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US Bank doesn’t offer preapproval on its personal loans.
US Bank; Alyssa Powell/Insider
The bottom line: US Bank Personal Loans is a great option for borrowers who already use the bank for their everyday financial needs, as it offers great perks to existing customers. However, it’s not available in all states, and there are loan limitations for non-customers.
US Bank personal loans
If you have a US Bank personal checking or savings account and your loan is approved, you may close it online. If you don’t have a US Bank account, you may need to close your loan in person at a branch.
US Bank doesn’t offer loan preapproval, so your application will require a hard credit inquiry. A hard credit inquiry will show up on your credit report and may lower on your credit score.
US Bank has more than 2,000 branches across 27 states, and you’ll need to live in a state with branch locations or within 50 miles of a branch. Branch locations are available in:
ArkansasCaliforniaColoradoIdahoIllinoisIndianaIowaKansasKentuckyMinnesotaMissouriMontanaNebraskaNevadaNew MexicoNorth CarolinaNorth DakotaOhioOregonSouth CarolinaSouth DakotaTennesseeTexasUtahWashingtonWisconsin Wyoming
Compare Personal Loan Rates
Pros and cons of US Bank personal loans
Pros
Competitive interest rates. Both US Bank’s minimum and maximum APRs are in line with some of the better personal loan offerings. Low minimum loan amount. You can borrow as little as $1,000 with US Bank, which makes it a great option for those who only need a small amount of money to cover an expense.No origination fee or prepayment penalty. Other lenders charge origination fees, which are a percentage of your loan amount that comes out of your overall balance. You can pay your loan off early and not worry about adding any extra expenses. Fast funding. US Bank customers may receive their funds within hours after applying for a personal loan and accepting its terms. Autopay discount. You’ll save 0.50% when you automatically pay from a personal checking or savings account. Joint application allowed. Some borrowers may need to enlist the help of a co-signer to boost their chances of loan approval or to get a lower rate. US Bank allows co-signers on its loans, unlike some competitors.
Cons
Late fee. If you miss a payment by more than five days after the due date, you’ll pay a $29 penalty. Not available in some states. You are able to get a loan in 27 out of 50 states, but if you don’t live in one of those states or within 50 miles of a branch, you can’t get a loan. Worse terms for borrowers who aren’t US Bank customers. Generally, US Bank customers have more loan options than non-customers. Customers can get a term as long as 84 months, while non-customers have a cap of 60 months. There is a 660 minimum credit score for US Bank customers, and an undisclosed higher number for non-customers. You can borrow as much to $50,000 if you are a US Bank customer, but only up to $25,000 if you’re a non-customer.No loan preapproval. The lender will perform a hard credit inquiry after you submit your loan application. A hard credit inquiry will show up on your credit report and may slightly reduce your credit score.
Who is US Bank best for?
US Bank is best for the bank’s existing customers who want to take out a personal loan from the same institution where they already do their banking. The bank offers favorable terms to its customers, including a funding time that may be as short as a few hours — faster than most lenders.
If you aren’t a customer, you may be able to find better terms elsewhere.
How US Bank personal loans compare
While none of the three companies will charge you origination fees or prepayment penalties, Wells Fargo might charge a late fee of as much as $39 and US Bank may charge a late fee of $29. Marcus may be a better option for you if you’re worried about potentially missing a payment.
Marcus offers a loan term range of three to six years, which is shorter than the other two companies’ range of one to seven years. If flexibility in repayment terms is important to you, US Bank or Wells Fargo may be a better choice.
Frequently asked questions
Is US Bank trustworthy?
US Bank, a Better Business Bureau-accredited company, has an A+ rating from the BBB. The BBB is a nonprofit organization focused on consumer protection and trust. The BBB evaluates companies based on their response to customer complaints, honesty in advertising, and openness about business practices.
However, US Bank has been at the center of a few recent scandals. In 2020, US Bank was one of three mortgage servicers that reached settlement agreements with the US Department of Justice to pay a combined $74 million. The DOJ claimed that the servicers didn’t follow certain regulations and made errors that affected borrowers filing bankruptcy.
In that same year, US Bank paid $200 million in a settlement with the government over allegations that the bank approved home loans for insurance when the borrowers did not meet standard underwriting requirements.
In July 2022, the Consumer Finance Protection Bureau fined US Bank $37.5 million for illegally retrieving its customers’ credit reports and setting up checking and savings accounts, credit cards, and lines of credit without their permission. The bank also pressured its employees to sell unwanted products to customers, making those sales a part of employee goals.
If US Bank’s recent scandals make you uncomfortable, you may want to consider a different lender for your auto loan needs.
Is it hard to get a loan with US Bank?
It is easier to get a loan with US Bank if you are a customer of the lender as opposed to a non-customer. The credit score requirement is lower and you’ll be able to take out more money as a customer.
What credit score is needed for US Bank?
There is a 660 minimum credit score for US Bank customers, while there is a higher, undisclosed minimum for non-customers.
Is US Bank a reputable bank?
Yes, US Bank is a reputable bank insured by the FDIC.