U.S. Bank At a Glance
- U.S. Bank offers fixed-rate personal loans from 8.74% to 24.99% annual percentage rate (APR).
- Loan terms are 12 months to seven years if you’re a U.S. Bank checking account holder, one of the broader ranges we’ve seen.
- U.S. Bank personal loan amounts range between $1,000 to $50,000.
- Even though you can apply for a personal loan online, you must live near a U.S. Bank branch to finalize the approval. So, if you don’t live near a branch, you can’t get approved for a U.S. Bank personal loan.
Flip Card U.S. Bank
Overall Rating 4.0 / out of 5 stars
Rating breakdown
Affordability 4.9 / 5
Avg. Provider Rating (3.5/5)
Loan Features 4.0 / 5
Avg. Provider Rating (3.5/5)
Customer Experience 3.0 / 5
Avg. Provider Rating (3.5/5)
Company Reputation 2.5 / 5
Avg. Provider Rating (3.5/5)
Our Take on U.S. Bank
U.S. Bank offers its checking account customers the best deals on personal loans, including longer terms, higher loan amounts and funding in as little as a few hours. If you’re already a U.S. Bank customer, its personal loans could be one of your best options. If you’re not a customer, though, you can likely find a better loan elsewhere.
If you set up autopay from a U.S. Bank or external personal checking or savings account, U.S. Bank will give you a 0.50% discount on your loan. It also offers a temporary hardship program, similar to SoFi and Upstart. U.S. Bank doesn’t advertise this program online, so we called for more information and the representative stated U.S. Bank could temporarily lower your loan payment if you face a natural disaster or other qualifying hardship.
Other notable features:
- Minimum credit score: There is no minimum credit score to qualify, but if you want the lowest rate, your credit score must be 800 or higher.
- Loan amount range: $1,000 to $50,000 (or $25,000 if you’re not a U.S. Bank customer).
- Loan terms: 12 months to seven years (or five years if you’re not a U.S. Bank customer).
Important: Where You Live Impacts Whether You Can Get a Loan
If you live in one of the 27 states highlighted blue in our map, you can apply for a U.S. Bank personal loan — but you can only be approved if you live within 50 miles of a branch. This fact isn’t advertised online, but we got the information from a customer service representative.
Even if you live in a state with a U.S. Bank branch, it isn’t guaranteed you can get a U.S. Bank loan. Remember, you need to live within 50 miles of a branch. For example, North Carolina is a state with U.S. Bank branches, but a MarketWatch Guides researcher who lives in Raleigh was denied a loan because there isn’t a branch within 50 miles.
Use U.S. Bank’s branch finder tool to see if there’s a branch near you.
How We Rate U.S. Bank Personal Loans
The MarketWatch Guides team scores U.S. Bank’s personal loans 4.4 out of 5 stars. The overall scoring was calculated from data in four main categories: affordability, loan features, customer experience and company reputation. We considered features like the ability to pick loan terms, funding speed, potential fees and rates.
- Affordability (34/35): U.S. Bank personal loans are fairly affordable and have no origination fee or prepayment penalty. There is, however, a $29 late fee.
- Loan features (28/35): Loan terms and amounts are flexible for members, but a few points are docked due to restrictive features for nonmembers.
- Customer experience (12/20): U.S. Bank does not have chat or email support.
- Company reputation (5/10): U.S. Bank received a penalty from a government regulator within the last three years. Its Better Business Bureau profile is currently being updated.
You can only contact customer service through the phone, and some customers have complained about long wait times. We’d like to note that each time we called U.S. Bank for further information, it took roughly five minutes to speak to a real human.
The relatively poor company reputation rating was due to a penalty in 2023. The Consumer Financial Protection Bureau (CFPB) ordered U.S. Bank to pay $21 million in fines for conduct during the COVID-19 pandemic. U.S. Bank allegedly froze thousands of accounts and failed to provide people a reliable and quick way to regain access to government benefits. The bank also allegedly failed to provide provisional account credits while investigating potentially unauthorized transfers.
