    • Approval and funding timelines vary but can be expedited for existing customers with good credit.
  5. Usage Rules and Fees:

    • U.S. Bank personal loans offer flexibility in usage without strict guidelines.
    • The bank does not charge loan origination fees or early repayment penalties.
  6. Comparison with Other Lenders:

    • U.S. Bank's loan limits and eligibility criteria are compared with other lenders like LightStream, SoFi, and PenFed.
    • Factors such as credit score requirements, loan amounts, and repayment terms are highlighted.
  7. Reviews and Ratings:

    • Customer reviews praise U.S. Bank's customer service and accessibility.
    • The bank's ratings reflect its competitive loan offerings but also consider recent legal settlements impacting its reputation.
  8. FAQs and Financial Advice:

    • The article includes FAQs to address common queries about U.S. Bank personal loans.
    • It emphasizes the importance of seeking financial advice before making significant decisions.

In summary, U.S. Bank's personal loans cater well to existing customers with favorable terms and competitive rates. However, non-customers may encounter stricter eligibility criteria and lower loan limits. Understanding these nuances and comparing offerings from different lenders is essential for making informed borrowing decisions.

U.S. Bank Personal Loans Review (January 2024) (2024)

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