Are U.S. Bank Personal Loans Worth It?

(July 2024)

Are U.S. Bank Personal Loans Worth It?

In This Article

Our Verdict

Consider US Bank personal loan if you want a Bank with low-interest rates which allows you to complete the application for the loan online. 

US Bank is available in only 25 States of the United States.

Don’t expect good customer service with US Bank like many other large banks due to the enormity of customers it deals with. Know that US Bank personal loan has one of the lowest interest rates on its loans with a maximum of 21.24%.

Here’s other relevant information you need to know:

US Bank (US Bancorp).

Corporate Headquarters U.S. Bank

800 Nicollet Mall

Minneapolis, MN 55402

United States of America

Phone Number: 800-712-5407

www.usbank.com

Pros

  • Loan amount up to $50,000 for Customers
  • No origination fee payment
  • 0.5% discount on autopay
  • Finalization of loan online for existing customers
  • Allowance of Co-signing or Joint borrowing
  • No prepayment fees

Cons

  • Loan amount for non-existing customers, customers in California and Nevada, not more than $25,000
  • Finalization of loans by non-existing customers by personal visit to the office
  • No Co-signing or Joint Application
  • No use of loans for secondary school education expenses
  • Only available in 26 States of the United States

Who This Product Is Best For

Think of US Bank personal loan if you:

  • Is a US Bank customer resident in one of the 26 States where US Bank is available except California and Nevada
  • Don’t want to pay the origination fee
  • Will prefer to complete the loan application online
  • Wants to set up an automatic repayment system

Who This Product Isn't Right For

Consider another personal loan option if you:

  • Want to use the loan for secondary school education expenses
  • Want to complete a loan application online but not a US Bank customer
  • Are a non-existing customer of US Bank and needs more than a $25,000 loan

What This Product Offers

  • Emergency loan

When you need money quickly and it’s not like you will get it on time, reach out to US Bank for an emergency loan.

  • Home Improvement loan

Think of a US Bank Home Improvement loan to change the face of your home to meet your taste. Build a garage or enlarge the number of rooms in your home.

  • Debt consolidation loans

Do you have several debts you repay every month, think about the US Bank debt consolidation loan. Consolidate the entire debt into a single loan that you can easily repay. Compare the interest rate on several loans with the interest rate of US Bank’s debt consolidation loan and settle for it if the accumulations of the interest rates surpass the US Bank debt consolidation loan’s interest rate.

  • Moving loan

Consider a US Bank Moving loan to fund your move to other accommodations either within or outside your state.  If you intend to rent a truck or mover for your movement, use the US Bank Moving loan as your bail-out.

  • Wedding loans

If you have a wedding to prepare for urgently and you have money challenges, approach US Bank for wedding loans to reduce the pressure while you pay back later.

Product Details

Emergency Loan

Approach US Bank for an Emergency loan, when an emergency arises but the fund is not available anywhere else to meet the need.  Don’t worry about the collateral because the US Bank’s Emergency loan is unsecured.

Keep in mind that even though the emergency loan covers your needs, it does not come cheap, the US Bank emergency loan interest can be up to 21.24%; failure to pay up your monthly payment in just 5 days after the due date means you pay a late penalty of $10. Review the terms carefully to know all the fees you have to pay and the charges you can avoid and what to do to avoid them.

Loan amount

$1,000 to  $25,000 ($50,000 for customers)

APR

8.74%-21.24% (0.5% for autopay)

Terms

12-60 months (84 months for customers)

Repayment Term

Monthly

Fees

Varies

Availability

26 states

Funding speed

Within 1 working day

Home Improvement Loan

Don’t let your lack of Home Equity deter you from approaching US Bank for Home Improvement Loan as its personal loans are unsecured. Consider the US Bank Home Improvement Loan even if you want to renovate your home and sell.

Do the estimation of what you need to do for the Home improvement project, cross-check with the US Bank rate for the amount, and decide whether you will apply or not. Think through the interest rates and the time to repay to determine the wisdom in settling for the loan.

Loan amount

$1,000 to  $25,000 ($50,000 for customers)

APR

8.74%-21.24% (0.5% for autopay)

Terms

12-60 months (84 months for customers)

Repayment Term

Monthly

Fees

Varies

Availability

26 states

Funding speed

Within 1 working day

Debt Consolidation Loans

Think about the challenges of managing several debts at the same time; consolidate all your debts into a single loan which you service every month until you settle it all.

Let the interest rate on the US Bank debt consolidation loan in comparison with the accumulations of the interest rates of all the debts you are servicing be the determinant in your subscription to the product.

