USAA Personal Loans Review

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USAA is a great resource for its members. It offers many different financial services. One service it offers is personal loans.

Personal loans are great for many different things. You can use them for home improvement projects, to pay off other debt that has high-interest rates, or in the case of emergencies.

You can even use personal loans to build your credit score by paying them back in time!

A USAA personal loan is a fantastic option for USAA members who are looking for a personal loan.

Best for Veterans + Active-Duty
USAA Personal Loans Review
USAA Personal Loans
  • Loan Amount
    $2,500 - $20,000
  • Est. APR
    6.49% - 17.15%
  • Learn More
  • Loan Details

USAA Personal Loans Pros and Cons


  • You can get a .25% rate discount if you set up autopay.
  • Competitive rates when compared to good-credit lenders.
  • No prepayment or origination fees.
  • You have the option to use a co-signer.


  • You can’t prequalify.
  • There is only a small range of loan amounts.
  • There are late fees.
  • You have to be a USAA member.

How USAA Personal Loans Work

First, you have to apply online. It doesn’t take long to fill out the application. If you get approved, USAA will often show you your rate immediately.

You will get your funds transferred into your USAA Bank account within a day, Monday through Friday. USAA offers loans as high as $20,000.

You have to be a member of USAA to get a loan. To be a member of USAA, you must be an active-duty officer or enlisted personnel, National Guard and Reserve officer or enlisted personnel, retired veteran, separated servicemember with an Honorable discharge, officer candidate in commissioning programs, or family of someone who is a member of USAA.

USAA Personal Loans Features and Benefits

Online Application

Their online application is very simple. First, you will need to log into your USAA membership account.

Then you will give your credit information so they can check your credit score, which is based on things like the length of credit history, outstanding debt, and payment history. They will also look at your income.

They may look at your debt-to-income ratio too. You can also estimate your APR and monthly payments by using their online personal loan calculator.

Competitive Rates

USAA personal loans have APRs ranging from 6.49% to 17.15%. These are extremely low APRs. APRs can get as high as 36% or even higher.

APR stands for annual percentage rate. It is the price you are paying to borrow money. It affects how much you pay each month.

While interest rate only includes the interest rate, APR factors in other things like lender fees. But if there are no fees, the interest rate and APR will be the same.

No Origination Fees

There are no origination fees on USAA personal loans. Origination fees pay for the processing expenses that the company pays to process loan applications.

They also pay for customer service. Processes that are covered by origination fees include arranging documents, verifying information, and cross-referencing things.

Origination fees vary between lenders. Origination fees tend to be a percentage of what the loan would be. Some may be called underwriting fees.

No Prepayment Fees

A prepayment fee is a fee that you get if you pay off your loan early. USAA personal loans do not include prepayment fees.

Prepayment fees are meant to keep you locked into your full term so that the lender accrues as much interest from you as possible. It disincentivizes you from paying early by threatening you with a fee.

However, this is harmful to borrowers because paying off a loan early is a good thing and means they are on top of their finances and will have to pay less interest.

USAA encourages you to be financially responsible and therefore doesn’t punish you for paying off your loan early.

Add a Co-Signer

You can add a co-signer with USAA personal loans. A co-signer takes on the legal responsibility of paying your loan back if you don’t.

The loan appears on their credit report just like it does on yours. Co-signers make lenders more comfortable lending to risky borrowers because it makes the lend less risky.

You want a co-signer who can afford the monthly payment, has good or excellent credit and is willing to increase their debt-to-income ratio.

Flexible Loan Terms

Loan terms range from 12 to 84 months- 1 to 7 years. A 12-to-26-month term requires you to borrow at least $2,500.

If you borrow more than $5,000, your term can be up to 48 months. If you borrow more than $10,000, you can finance a 60-month term. A 72-month term needs you to take out a loan of at least $15,000.

Lastly, financing for an 84-month term requires a loan of $20,000. The reason you can’t take 84 months to pay off a $2,500 loan is because the monthly payment would be too small.

Autopay Discount

You will get a .25% rate discount if you set up autopay. The reason USAA does this is to encourage people to use autopay.

Autopay puts the lender’s mind at ease because it means that borrowers can’t forget to pay off their bills.

One of the most common reasons people don’t pay their bills on time is because they simply forget.

Autopay eliminates this option. It ensures that the bill will be paid so long as there are sufficient funds in the account.

Fast Funding Times

You will get your funding within 24 hours Monday-Friday with a USAA personal loan. This can be extremely beneficial.