In a statement at the time, a U.S. Bank official told the media that the pandemic resulted in a 4,000% increase in demand for its government benefit card program, and the bank was able to save taxpayers hundreds of millions of dollars in fraudulent spending. The bank said it has since improved its program.
Will I Qualify for a U.S. Bank Personal Loan?
If you have a high credit score, strong credit history and little existing debt, you’re likely to qualify for a U.S. Bank personal loan. Generally, the higher your credit score is, the lower your rate will be.
Only a select few U.S. Bank personal loan applicants qualify for the lowest rates. To qualify for the best rates, you must have a credit score above 800 and the loan request must be:
- $10,000 or more
- Between a 12- and 36-month term
- Used only for home improvements
- Set up for autopay
In February 2024, U.S. Bank said it expanded its personal loan acceptance rate by partnering with Pagaya Technologies, a global technology company with AI-powered products for lenders nationwide. If a personal loan applicant is denied, Pagaya will complete a secondary review. If approved, U.S. Bank will set up the loan and service the customer over the loan term.
With this partnership, U.S. Bank can approve thousands of additional personal loan applications that would have previously been denied, the company says.
Credit Score and Financial History
There isn’t a set required credit score to qualify for a U.S. Bank personal loan, but you need a credit score of at least 800 if you want the best rate.
To help you get a better idea of how your credit score can affect your rate, we used U.S. Bank’s personal loan calculator. To use this calculator, you need to input your zip code, the amount you’d like to borrow, term and credit score range.
We input a New York zip code and requested $10,000 for a 24-month term with a credit score below 720. We also added the 0.50% autopay discount. The calculator estimated our rate at 18.49% APR, with a $501.61 monthly payment.
Then, we input the same information but switched our credit score to above 800. Following the switch, our APR and monthly payment lowered to 9.99% and $461.40, respectively.
Income and Employment
In addition to your credit profile, U.S. Bank will assess your income and employment status when reviewing your loan application. While specific income requirements are not provided on its website, having a stable source of income is usually a requirement for personal loans. Applicants with a steady job or a reliable source of income, such as investments or retirement funds, are more likely to meet these criteria.
U.S. Bank Personal Loans Reviews
To give you a better idea of how customers feel about personal loan companies, MarketWatch Guides reviewed thousands of reviews from popular, publicly available user-review sites including Trustpilot, the Better Business Bureau, Consumer Affairs and BestCompany.
We categorized each review to determine whether it was positive or negative. With that data, we normalized scores against each other to create a fair standard. We generated numeral scores to gauge U.S. Bank's ease of use, responsiveness, transparency, reliability and customer service as it relates to other companies in the industry. Scores do not guarantee your experience and are only intended to convey general trends.
U.S. Bank’s Overall Consumer Sentiment rating is 2.8 out of 5 stars. Twenty of the 30 loan companies we reviewed scored at least above 3.0 overall, which suggests many customers aren’t pleased with U.S. Bank. We reached out to U.S. Bank for comment but did not receive a response. In all categories, 3.5 is the average score, and U.S. Bank scored below average in all categories.
- Overall: 2.8
- Ease of Use: 2.6
- Responsiveness: 2.5
- Transparency: 3.0
- Trust and Reliability: 2.6
- Customer Service: 2.6
Flip Card U.S. Bank
Overall Consumer Sentiment 2.8 / out of 5 stars
Rating breakdown
Ease of Use 2.6 / 5
Avg. Provider Rating (3.5/5)
Responsiveness 2.5 / 5
Avg. Provider Rating (3.5/5)
Transparency 3.0 / 5
Avg. Provider Rating (3.5/5)
Trust and Reliability 2.6 / 5
Avg. Provider Rating (3.5/5)
Customer Service 2.6 / 5
Avg. Provider Rating (3.5/5)
Most Praised Features
- Customer-focused branch staff: Several users applauded staff members at local branches for being courteous and assisting in difficult situations like resolving account issues or helping with loan applications. About 11% of positive reviews praised customer-focused staff in branches.
