What you need to know in regards to a U.S. Bank personal loan
Headquartered in Minnesota, U.S. Bank operates branches all over the country and is one of the largest banks in the usa.
If you're looking for the best personal loan for the situation and are considering U.S. Bank, this is what you need to know about the lender.
Multiple lending options to choose from
U.S. Bank has several kinds of unsecured loans to choose from, so that you can obtain a loan or line of credit based on your needs and plans for the money.
- Personal loan: Best for people consolidating debt or financing a significant purchase, U.S. Bank unsecured loans vary from $1,000 to $50,000, with loan terms between 12 and 84 months.
- Home improvement loan: If you're renovating your home or updating appliances, think about a home improvement loan. U.S. Bank do it yourself loans are unsecured, and you may be able to borrow $1,000 to $50,000 to pay for items for example home repairs, a new bathroom or solar panels.
- Simple Loan: If you need money fast, U.S. Bank's Simple Loan might be for you personally. This type of loan allows you to borrow between $100 and $1,000 for planned and unexpected expenses and obtain the money transferred quickly to your account. Simple Loans have repayment terms of three months, and you will pay a charge for every $100 you borrow. Take note that the fees can translate to an APR that's within the high double digits – but U.S. Bank Simple Loans may still be a less-expensive option to pay day loans.
- Personal credit line: If approved for any personal credit line, you will get ongoing use of funds and pay interest only on the amount you utilize.
Some loans should be closed in person
While you are able to make an application for all U.S. Bank personal loans online, there are some cases where you need to go to a branch personally to finish the borrowed funds process. With U.S. Bank's home improvement loans, for example, some borrowers might have to visit a branch to complete the loan closing process, which may be a hassle.
A closer take a look at U.S. Bank personal loans
Here's some more important information about U.S. Bank personal loans.
- Interest rates – U.S. Bank's interest rates on unsecured loans and residential improvement loans are competitive – using the national average APR for private loans, based on Fed data. You can also qualify for a 0.5% interest rate discount if you sign up for autopay with a U.S. Bank personal checking or savings account.
- Eligibility requirements – To be eligible for a a U.S. Bank personal loan, you must undergo a credit assessment. Plus, U.S. Bank prefers applicants to possess minimum credit ratings of 660 or more.
- No prepayment penalties – There's no prepayment penalty on any U.S. Bank personal loan. Paying down the loan early might help reduce interest fees.
Who is a U.S. Bank personal loan good for?
U.S. Bank unsecured loans can be useful if you are a current customer by having an active U.S. Bank bank account and have fairly strong credit. Like a U.S. Bank customer, you can quickly and easily apply for a personal bank loan on the internet and usually get a decision within a few minutes.
If you're approved, the lender says you may be capable of getting your hard earned money quickly – within one working day with most loan types – making it a great choice for those who have an urgent situation car repair or any other unexpected expense.
U.S. Bank doesn't charge origination fees or prepayment penalties, and it has competitive rates, so a U.S. Bank personal loan could help you consolidate credit debt or finance a significant purchase.
But be cautious before applying for U.S. Bank's Simple Loan, since it includes fees for every $100 you borrow, which can accumulate. If you are additionally a member of a federal bank, you might be in a position to qualify for a payday alternative loan with lower APRs.
How to try to get a U.S. Bank personal loan
To obtain a loan, you'll have to meet several qualifications: be at least 18 years of age, come with an existing U.S. Bank bank account along with a valid Ssn or individual taxpayer identification number, as well as your home address and employment information.
U.S. Bank will then look at your credit, and you'll determine whether you're approved within minutes.
If approved, your funds will be deposited straight into your U.S. Bank checking account.
Not sure if U.S. Bank fits your needs? Consider these alternatives.
If you aren't a U.S. Bank customer or require a larger loan compared to bank offers, consider these lenders.
- SoFi: SoFi lets you check your potential rate online without affecting your credit ratings.
- Wells Fargo: You need to be an existing customer to be eligible, but Wells Fargo offers larger personal loan amounts along with a greater number of rate discounts.