When you’re paying for an emergency, like an emergency home repair, sometimes funds can’t wait.

Fast funding may just seem like an extra perk, but it can actually make a huge difference if disaster strikes.

What Can You Use a USAA Personal Loan For?

A personal loan gives you money to cover expenses that you didn’t expect. Personal loans are good alternatives to using credit cards because credit cards tend to have higher interest rates.

USAA offers flexible terms as well as no early repayment or application fees. You can use a personal loan to pay off your loans and credit cards that have higher interest.

You can remodel and repair your home. You can also use a personal loan if you have an unplanned expense.

How to Qualify for a USAA Personal Loan

First, you have to be a member of USAA. To be a member of USAA, you must be a family member of someone who is a member of USAA, an officer candidate in commissioning programs, a separated servicemember with an Honorable discharge, a retired veteran, a National Guard and Reserve officer, or enlisted personnel, or active-duty officer or enlisted personnel.

USAA will consider people who have bad credit, especially if they have a co-signer. The better your credit, the better your APR will be.

USAA has good APRs for lenders who target borrowers who have good credit.

How Do USAA Personal Loans Compare to Other Lenders?

#1. USAA Personal Loans vs. Upstart

Upstart will take borrowers who are new to credit. Like USAA, they fund within 24 hours.

However, they might charge an origination fee, and you can only choose between two repayment term options.

Their lowest APR is lower than USAAs, but their highest APR is higher than USAA’s. They will give loans up to $50,000, while USAA offers loans up to $20,000.

>> More: Upstart Personal Loan Review

#2. Upgrade Personal Loans vs. USAA Personal Loans

Upgrade offers a .5% rate discount if you set up autopay, while USAA only offers a .25% discount.

Upgrade will lend up to $50,000, and USAA lends up to $20,000. Their lowest APR is lower than USAAs, but their highest APR is much higher than USAA’s. Just like USAA, they have a wide range of repayment terms.

Unlike USAA, they charge an origination fee. They accept fair and bad credit borrowers, as does USAA.

>> More: Upgrade Personal Loan Review

#3. USAA Loans vs. Avant Personal Loans

Avant personal loans offer up to $35,000, but USAA only offers up to $20,000. Their funding takes 2-3 business days, while USAA can get funds to you within 24 hours. Neither USAA nor Avant have prepayment fees.

Avant has higher APRs than USAA does. They also have up to a 4.75% administration fee, which USAA doesn’t have.

Both USAA and Avant will consider people who have low credit scores. Avant’s loan terms are between 24 and 60 months.

>> More: Avant Personal Loan Review

#4. Prosper vs. USAA Personal Loan

Prosper is a peer-to-peer lending platform. It is designed for fair and good credit borrowers. Prosper has no rate discount for autopay, while USAA has a .25% discount for autopay.

Prosper has a wide range of loan amounts, but USAA only offers up to $20,000. Prosper’s funding time is longer than most lenders; USAA funds within 24 hours, Monday-Friday.

With Prosper, you can only choose between two repayment terms, but with USAA, you have many repayment terms to choose from.

>> More: Prosper Personal Loan Review

#5. USAA Personal Loans vs. NFCU Personal Loans

Just like USAA, there is no minimum credit score to apply for a personal loan. Navy Federal has higher APRs than USAA does.

They give out loans as high as $50,000 while USAA only goes as high as $20,000. Similar to USAA, you have to be a member of NFCU to apply.

They both fund loans quickly, and both have the option to include a co-signer. You can’t prequalify for either loan. Neither loans have origination fees.

Frequently Asked Questions

What Credit Score Is Required for a USAA Personal Loan?

There is no minimum credit score for USAA personal loans. If you have poor credit, you can get a co-signer to help increase your chances of getting a loan and getting more favorable terms.

Can Only Members Apply for a USAA Personal Loan?

You have to be a member of USAA to apply for their personal loans. Membership requirements are listed previously in the article.

How Long Does USAA Take to Fund Personal Loans?

USAA personal loans are funded within 24 hours, Monday-Friday.

Bottom Line: USAA Personal Loan Review

USAA offers great personal loans. Their APRs are low, funds come quickly, and there are no hidden fees.

You can also get a co-signer to increase your chances of being accepted. If you qualify to be a member of USAA, you should absolutely join to get incredible benefits like their personal loan offerings.

Personal loans can be used for almost anything, and it is important to have a lender already in mind ahead of time so that if your loan is an emergency, you don’t have to be shopping around. USAA provides personal loans you can rely on.

Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post,, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.