- Helpful fraud protection: Reviews praised the bank's fraud protection measures for successfully identifying and blocking fraudulent activities, although the positive experiences varied. Roughly 5% of positive reviews mentioned positive experiences with fraud protection.
Most Common Complaints
- Customer service inefficiency: Many customers criticized U.S. Bank's customer service for being unhelpful, particularly citing long wait times, unresolved disputes and rude behavior from support representatives. About 34% of negative reviews criticized customer service inefficiency.
- Transparency and fee issues: A significant number of negative reviews highlighted unclear policies regarding loans. Nearly 28% of negative reviews cited transparency issues.
- Response delays: Customers mentioned delays in processing transactions, handling disputes and providing responses to inquiries. About 19% of negative reviews complained about response delays.
Who Are U.S. Bank Personal Loans Best For?
The examples below are fictional but representative of the type of consumer a U.S. Bank loan could be a good option for.
Andrew is an active-duty service member, living in Richmond, Ky., looking to take out a $10,000 loan.
Andrew lives within seven miles of a U.S. Bank branch, and his requested loan amount is within limits. U.S. Bank also offers extra benefits for the military. If Andrew gets his U.S. Bank loan before being called to active duty, the Servicemembers Civil Relief Act (SCRA) allows a waiver of all fees while on active military duty. This means Andrew wouldn’t have to face the $29 late fee if he accidentally missed a payment.
Miguel is a U.S. Bank member, living in Shelbyville, Tenn., looking for a rate-discounted personal loan.
Miguel lives within eight miles of a U.S. Bank branch, making him eligible to apply. He can reap customer benefits, such as a higher loan limit and term. And, if he sets up autopay, he can take advantage of U.S. Bank’s 0.50% discount.
How U.S. Bank Compares to Other Lenders
For non-customers, U.S. Bank has a relatively slow funding speed of up to four days, which is longer compared to other lenders. LightStream or SoFi can fund a loan within the same day. U.S. Bank promotes that customers can receive funds within hours, but doesn’t provide more details.
U.S. Bank has minimal fees compared to other lenders. For example, Upstart has a 0% to 12% origination fee, a $15 ACH return or check refund fee and a $15 late penalty fee — while U.S. Bank just has a $29 late fee.
When it comes to rates, loan amounts and terms, U.S. Bank is generally aligned with most other lenders. Nothing stands out as exceptionally good or bad.
| U.S. Bank | LightStream | SoFi | Upstart | |
|---|---|---|---|---|
| Loan Amount Range | $1,000 to $50,000 | $5,000 to $100,000 | $5,000 to $100,000 | $1,000 to $50,000 |
| Minimum Credit Score | N/A | N/A | 680 | 300 |
| Loan Terms | 12 months to 7 years | 2 to 20 years (varies by loan type) | 2 to 7 years | 3 or 5 years |
| Rates | 8.74% to 24.99% APR | 6.99% to 25.49% APR | 8.99% to 29.49% APR | 7.8% to 35.99% APR |
| Fees | $29 late penalty fee (charged after 5 days of missed payment) | None | None | 0% to 12% origination fee $15 ACH return or $15 late penalty fee |
| Funding Speed | Hours to four days | Up to same-day | Up to same-day | Up to next day |
Helpful Tip:
If you need funds quicker, U.S. Bank also offers a personal line of credit of up to $25,000. To qualify, your FICO credit score must be 680 or higher, and you could receive your funds within hours if approved.
Pros and Cons of U.S. Bank Personal Loans
Pros
Autopay discount: You can get a 0.50% discount on your loan if you set up autopay from a U.S. Bank or external personal checking or savings account.
Temporary hardship program: U.S. Bank can lower your monthly payments if you face a temporary hardship, like a natural disaster. Acceptance for this program varies.
Minimal fees: U.S. Bank doesn’t charge an origination fee, prepayment fee or Automated Clearing House (ACH) return fee.
Waived late penalty fee for military members: If you get a U.S. Bank loan before being called to active duty, the Servicemembers Civil Relief Act (SCRA) allows a waiver of all fees while on active military duty. This means you wouldn’t face the $29 late penalty fee if you accidentally miss a payment.
