With roots dating back to 1863, U.S. Bank is currently the fifth-largest bank in the country. The bank has more than 2,700 branches and 4,400 ATMs spread across 27 states, along with many of the bank’s products and services offered online.
In addition to unsecured personal loans, U.S. Bank also offers personal checking and savings accounts, credit cards, mortgages, and auto/RV loans, just to name a few.
- Pros and Cons
- Product Specifications
No prepayment or origination fees
Small minimum loan amount
AutoPay discount available
Maximum loan amount is $50,000
Some borrowers will need to visit a branch in person
Only available to U.S. Bank customers
- Origination fee: No origination fee
- Late fee: $29 if your monthly payment is at least five days late
- APR Range 2.99% to 16.49%
- Loan Amounts $1,000 to $25,000
- Loan Terms 12 to 60 months
- Recommended Min Credit Score 700
Pros of U.S. Bank Loans
- No prepayment or origination fees: You won’t incur any application or origination fees when applying for or receiving your personal loan through U.S. Bank. There aren’t any penalties for paying off your loan early, either. You can pay any amount extra toward your balance at any time.
- Small minimum loan amount: While some lenders like SoFi or Peerform require you to take out at least $4,000, U.S. Bank allows you to borrow as little as $100 through its Simple Loan, and as little as $1,000 with its traditional personal loan.
- Generous AutoPay discount available: You may be able to save up to 0.5% on loans of $5,000 or more when you set up autopay through your U.S. Bank personal checking or savings account.
- Competitive APRs: U.S. Bank’s high APR of 16.99% is better than nearly every other lender on the market, and its low APR is among the top third of lenders The Balance has ranked. This accounts for the higher scoring due to the weight given average APR in the scoring model The Balance uses.
Cons of U.S. Bank Loans
- Lower loan limit in two states: U.S. Bank’s standard loan limit is $50,000, but for those in California and Nevada, it is only $25,000.
- Some borrowers will need to visit a branch in person: While many borrowers will be able to complete the process entirely online, others may need to go into a local U.S. Bank branch in order to close their loan.
- Only available to U.S. Bank customers: You need to be a U.S. Bank customer to get a personal loan. This type of requirement is restrictive compared to many non-bank lenders that don’t require you to be a past or current customer to get a loan.
- No prequalifications: While some banks will allow you to prequalify for a loan with a soft credit inquiry before proceeding with your official application, this isn’t an option at U.S. Bank. You’ll have to apply and trigger a hard credit check to see if you qualify.
- Late fee: U.S. Bank charges a late fee for loans paid five days late or more, whereas several online-only lenders don’t charge late fees at all.
U.S. Bank Personal Loan Rates & Terms
What can you expect when you borrow from U.S. Bank?
- Interest rates: From 6.49% to 16.99% APR, depending on creditworthiness
- Repayment term: 12 to 60 months
- Fixed-rate:All U.S. Bank loans have fixed rates, so you don’t have to worry about changing rates and your payment remains consistent
The lowest APR is only available on loans of $10,000 or more with repayment terms of 12 to 36 months.
In addition to more traditional personal loans, U.S. Bank also offers what it calls Simple Loans. Whereas the bank’s traditional personal loans have longer repayment terms and a fixed interest rate, Simple Loans have a three-month repayment term and a flat fee for every $100 you borrow.
You’ll pay $12 per $100 if you make payments from a U.S. Bank consumer checking account, and $15 if you make manual payments. Loan amounts range from $100 to $1,000. You repay your loan in three equal installments, which you can pay manually each month or set up as an auto-draft from your existing U.S. Bank consumer checking account. For example, if you take out a $400 Simple Loan, you’ll pay back a total of $448 ($400 plus $48 in fees) over three months with three payments of $149.33.
While the $12 fee may seem manageable, its APR equivalent is just over 70%, which is considerably higher than U.S. Bank’s traditional personal loan option
How Much Can You Borrow With U.S. Bank?
Borrowers are able to apply for between $1,000 and $50,000 in personal loan funding through U.S. Bank. Although, note that the maximum loan amount in California and Nevada is $25,000. Funds may be available as soon as one business day after the loan closes. For U.S. Bank Simple Loans, loan amounts range from $100 to $1,000. You can choose your loan amount in $100 increments.
U.S. Bank Personal Loan Fees
- Late payment fee: $29 when you're five days late or more
- Prepayment penalty and fees: None
- Origination fees: None for the traditional personal loan, but a Simple Loan charges $12 for every $100 you borrow when you make automatic payments ($15 for manual payments).
How to Get a Personal Loan From U.S. Bank
U.S. Bank personal loans are only available to existing customers. The personal loan application is offered online, and the bank usually provides a funding decision in less than a minute. To finalize the loan, however, some borrowers will need to make an in-person visit to a local U.S. Bank branch.
If you want to open a U.S. Bank account so you can get a personal loan, student checking is the only free option. The U.S. Bank Safe Debit Account has a $4.95 monthly fee that can’t be waived, though it does not charge overdraft fees. If you aren’t a student or don’t need another checking account, you can open a savings account and waive the monthly fee by keeping an average daily balance of at least $300.
U.S. Bank typically makes your loan available within one business day of closing the loan.
Simple Loans have slightly different eligibility rules but equally fast funding. Only customers of six months or longer can get them, and you need at least three months of recurring direct deposits. Also, you have to wait for 30 days after you pay off your Simple Loan before you can apply for a new one.
U.S. Bank personal loan interest rates are competitive with no application or prepayment penalties, and a loan decision is usually provided within minutes. The 0.5% autopay discount is a nice perk, too, making the traditional personal loan a good option for existing customers who can qualify.
If you’re looking to take out a smaller loan, with easy-to-calculate interest rates and repayment options, the U.S. Bank Simple Loan might be the answer. With no late or prepayment fees, quick decisions on loans up to $1,000, and a flat $12 fee per $100 borrowed, you know exactly what you’re getting from the start.
However, borrowers who aren’t already U.S. Bank customers may balk at having to open an account to get a personal loan. Also, while the bank doesn’t specify which customers may have to close their loan in person, this could be a drawback if you don’t have a U.S. Bank in your state or locations are limited. Finally, the bank reserves its best interest rates for certain loans, so it may not be best if you have excellent credit and want to borrow less than $10,000.
We look at 40 data points from dozens of financial institutions to evaluate lenders for our personal loan reviews. Because a loan’s APR can dramatically impact the total cost you pay, we weight that feature the heaviest. But since a great APR usually requires at least a good credit score, we also give points to lenders who may have a higher potential APR but offer loans to people with less-than-perfect credit scores.
Along those lines, we favor lenders who allow you to see if you prequalify before applying for a loan, so you won’t harm your credit score just by applying. Origination, prepayment, and late fees all get counted in our assessment. And lastly, we deduct points from the ratings of lenders with restricted access—for instance, those who require you to first have another type of account with them or to join a nonprofit organization.