Personal Loans in the United States of America 2022

Who Is the Best Candidate for US Bank?

A personal loan from US Bank is suitable for clients who already have or intend to create a checking account with US Bank. Existing US Bank checking clients now have access to higher loan limits—$50,000 vs. $25,000. 

Customers of non-US Banks must apply in person. U.S. Bank operates branches in the following 26 states: Arkansas, Arizona, California, Colorado, Iowa, Idaho, Illinois, Indiana, Kansas, Kentucky, Minnesota, Missouri, Montana, North Carolina, North Dakota, Nebraska, New Mexico, Nevada, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, and Wyoming.

Details on a Personal Loan from a US Bank

Amounts and Terms of Loan

  • If you have a checking account with a US bank, you may borrow between $1,000 and $50,000. If you do not have a checking account with US Bank, you are limited to a loan of $25,000. Customers located in California and Nevada, regardless of whether they are US Bank customers, are restricted to borrowing $25,000.
  • Terms of the loan. Times vary from 12 to 60 months for both domestic and international consumers.

Costs of Personal Loans

  • 5.49 percent to 18.99 percent annual percentage rate, which includes a 0.50 percent reduction for autopay borrowers.
  • Origination fees. The United States Bank does not levy origination fees. Numerous other lenders charge an origination fee, which may go into the hundreds of dollars.
  • Fees for late payments. If you are more than five days late, there is a $10 fine.
  • Penalties for early payment. US Bank does not assess prepayment penalties. If you want to repay the personal loan early, you will not be charged additional costs.

Advantages and Features

With the autopay reductions, US Bank allows you to complete your loan online. If you are already a client of US Bank, you may complete the loan application online. If you are not a client, you must finish the loan at a US Bank location.

How to Qualify for a Personal Loan from a US Bank

Various variables determine the approval or denial of personal loan applications. Each lender has its underwriting criteria. Still, they often include information from an applicant’s credit report and other elements that reflect the applicant’s capacity to repay the loan, such as income. While meeting the standards below does not guarantee approval, they may assist you in determining if a personal loan is a good match for you.

Requirements for Credit Scores

Borrowers asking for a personal loan from US Bank must have a minimum credit score of 680 but will likely need at least 720 to qualify for the best rates. 

Requirements for Income

The United States Bank has no specified income restrictions. Your income will play a role in determining how much you may borrow and at what interest rate.

Co-borrowers and Co-signers

Co-borrowers, who will be considered equal applicants for the loan, is permitted by US Bank. The co-borrower must be present when the loan terms are discussed. If the loan is authorized, it will appear on the co-borrower’s credit reports and may harm their credit if the principal borrower defaults on a payment or pays late.

How to Apply for a Personal Loan from a US Bank

Typically, applying for a personal loan includes prequalifying for a rate, filing a formal application, and waiting for loan approval. To apply for a personal loan from a US bank, follow these steps:

  • You may use the US Bank personal loan calculator to determine your eligibility for a specific interest rate. Enter your zip code, the duration, and credit score. Your interest rate and the monthly payment will be calculated using the calculator.
  • Apply for the loan. Complete the whole application after calculating your prices. Personal loans may be applied for online, at a bank location, or at 800-872-2657.
  • Determine the loan’s size and period. The United States Bank provides a variety of loan amounts and periods. Choose the period and monthly payments that are most affordable for your budget.
  • Complete the loan. Before finalizing the loan, US Bank may need more information.
  • Take the money. The funds will be put into your selected US bank account after funding the loan.
  • Commence paying payments. Once you have received your funds, examine your loan account to determine the date of your first payment. You may make payments manually or enroll in automated payments, which feature a 0.50 percent interest rate savings.

When Will Funds Be Received

Typically, an applicant will receive the status of their loan application in less than a minute. If you qualify for the personal loan, you may close it online; however, you may be required to visit a branch if a representative from US Bank requires further information. Funds are accessible within one business day after your loan is closed. If you are looking for other options, browse the lenders online that offer same-day approval. Also, go to their site to check out the Requirements for easy payday loans

Customer Evaluations

U.S. Bank has a TrustPilot rating of 1.3 out of 5 stars with over 300 reviews and a Better Business Bureau rating of 1.11 out of 5 with over 400 reviews. Numerous evaluations express dissatisfaction with US Bank’s customer service. These ratings apply to the whole US Bank, not just its lending section.

Shawanda H. Saldana