U.S. Bank Personal Loans Review 2024

Pros Explained

• Funding available within hours for certain customers: If you are an existing U.S. Bank customer and are approved for a loan, you can receive the funds in your U.S. Bank checking or savings account within 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 existing U.S. Bank customers who need small emergency loans starting at just $100.
• No origination fee or prepayment penalty: Some lenders charge origination fees and prepayment fees, but U.S. Bank doesn’t charge these fees.
• 0.50% autopay discount: By signing up for automatic payments, you can qualify for a 0.50% percentage point discount on your loan interest rate. That discount amount is higher than many other lenders provide, helping you save money.

Cons Explained

• Non-bank customers need 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 720.
• Non-customers have lower loan maximums: Existing U.S. Bank customers can borrow as much as $50,000, but non-customers have a maximum of just $25,000.
• Shorter loan term options for non-customers: While existing customers can have up to 84 months to repay their loans, non-customers are more limited. The maximum loan term for non-customers is 60 months.

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.

In addition to its primary personal loan product, U.S. Bank also offers other loan options for certain customers:

• Home Improvement Personal Loan: Up to $50,000 for qualified checking customers or $25,000 for non-customers
• U.S. Bank Simple Loan: Existing U.S. Bank checking account customers can borrow between $100 and $1,000 and receive the loan funds within minutes. The loan is a short-term emergency loan and is repaid in three monthly installments. Instead of an APR, the loan has a fee of $6 per $100 borrowed.

Time to Receive Personal Loan 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 can take one to four business days for other customers to receive their loan funds after approval.

Borrower Requirements

To qualify for a U.S. Bank loan, you must meet the following requirements: 

• You must be the age of majority in your state.
• You must have a credit score of 660 or higher (720 or higher if you're not an existing U.S. Bank customer).
• You must have a reliable source of income.

U.S. Bank Personal Loan Features

U.S. Bank's personal loans offer the following features: 

• 0.50% 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 doesn't have to be a U.S. Bank account.
• Mobile app: The U.S. Bank mobile app allows customers to view their accounts, make payments, and monitor their credit.

Co-Signers and Co-Applicants

U.S. Bank doesn't allow applicants to apply with a co-signer, but it does permit joint applications. A joint applicant can be a spouse or relative that applies for a loan with you. If approved, they have access to the loan funds and share the obligation to repay the loan.

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

U.S. Bank will not refinance an existing loan, but you may apply for another loan and use that to pay off the first one.

Customer Service

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

Customer Satisfaction

When it comes to customer satisfaction, U.S. Bank has mixed reviews. It was ranked 5th out of 19 lenders in the 2024 J.D. Power U.S. Consumer Lending Satisfaction Study, with a score that was below the segment average.

On TrustPilot, U.S. Bank has a score of 1.2 out of five based on over 1045 reviews. However, many reviews were focused on U.S. Bank's other products and services, so the low rating may not reflect customer experiences with personal loans. Our Combined Consumer Review metric, which is calculated by aggregating Trustpilot, Google, and Better Business Bureau (BBB) reviews, gave it a score of 1.16 out of 5.

How to Apply For a U.S. Bank Personal Loan

U.S. Bank has a pre-qualification tool you can use to check your eligibility and view potential loans with a soft credit check. 

If you decide to proceed with a loan application, you can apply online; the process takes just a few minutes. Here's what to expect: 

1. Get pre-qualified: Visit U.S. Bank's personal loans page and click "Check your rate and apply." Log in using your bank credentials or continue as a guest. Guests must enter their ZIP code.
2. Provide a few details about you and your finances: The app will ask for your Social Security number (SSN) or Individual Tax Identification Number (ITIN), home address, and employment information.
3. Review your loan offers and complete the application: To wrap things up, you’ll have to consent to a hard credit check and submit your completed application

In many cases, U.S. Bank will make a decision within a minute of receiving your application and, if approved, you could receive the loan within a few hours.

Other Banking Services and Loans Offered by U.S. Bank

Other financing products from U.S. Bank include:

• Personal banking products, including checking and savings accounts
• Brokerage accounts
• Business bank accounts
• Credit cards
• Car loans
• Mortgages

Compare U.S. Bank With Other Personal Loan Lenders

The Bottom Line

If you have a checking or savings account with U.S. Bank, it can be a good choice for a personal loan. You can borrow up to $50,000 and receive the funds in your account within a few hours, and you can have up to 84 months to repay the loan. But for those without a U.S. Bank account—and no interest in opening one—U.S. Bank has stricter loan maximums and shorter repayment terms, so you can likely find more options with other lenders.

Where Does U.S. Bank Operate?

U.S. Bank operates branches in 26 states, and it's headquartered in Minneapolis.

What Credit Score Do You Need to Get a Personal Loan from U.S. Bank?

If you have an existing U.S. Bank account, you need a credit score of 660 or higher. If you aren't an existing customer, you need a score of at least 720.

How Much Money Can You Borrow From U.S. Bank?

Existing customers can borrow up to $50,000, while new customers are limited to $25,000.

How Long Does It Take to Get Approved for a Loan From U.S. Bank?

According to U.S. Bank, many customers are approved within one minute. Some applications, particularly from those that aren't existing U.S. Bank customers, may take longer.

Does U.S. Bank Have Zelle?

Yes, U.S. Bank allows its customers to use Zelle to send money to friends and family, and your money is backed by the bank's digital security coverage.

Methodology

Investopedia’s list of the best personal loans is based on comprehensive research of 59 lenders. 

To evaluate and rank personal loan providers, we collected and scored over 2,600 data points from 59 lenders, including traditional banks, credit unions, fintechs, and finance companies. We researched and evaluated 45 criteria such as APRs, loan amounts and terms, fees, customer experience, and more. Research and data collection occurred from July 23 to October 18, 2024. 

We organized the 45 criteria into four categories and weighted 26 (involving more than 1500 data points), using the others for background and editorial richness. We then scored and weighted each criterion to develop our overall star rating for each lender. The categories and their weights for this project are:

• Borrowing Requirements: 24.00%
• Lender Features: 24.00%
• Loan Costs: 30.00%
• Loan Terms: 22.00% 

Learn more about how we evaluated personal loans in our complete methodology.