U.S. Bank Personal Loans Review 2021
U.S. Bank offers both short- long-term personal loans with fixed interest rates.
- Pays out loan funds relatively quickly
- Accepts co-signers
- Doesn’t charge an origination fee
- Charges a prepayment penalty
- Loans are available only to U.S. Bank customers
- Qualifying criteria undisclosed prequalification unavailable
U.S. Bank provides personal loans for various purposes. Depending on the loan, you can use the funds to consolidate debts, to make major purchases or home improvements, to meet immediate cash flow needs, more.
The lender doesn’t publicly list any restricted uses for loan funds.
U.S. Bank offers two types of loans: a Premier Loan a Simple Loan.
With a Premier Loan, borrowers can receive between $3,000 $25,000 with a fixed interest rate. Repayment terms range from 12 to 60 months. Borrowers pay no origination fee, but the lender may charge a penalty if you pay off the loan within the first year.
You may qualify for an interest rate discount if you set up automatic payments on the loan from a U.S. Bank consumer checking package account.
With a U.S. Bank Simple Loan, you can borrow up to $1,000 in $100 increments, then pay back the debt in three monthly payments. The lender charges no late fee or prepayment penalty. If you pay automatically from your U.S. Bank checking account, you will pay $12 for every $100 borrowed or, if you pay manually, $15 per $100.
Because of the short repayment period relatively high fees, a Simple Loan can carry a high annual percentage rate.
Personal Loan Finder
Select your desired loan amount loan purpose, your credit score range, your state to see estimated annual percentage rates loan terms.
You need to be a U.S. Bank customer to be eligible for a Premier Loan or Simple Loan. With the Simple Loan, you need a checking account with the bank for at least six months, plus three months’ worth of recurring direct deposits. The bank doesn’t disclose further eligibility criteria publicly.
U.S. Bank doesn’t offer prequalification with a soft credit check. If you’re not sure whether you’d qualify on your own, you may be able to apply with a co-signer.
U.S. Bank has an A+ rating with the Better Business Bureau. In 2020, the Consumer Financial Protection Bureau received 42 personal loan-related complaints about U.S. Bank. The issues were related to:
- Getting a line of credit
- Problems with paying off the loan
- Getting the loan
- Problems when making payments
U.S. Bank provided a timely response to the CFPB for all issues, with 28 closed with an explanation, 10 with nonmonetary relief four with monetary relief.
The U.S. Bank personal loan application process can be completed entirely online, from application to closing account management.
Borrowers who are approved for a Simple Loan will receive the funds in their U.S. Bank checking account in minutes.
- People who have a relationship with U.S. Bank
- People who want quick access to their funds
- People who don’t plan to pay off the loan early