U.S. Bank offers three types of personal loans, and 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, and more. The three types of loans are:
- U.S. Bank Personal Loan.
- U.S. Bank Home Improvement Personal Loan.
- U.S. Bank Simple Loan.
The lender doesn’t publicly list any restricted uses for loan funds.
To complete your online application, you’ll need to provide your Social Security number, home address and employment information. Once you’ve submitted your application, U.S. Bank will gather your credit information and approval is usually available within minutes.
If your loan is approved and you already have a U.S. Bank savings or checking account, you may close the loan online. If you do not already have an account, you may be required to visit a branch to close the loan. Funds are typically available within one business day of closing but some U.S. Bank customers could see funds deposited within hours.
U.S. Bank Personal Loans and Home Improvement Personal Loans offer fixed APRs ranging from 5.99% to 18.49% with terms from 12 to 60 months, and there are no origination fees or prepayment penalties. Current U.S. Bank customers can borrow $1,000 to $50,000 and noncustomers up to $25,000.
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, but you will pay a $6 fee for every $100 you borrow. Because of the short repayment period and relatively high fees, a Simple Loan can carry a high APR.
To qualify for a Simple Loan, you must be 18 and have a current U.S. Bank checking account that’s been open for at least six months. Additionally, you must have at least three months of a recurring direct deposit.
Select your desired loan amount and loan purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
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. Minimum loan amounts begin at $100 for a U.S. Bank Simple Loan and go up to $50,000 for current customers.
Current U.S. Bank customers can qualify for a personal loan with a credit score of 660 or above, but borrowers who are not customers will need a higher score.
U.S. Bank doesn’t offer preapproval with a soft credit inquiry, so applying for a personal loan will likely show up as a hard inquiry on your credit report.
U.S. Bank branches can be found in:
- New Mexico.
- North Carolina.
- North Dakota.
- South Carolina.
- South Dakota.
U.S. Bank has been accredited with the Better Business Bureau since 1970 and has an A+ rating. It rates 1.3 out of 5 stars on Trustpilot.
In 2021, the Consumer Financial Protection Bureau received 38 personal-loan-related complaints about U.S. Bancorp, and all received a timely response. Most issues were related to problems with loan payoffs and unexpected charges.
In U.S. News’ ratings of personal loan lenders, U.S. Bank received 4.2 out of 5 stars overall, 4.7 for affordability, 4.3 for eligibility and 3.4 for customer service. The median overall rating for personal loan lenders by U.S. News is 4.0.
To check on the status of an application, log in to your application status page or call 800-720-2265. To reach customer service, call 800-USBANKS or 800-872-2657. You may also visit the U.S. Bank website to schedule a virtual, in-person or phone appointment with a representative.
For current U.S. Bank customers, the personal loan application process can be completed entirely online, from application to closing and account management. If you are not a current customer, you may need to visit a branch to close your loan.
- People who are U.S. Bank customers.
- People who want quick access to their funds.