U.S. Bank Personal Loan Review 2017: Best for Silver, Gold or Platinum Checking Account Customers

U.S. Bank only makes personal loans and lines of credit to existing customers. Customers that benefit most from getting a U.S. Bank personal loan are those with Silver, Gold or Platinum Checking accounts and excellent credit scores.

Editor's Rating

4.0

Good for

  • Existing U.S. Bank customers, especially those with Gold Checking accounts
  • Customers with credit scores above 680

Bad for

  • Non-U.S. Bank customers
  • Fee-conscious borrowers
  • Prepaying your loan
  • Personal loans over $25k

U.S. Bank Personal Loan Review 2017: Best for Silver, Gold or Platinum Checking Account Customers

U.S. Bank only makes personal loans and lines of credit to existing customers. Customers that benefit most from getting a U.S. Bank personal loan are those with Silver, Gold or Platinum Checking accounts and excellent credit scores.

Good for

  • Existing U.S. Bank customers, especially those with Gold Checking accounts
  • Customers with credit scores above 680

Bad for

  • Non-U.S. Bank customers
  • Fee-conscious borrowers
  • Prepaying your loan
  • Personal loans over $25k

Editor's Rating

4.0

U.S. Bank Personal Loan Review 2017: Best for Silver, Gold or Platinum Checking Account Customers

Editor's Rating

4.0

Good for

  • Existing U.S. Bank customers, especially those with Gold Checking accounts
  • Customers with credit scores above 680

Bad for

  • Non-U.S. Bank customers
  • Fee-conscious borrowers
  • Prepaying your loan
  • Personal loans over $25k

We think a U.S. Bank personal loan can be a good choice for existing customers of the bank who have Silver, Gold or Platinum Checking accounts and high credit scores. The bank does not allow non-customers to apply, instead requiring applicants have a U.S. Bank deposit account for at least 120 days to be eligible. Customers with Silver, Gold and Platinum Checking Accounts can qualify for significant APR discounts if they enroll in automatic payment for their personal loan. What’s more, taking out a personal loan with the bank will waive all monthly maintenance fees on the Gold Checking Account.

U.S. Bank Personal Loan Review: Should You Apply?

A U.S. Bank personal loan is best suited for customers of the bank with Silver, Gold or Platinum Checking accounts and with high credit scores. You cannot apply for a U.S. Bank personal loan unless you are a customer of the bank.

Good for...Bad for...
  • Existing U.S. Bank customers, especially those with Gold Checking accounts
  • Customers with credit scores above 680
  • Non-U.S. Bank customers
  • Fee-conscious borrowers
  • Prepaying your loan
  • Personal loans over $25k

While you must be a U.S. Bank customer to even apply, the bank’s personal loans are better suited for specific banking customers. If you have a Silver, Gold or Platinum Checking account and enroll in automatic repayment of your loan, you will qualify for a 2% APR discount. This is one of the highest APR discounts we’ve seen for enrolling in AutoPay. Customers with a Gold Checking account will also have their checking monthly maintenance fees waived if they take out a personal loan or line of credit with the bank. You can even qualify for additional 1% APR discount if your personal loan will be used for a green home improvement or energy efficient purchases. These APR discounts do not apply to the personal line of credit.

It’s hard to know what kind of rate you will get as the bank does not provide a way to check your rate online and does not disclose an upper limit on its APRs. When we called the customer service line, U.S. Bank was unable to provide us with its full range of APRs, but did give us quoted APRs for a specific loan. We checked rates in July 2017 on a $10,000 loan for a U.S. Bank customer in southwest Missouri. Assuming you will enroll in AutoPay, the lowest quoted APR for that day was 8.78% for five years, 7.73% for four years and 7.81% for three years. According to the bank, rates are subject to change daily and will be different based on where you are located. Additionally, your creditworthiness will play a major factor in determining your rate. We recommend calling the bank or visiting a branch to get available rates.

We can’t recommend U.S. Bank for fee-conscious borrowers, especially if you plan on paying your loan balance off early. U.S. Bank is one of the few lenders we’ve seen that charges a prepayment penalty on its personal loan. If you prepay your loan balance before the first year is up, you will be charged 1% of the loan amount as a penalty. Each personal loan also comes with a $50 origination fee, and while the line of credit does not have an annual fee, there are ATM cash advance, cash equivalent advance and foreign transaction fees. Moreover, there are late fees and returned payments fees ranging from $25 to $38 on both the unsecured line of credit and personal loan.

Eligibility Criteria

To be eligible for a U.S. Bank personal loan, you must meet the following criteria:

Minimum CriteriaRecommended Criteria
  • Existing U.S. Bank customer with a checking account for at least 120 days
  • Proof of annual income
  • Credit score of 760 or higher to qualify for lowest rates (loan only)
  • Automatic payment from U.S. Bank Silver, Gold or Platinum Checking Account to qualify for lowest rates (loan only)
  • Low debt-to-income ratio

U.S. Bank mainly serves residents in the Midwest, West, Southwest and Northwest. There are no branches on the East Coast.

