US Bank offers three types of personal loans, and depending on the loan, you can use the funds to consolidate debt, make major purchases or improve your home, meet immediate cash flow needs, and more. The three types of loans are:
- Personal loan from the American bank.
- US Bank Personal Home Improvement Loan.
- Simple loan from the American bank.
The lender does not publicly list restricted uses of loan funds.
To complete your online application, you will need to provide your social security number, home address, and employment information. Once you submit your application, US Bank will collect your credit information and approval is usually available within minutes.
If your loan is approved and you already have a savings or checking account with a US bank, you can close the loan online. If you don’t have an account yet, you may need to visit a branch to close the loan. Funds are usually available within one business day of closing, but some US bank customers may see funds deposited within hours.
US Bank Personal Loans and Home Improvement Personal Loans offer fixed APRs ranging from 5.99% to 18.49% with terms of 12 to 60 months, and there is no origination fees or prepayment penalties. Current US Bank customers can borrow between $1,000 and $50,000 and non-customers up to $25,000.
With a US Bank Simple Loan, you can borrow up to $1,000 in $100 increments and then pay off the debt in three monthly installments. The lender doesn’t charge any late fees or prepayment penalties, but you’ll pay a $6 fee for every $100 you borrow. Due to the short repayment period and relatively high fees, a simple loan may incur a high APR.
To qualify for a simple loan, you must be 18 years old and have an open checking account with a US bank for at least six months. Additionally, you must have at least three months of recurring direct deposit.
Select your desired loan amount and purpose, your credit score range, and your state to see estimated annual percentage rates and loan terms.
US Bank does not offer prequalification with a soft credit check. If you are unsure if you qualify on your own, you may be able to apply with a co-signer. Minimum loan amounts start at $100 for a simple US bank loan and go up to $50,000 for current customers.
Current US Bank customers can qualify for a personal loan with a credit score of 660 or higher, but borrowers who are not customers will need a higher score.
US Bank does not offer pre-approval with a soft credit inquiry, so applying for a personal loan will likely show up as a serious inquiry on your credit report.
US Bank branches are located at:
- New Mexico.
- North Carolina.
- North Dakota.
- Caroline from the south.
- South Dakota.
US Bank has been accredited with the Better Business Bureau since 1970 and has an A+ rating. It has a 1.3 out of 5 star rating on Trustpilot.
In 2021, the Consumer Financial Protection Bureau received 38 personal loan complaints about US Bancorp, and all received a timely response. Most of the problems were related to loan repayment issues and unexpected charges.
In US News’ personal lender ratings, US 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 of personal lenders by US News is 4.0.
To check 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 can also visit the US Bank website to schedule a virtual, in-person or phone meeting with a representative.
For current US Bank customers, the personal loan application process can be completed entirely online, from application to closing and managing the account. If you are not a current customer, you may need to visit a branch to complete your loan.
- People who are US Bank customers.
- People who want quick access to their funds.