Before you choose a US Bank debt consolidation loan, consider the amount available to non-existing customers or a customer that lives within California or Nevada and compare it with the amount that is enough to cover the consolidation

Loan amount

$1,000 to  $25,000 ($50,000 for customers)

APR

8.74%-21.24% (0.5% for autopay)

Terms

12-60 months (84 months for customers)

Repayment Term

Monthly

Fees

Varies

Availability

26 states

Funding speed

Within 1 working day

Moving Loan

Seek a US Bank Moving loan when you have to relocate or change accommodation.

Do you need movers or even secure moving insurance coverage? US Bank Moving loan is the best bet for you.

Understand that you don’t have to think of collateral for the loan as it is unsecured.

The loan amount available for the US Bank Moving loan is within $1000 to $50,000, but you must know that the maximum amount available to you depends on your status as US Bank existing customer or whether you live in California or Nevada.

Loan amount

$1,000 to  $25,000 ($50,000 for customers)

APR

8.74%-21.24% (0.5% for autopay)

Terms

12-60 months (84 months for customers)

Repayment Term

Monthly

Fees

Varies

Availability

26 states

Funding speed

Within 1 working day

Wedding Loans

If you have a wedding to prepare for and the funds you need are within the range of $25,000, approach US Bank for wedding loans.

Once US Bank approves your loan, expect your fund’s disbursement within 24 hours.

The US Bank’s wedding loans pay for wedding rings, and honeymoons and pay for wedding venues

Loan amount

$1,000 to  $25,000 ($50,000 for customers)

APR

8.74%-21.24% (0.5% for autopay)

Terms

12-60 months (84 months for customers)

Repayment Term

Monthly

Fees

Varies

Availability

26 states

Funding speed

Within 1 working day

Where This Product Stands Out

Does not Pay Origination Fee

Don’t worry about payment of the origination fee with the US Bank personal loan. 

You need to know that not paying the origination fee helps you to save money that you can deploy into other charges.

Gives Discount on Autopay

To reduce your interest rate ultimately, set your monthly repayment on autopay. US Bank gives a 0.5% discount to you if you set an autopay.

Deploy the funds you safe from both the non-payment of the origination fee and the autopay discount to augment the charges on your US Bank personal loan.

Allows Online Application For Loan

Apply and complete your loan application online without having to pay a visit to the US Bank branch in the state. This gesture by the Bank is commendable as it saves time.

Know however that if you are not an existing customer of the US Bank, you can only commence the application online but cannot complete it online; you still have to visit the Bank near to you.

Where This Product Falls Short

Loan Limit of Some Customers Higher Than Others 

Don’t apply at US Bank, if you are an existing customer of the bank but reside in California or Nevada and the amount of loan you need is more than $25,000.

If you are a US Bank existing customer, and you don’t live in California or Nevada, your loan limit is up to $50,000.

Does not Allow Use For Secondary School Education Expenses

Look for another lender if you need money to pay for secondary school education expenses because US Bank does not allow the use of a loan for secondary school education expenses payment.

Know that other banks allow the use of loan money for secondary school education expenses, look for them and meet their requirements.

How to Qualify for This Product

Reach out to US Bank for specific details relating to each type of personal loan criteria;

Get your basic information like full address and email ready and then pay specific attention to your; 

Credit History 

Keep in mind that US Bank’s official minimum credit score is 660+ FICO, however, you should present a credit score that’s up to 700+ FICO

Know that with a low credit score, your loan approval comes with incredibly high-interest rates.

How to Apply for This Product

Make sure to include the following in your paperwork when applying for US Bank personal loan. 

  • Personal bank account
  • Recent personal tax returns
  • Address, social security number, SSN, etc.
  • Employment details
  • Residency information
  • Date of birth
  • Full name, home address, telephone

Alternative to This Product

Regions Bank

Think of Regions Bank if the funds you need are more than $25,000.  Keep in mind that with Regions Bank you are likely paying more interest rates; Regions Bank’s APR can be up to 29.99%.

Lightstream

Consider Lightstream if you need a larger loan with longer terms and a more fair APR. Get up to $100,000 in personal loan with up to 7 years repayment maximum of 24.49% interest rate.

Customer Reviews

Don’t expect reasonable customer service from US Bank as the customer reviews from about 700 customers through both BBB and TrustPilot show a dismal rating of 1.11 and 1.2 out of 5 respectively.

Methodology

We reviewed US Bank Personal loans based on 20 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience, and the application process. We rated US Bank personal  loans based on the weighting assigned to each category:

  • Loan cost: 35%
  • Loan details: 25%
  • Customer experience: 20%
  • Eligibility and accessibility: 10%
  • Application process: 10%

Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, and applicable fees. We also looked at minimum credit scores and the geographic availability of the lender.

Finally, we evaluated US Bank personal loans, customer support tools, borrower perks, and features that simplify the borrowing process—like online applications, prequalification options, and mobile apps.

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