U.S. Bank Personal Loan Terms and Requirements

U.S. Bank makes unsecured personal loans and lines of credit up to $25,000 for existing customers.

Unsecured Personal Loan Terms and Requirements

Existing U.S. Bank customers can apply for a Premier Loan up to $25,000. If you have a Silver, Gold or Platinum Checking Account and a credit score of 760 or higher, you may qualify for the lowest APR offered.

Loan Amount Range$3,000 - $25,000
APR RangeStarting at 5.99% with AutoPay
Fees
  • Origination fee: $50
  • Late payment fee: $29
  • NSF/returned payment fee: $29
  • No check processing fee
  • Prepayment penalty: 1% of loan amount if prepaid before first year
Loan Terms1 to 5 years
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Unsecured Personal Line of Credit Terms and Requirements

The U.S. Bank Premier Line of Credit allows existing customers to continually draw up to $25,000. Rates on the line of credit are variable and based on the Prime Rate.

Loan Amount Range$5,000 - $25,000
APR Range11.25% variable rate
Fees
  • No annual fee
  • Late payment fee: $27 - $38
  • NSF/returned payment fee: $25 - $35
  • No check processing fee
  • No prepayment penalty
  • ATM cash advance fee: Greater of 4% of advance or $15
  • Cash equivalent advance fee: Greater of 4% of advance or $20
  • Foreign transaction fee: 3% of transaction or advance
Loan TermsFlexible
Repayment OptionsMonthly
Direct Payment to CreditorsNo

Application Process

You must be a customer of U.S. Bank with a qualifying deposit account to apply, but you can apply online, by phone or in person for a personal loan or line of credit. To apply online, you’ll need to log into your U.S. Bank account. You’ll need to supply the bank with your Social Security Number, proof of your current rent or mortgage payment, details of your current employment and proof of annual income. The bank will conduct a hard credit check, and based on this information, will extend you a loan offer or not. You may have to make a branch visit to complete paperwork.

Application ProcessOnline, by phone or in person
Time to Get Funds1-5 business days
Credit CheckHard credit check when you apply
Credit ReportingYes
Cosigners/Co-borrowers Allowed?Yes

How Does U.S. Bank Compare to Other Lenders?

If you’re not a member of U.S. Bank (and even if you are), we’ve compared some other personal loan options below.

U.S. Bank vs. SoFi

For borrowers looking for more than $25,000, SoFi makes unsecured personal loans up to $100,000. Starting APRs are slightly lower than those at U.S. Bank (you can also opt for a variable rate on your loan), and you can select from terms up to seven years. SoFi also provides mortgages, student loans and wealth management services, so you may want to consider it if you’re also in the market for another loan or investing services. One thing that we like about SoFi is that the lender also provides social networking and career development services to all of its members. The company organizes networking events and social outings in major cities across the U.S. You can also get advice on your resume, cover letter and even advice for starting your own company. SoFi is available in all states, except Mississippi and Nevada.

Highlights

  • APRs: 5.49% - 14.24% with AutoPay (variable rates also available)
  • Terms: 3, 5 or 7 years
  • Amounts: $5,000 - $100,000
  • Origination fee: None

U.S. Bank vs. Peerform

We think Peerform is a better choice for borrowers with fair to average credit who may have trouble qualifying at a bank. The minimum credit score required to qualify at Peerform is 600, whereas most banks look for borrowers with credit scores of at least 680. Additional eligibility criteria at Peerform include a debt-to-income ratio under 40%, no current delinquencies, no bankruptcies or other liens in last 12 months, at least one open bank account and at least one revolving account ever opened. Rates and loan amounts at Peerform are very similar to those at U.S. Bank, but you can only select a three-year term for your loan -- which, in our opinion, can make it difficult to repay larger loan amounts. There are no prepayment penalties, though, so you can pay off your loan early. Peerform is available in all states, except Connecticut, Idaho, Iowa, Kansas, Maine, North Dakota, Vermont, West Virginia, Wyoming and Washington, D.C.

Highlights

  • APRs: 5.99% - 29.99%
  • Terms: 3 years
  • Amounts: $4,000 - $25,000
  • Origination fee: 1% - 5%

U.S. Bank vs. RocketLoans

A RocketLoans personal loan is very similar to a U.S. Bank personal loan, but you won’t need to be a member to apply and there are no prepayment penalties. Rates, terms and loan amounts are very comparable between the two lenders, but RocketLoans allows you to check your rate online. We recommend checking your rate with RocketLoans to see what kind of APR you will be offered, as this can give you a good idea of what the bank may offer you. One downside to RocketLoans is that there are significant origination fees, up to 6% of the loan amount. U.S. Bank, on the other hand, only charges a $50 origination fee on its personal loans. RocketLoans also charges late payment, returned payment and check processing fees on its loans. RocketLoans is available in all states.

Highlights

  • APRs: 5.983% - 28.990%
  • Terms: 3 or 5 years
  • Amounts: $2,000 - $35,000
  • Origination fee: 1% - 6%

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