Cons
Limited availability: Twenty-three states don’t offer U.S. Bank personal loans, and you must live within 50 miles of a branch to be eligible for approval.
Longer funding times: It can take up to four days for your loan to be funded, especially if you are not a U.S. Bank customer.
Limited loan amounts for non-customers: If you’re not a U.S. Bank customer, your maximum loan amount is $25,000 instead of $50,000.
Not transparent: U.S. Bank makes it sound like you can get a loan fully online, with phrases like “Apply for a personal loan without ever leaving your couch” on its personal loans home page. But you need to visit a branch in person to finalize your loan – a huge disadvantage.
U.S. Bank Personal Loans Usage Rules
U.S. Bank considers the following uses to be valid reasons to apply for a personal loan:
- Consolidate your debt
- Finance a home project
- Pay for a wedding
- Take a vacation
- Fund your move
- Cover emergency expenses
Most other lenders don’t allow you to use personal loans to cover a down payment on a home, tuition or business costs. When we contacted a U.S. Bank representative, they stated U.S. Bank does not have any usage rules or restrictions for its personal loans.
Frequently Asked Questions About U.S. Bank Personal Loans
U.S. Bank doesn’t have a set minimum credit score to be approved for a loan. However, if you want the best rate, the bank’s website points out your credit score should be above 800.
It depends — if you don’t live near a U.S. Bank branch, it is impossible to get a loan from U.S. Bank. They require you to finalize the loan at a branch, so if you don’t have one near you, you can’t apply. If you live near a branch, it’s much easier. Because U.S. Bank doesn’t have a minimum credit score, and it recently partnered with Pagaya Technologies to accept more personal loans, it’s considered not too difficult to get a loan from U.S. Bank.
You can receive a loan from U.S. Bank within one to four days, but the bank promotes it can fund U.S. Bank customers within hours. The maximum time estimate is somewhat longer compared to other lenders, like SoFi, which offers same-day funding.
You can start your loan application online with U.S. Bank. The website allows you to resume your application if you can’t finish it in one sitting, and allows you to track the progress. However, the loan needs to be finalized at a physical branch to be approved.
You can only pre-qualify for a U.S. Bank loan if you live within 50 miles of a U.S. Bank branch. You will not be offered a pre-qualifying loan rate if you don’t live near a branch. The application will first have you input the following information: your name, if you’re a current U.S. Bank customer, the amount you want to borrow, what you intend to use the loan for, your annual income and if you own or rent your home. Then, it will request your address. If you don’t live near a branch, the website will reject you without any further information.
U.S. Bank charges a $29 late penalty fee. You’ll only be charged this fee after five days of missed payment.
Learn More About U.S. Bank
See how U.S. Bank stands out in our roundups of the best financial institutions and personal loans available today:
- #2 on Best Short-Term Personal Loans
- #3 on Best Banks for Personal Loans
- #4 on Best Joint Personal Loans
- #4 on Best Personal Loans with a Co-Signer
- #5 on Best Personal Loans with No Origination Fees
- #6 on Best Personal Loans
- #6 on Best Debt Consolidation Loans
- #6 on Best Fast Personal Loans
- #6 on Best Unsecured Personal Loans
- #6 on Best Low-Interest Personal Loans
- #6 on Best Online Personal Loans
- #6 on Best Personal Loan Rates
- #6 on Best Personal Loans for Good Credit
- #6 on Best Emergency Loans
- #6 on Easiest Personal Loans To Get
- #7 on Best Personal Loans for Veterans
Sources:
Federal Trade Commission, Your Credit History.
Consumer Financial Protection Bureau, CFPB Orders U.S. Bank to Pay $21 Million for Illegal Conduct During COVID-19 Pandemic.
U.S. Bank, Personal Loan.U.S. Bank, U.S. Bank Expands Client Access to Personal Loans.
Editor’s Note: Before making significant financial decisions, consider reviewing your options with someoneyou trust, such as a financial adviser, credit counselor or financial professional, since every person’s situation and needs are different.
If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides.com.
