U.S. Bank Personal Loans Review 2024

A U.S. Bank personal loan is best for customers who already have or plan to open a U.S. Bank checking account. That’s because current U.S. Bank checking customers can access larger maximum loan limits—$50,000 compared to $25,000.

Non-U.S Bank customers must apply in person. U.S Bank has branches in 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.

U.S. Bank Personal Loan Purposes

Permitted Uses	Prohibited uses
Medical bills	Home purchases
Debt consolidation	Secondary education expenses
Vacation
Wedding
Home repairs or remodeling

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Loan Amounts and Terms

• Loan amounts. If you currently have a U.S. Bank checking account, you can borrow between $1,000 and $50,000. If you don’t have a checking account with U.S. Bank, you can only borrow up to $25,000. Customers based in California and Nevada are also limited to borrowing $25,000, even if they are U.S. Bank customers.
• Loan terms. Terms range from 12 months to 60 months for noncustomers and up to 84 months for customers.

Personal Loan Costs

• APR. 8.24% to 24.99%, which includes a 0.50% discount for borrowers enrolled in autopay.
• Origination fees. U.S. Bank does not charge any origination fees. Many other personal loan companies assess an origination fee, which can cost hundreds of dollars.
• Late fees. There is a $10 fee if you’re at least five days late.
• Prepayment penalty fees. U.S. Bank does not charge a prepayment penalty. If you want to pay off the personal loan early, you will not have to pay any extra fees.

Perks and Features

In addition to the autopay discounts, U.S Bank also lets you finalize your loan online. If you’re currently a U.S. Bank customer, you can complete the loan process entirely online. If you’re not a customer, you’ll have to visit a U.S. Bank branch to complete the loan.

Personal loan applications are approved or declined based on a number of factors. All lenders have their own unique underwriting requirements, but these typically include information from an applicant’s credit profile and other factors that demonstrate the ability to repay the loan, such as income. Meeting the requirements below won’t guarantee approval, but they can help you decide if a personal loan is the right fit for you.

Credit Score Requirements

Borrowers applying for a personal loan through U.S. Bank will need a credit score of at least 660 to qualify, but you’ll likely need a score of at least 720 to qualify for the lowest rates.

Income Requirements

U.S. Bank does not state any specific income requirements. Your income will be one factor that determines how much you can borrow and what kind of interest rate you receive.

Co-signers and Co-borrowers

U.S. Bank allows for co-borrowers, who will be equal applicants on the loan. The co-borrower must be present to go over the loan details. If approved, the loan will show up on the co-borrowers’s credit report and could negatively affect their credit if the primary borrower misses a payment or pays late.

Related: Co-Borrower Vs. Co-Signer: Which Should You Use On Your Loan?

Applying for a personal loan typically involves prequalifying for a rate, submitting a formal application and awaiting loan approval. Follow these steps to apply for a U.S. Bank personal loan:

1. Check your potential rates. Before you fill out an official application, you can use the U.S. Bank personal loan calculator to see what interest rate you may qualify for. Input your zip code, the amount you want to borrow, the term you’re interested in and your credit score range. The calculator will show an estimate of your interest rate and monthly payment.
2. Apply for the loan. After you calculate your rates, complete the full application. You can apply for a personal loan online, at a bank branch or by calling 800-872-2657.
3. Choose the loan amount and term. U.S. Bank offers a range of loan amounts and terms. Decide which term and monthly payment best fits your personal budget.
4. Finalize the loan. U.S. Bank may ask for more information before completing the loan.
5. Receive the money. After the loan is funded, the money will be deposited in your designated U.S. bank account.
6. Start making payments. Once you receive your money, review your personal loan account to check your first payment date. You can either make manual payments or sign up for automatic payments, which include a 0.50% interest rate discount.

Time to Receive Funds

An applicant typically will learn their loan approval status in less than a minute. If you qualify for the personal loan, you may close your loan online; however, you may need to visit a branch if a U.S. Bank representative needs more information. After your loan closes, funds are available within one business day.

U.S. Bank has 1.3 out of 5 stars on TrustPilot with more than 300 reviews and a rating of 1.11 out of 5 from the Better Business Bureau (BBB) with more than 400 reviews. Several reviews complain about U.S Bank’s poor customer service. However, take these reviews with a grain of salt. These ratings reflect U.S. Bank as a whole, not just their personal loan division.

The best personal loans offer competitive rates, flexible loan amounts and a wide range of terms. Here’s how U.S. Bank personal loans stack up against other popular lenders:

U.S. Bank vs. Wells Fargo

Wells Fargo provides personal loans with 12 to 84-month terms and loan amounts ranging from $3,000 to $100,000. However, while you may receive a slightly lower interest rate through U.S. Bank, both banks offer nearly identical APR ranges. Similar to U.S. Bank, Wells Fargo personal loans are best for Wells Fargo customers.

Related: Wells Fargo Personal Loans Review

U.S. Bank vs. SoFi

SoFi offers personal loans of up to $100,000 for qualified borrowers, which is potentially four times higher than U.S. Bank, depending on if you’re a current customer or not. If you’re limited to borrowing $25,000 through U.S. Bank because you’re not a current customer or you live in Nevada or California, SoFi may be a good alternative to access more funds.

Related: SoFi Personal Loans Review

U.S. Bank vs. LightStream

Like SoFi, LightStream offers personal loans up to $100,000 and interest rates lower than 3%, depending on the loan purpose and your creditworthiness. LightStream will also beat any competing offer, so if you find a lower interest rate with U.S. Bank, LightStream will beat it by 0.1%. Choose LightStream if you are a highly qualified applicant who wants to access the most favorable terms.

Related: LightStream Personal Loans Review

We reviewed U.S. Bank based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We rated U.S. Bank based on the weighting assigned to each category:

• Loan cost: 35%
• Loan details: 20%
• Eligibility and accessibility: 20%
• Customer experience: 15%
• Application process: 10%

Within each category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at credit score requirements, whether the lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated U.S. Bank’s support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.

To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our Loans Rating & Review Methodology.