US Bank Personal Loans Review: Rates, Fees, & Terms

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If you need a personal loan that comes with competitive interest rates and flexible loan terms, US Bank may be for you. This lender offers tons of perks like no fees, multiple types of financing, and next-day funding. Eligible members may receive up to $50,000 per loan, while non-members can still qualify for up to $25,000.

But US Bank does come with a few catches, especially for non-member borrowers. Let’s delve into the nitty-gritty below.

Best for Traditional Personal Loans
US Bank Personal Loan Rates
US Bank Loans
  • Loan Amount
    $1,000 - $50,000
  • Est. APR
    5.99% - 18.49%
  • Learn More
  • Loan Details

US Bank Personal Loans Pros and Cons

Pros:

  • Borrow up to $50,000
  • No origination or prepayment fees
  • May receive the funds within one business day
  • Cosigners accepted

Cons:

  • Prequalification isn’t available
  • You may have to visit a physical branch to apply
  • Non-bank members have to meet stricter requirements
  • Qualifying criteria largely undisclosed online

US Bank Personal Loan Features and Benefits

Quick Funding Times

US Bank is renowned for funding its loans within one business day, while some borrowers may receive their money in just hours. That said, it’s not a guarantee – and if you’re not a member, you may have to wait a little longer.

No Origination or Prepayment Fees

US Bank doesn’t charge a personal loan origination fee or prepayment penalty on its personal loans.

Easy Application Process

The lender offers an easy online application for both members and non-members (with some exceptions). Qualifying applicants can be approved in just minutes!

>> More: Best Personal Loans

No Collateral Required

US Bank offers unsecured personal loans, which means you don’t have to put up your car, house, or family heirlooms as collateral.

Autopay Rate Discount

If you sign up for autopay, you can get a 0.5% rate discount on your US Bank personal loan.

Offers Joint Loans

Applicants can add a co-borrower to their personal loan application. Depending on your credit scores, having a co-borrower may help you get approved or qualify for a lower interest rate or higher loan amount.

US Bank Personal Loan Drawbacks

Stricter Requirements and Smaller Loans for Non-members

US Bank members with an established history can be approved for up to $50,000 with a credit score as low as 660. However, the bank notes that non-members need a higher, undisclosed credit score. Moreover, non-bank members are limited to $25,000 in funding.

No Prequalification

Unfortunately, US Bank doesn’t offer the option to prequalify for a personal loan. As such, applicants will have to agree to a hard credit check to determine their loan amount, term, and interest rate. (Though the bank offers a calculator to estimate what you may qualify for.)

May Need to Visit a Branch

Most people can begin their personal loan application online. However, the lender notes that some borrowers may need to visit a nearby branch to complete their application.

How to Qualify for a US Bank Personal Loan

US Bank doesn’t publicly disclose most of its borrowing requirements. Aside from being over 18 with a valid Social Security or taxpayer ID number, you’ll also need:

  • A minimum credit score of 660 (higher for non-members)
  • A maximum debt-to-income ratio of 60%, including housing
  • A valid address and phone number

How to Apply for a US Bank Personal Loan

If you’re interested in a personal loan from US Bank, you can apply right on the lender’s website. The process is easy: simply click “Apply Now,” login, or continue as a guest, and provide your personal information. Those borrowers who need to visit a branch will be alerted to the fact during the process.

How Do US Bank Personal Loans Compare to Other Lenders?

#1. Upgrade vs. US Bank

Upgrade offers personal loans up to $50,000 and next-day funding in a total of 48 states. The lender’s APR ranges from 5.49% to 35.97%, with secured and joint loans available to potentially lower your rate or increase your qualification chances. Upgrade approves borrowers with credit scores as low as 580.

Borrowers can opt for repayment terms ranging from 2-7 years with Upgrade. You can also take advantage of rate discounts for setting up autopay, payment due date flexibility, and a dedicated mobile app. Plus, there are no prepayment penalties.

That said, Upgrade does charge an origination fee up to 8%, deducted from your total loan amount.

>> More: Upgrade Personal Loans Review

#2. US Bank vs. Upstart

Upstart is an AI-based lending platform that links prospective borrowers with lending partners suited to their needs. The platform uses up to 1,600 variables to increase access to capital. As a result, fair credit borrowers may qualify for funding.

Depending on your circumstances, you may instantly qualify for up to $50,000 in loans with terms ranging from 3-5 years. APR ranges as high as 35.99%, and the lender accepts credit scores as low as 600.

That said, Upstart does charge an origination fee (up to 8%) as well as late, insufficient funds, and even paper copy fees. Additionally, there are no secured loan or cosigner options to lower your rate or improve your approval odds.

>> More: Upstart Personal Loans Review

#3. US Bank vs. Payoff

Payoff is a credit card consolidation lender that offers loans ranging from $5,000 to $40,000. Eligible borrowers can qualify for an APR as low as 5.99% or as high as 24.99% with a minimum credit score of 640.

Payoff is a breath of fresh air compared to some lenders, as the website clearly outlines its minimum borrower qualifications. There are no application, late payment, or prepayment fees to worry about, and loan terms range from 2-5 years.

However, Payoff does have several limitations. You can’t take out a joint loan, and loans come with origination fees of up to 5%. Additionally, you can only use the funds for credit card consolidation purposes.

>> More: Payoff Personal Loans Review

#4. Rocket Loans vs. US Bank

Rocket Loans is most well-known for their mortgage products, but they also dabble in personal loans. Eligible borrowers can take out a loan for any reason, with amounts ranging from $2,000 to $45,000.

All loans come with a fixed APR between 5.97% and 29.99%, no hidden fees, and the opportunity to prequalify with a soft credit check. Rocket accepts borrowers with a minimum credit score of 580, though lower scores may pay higher origination fees.

That said, borrowers should have a minimum credit history of 2 years, with no cosigners or co-applicants allowed. Rocket also limits repayment terms to 3 or 5 years.

>> More: Rocket Loans Review

Frequently Asked Questions

What Can US Bank Personal Loans be Used For?

US Bank doesn’t publicly note any restrictions on personal loans, noting that borrowers may use them for “any purchase or product.” The lender also offers several more targeted loans, such as a “Home Improvement Loan” to pay for everything from kitchen upgrades to solar panels.

How Long Does US Bank take to Approve Personal Loans?

US Bank can approve online applications in under one minute with next-day funding. However, some customers may have to visit a branch to apply, extending the approval time.

What Credit Score is Needed for a US Bank Personal Loan?

US Bank can approve credit scores as low as 660 for existing members. However, the bank notes that non-members have to have a higher (and undisclosed) credit score.

Does US Bank Charge Any Personal Loan Fees?

US Bank doesn’t charge fees or penalties on its personal loans.

Bottom Line: US Bank Personal Loans Review

Overall, US Bank personal loans are best for current members with strong credit. Eligible borrowers can see same-day approval and funding with no fees or penalties and competitive interest rates and terms. Although non-members can also get a loan through this lender, you’ll generally have to have a higher credit score to qualify.

Jordan Blansit
Jordan Blansit

Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.