- Who is US Bank Best For?
- US Bank Personal Loans Pros and Cons
- How to Apply for a US Bank Personal Loan
- Why You Should Trust Us
- US Bank Personal Loan Frequently Asked Questions
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US Bank 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. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.
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.
US Bank Personal Loan Details
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 might 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 temporarily 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.
Compare Personal Loan Rates
US Bank Personal Loans Pros and Cons
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.
US Bank Personal Loans 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.
How to Apply for a US Bank Personal Loan
1. Formally send in your information for a loan. You'll need to send in basic information, such as your name, address, income, Social Security number and birthday to see what rate you'll get. However, US Bank will conduct a hard credit check to produce your loan details, which will impact your credit score.
2. Look over different loan offers and pick the one you can afford. After you submit your information, US Bank will give you different term options. A shorter term length means larger monthly payments — but you'll save more in interest.
3. Accept your loan terms and plan for repayment. After you sign the document accepting your loan terms, your loan will be approved and funded. Make sure you've worked your loan payments into your budget — late payment may add significant costs to your loan.
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.
US Bank Personal Loan Alternatives
US Bank vs. Wells Fargo Personal Loan
US Bank allows customers to take out up to $50,000. You can borrow up to $100,000 with Wells Fargo. Other options for a larger loans include LightStream Personal Loan or SoFi Personal Loan and might be a better option.
Neither of the companies charge 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.
US Bank vs. PNC Bank Personal Loan
Again, neither company will hit you with origination fees or prepayment penalties, but PNC Bank charges a late fee of $40 or 10% of the payment (whichever is greater). US Bank may charge a late fee of $29.
US Bank has a term length range of one to seven years, while PNC Bank's range is six to 60 months.
Quick tip: Make sure you're getting the best rate possible by checking prequalified personal loan options through a loan marketplace, which shows offers from multiple lenders.
Why you should trust us: How we rated US Bank
We rate all personal loan products in our reviews and guides on a 1-5 scale. The overall rating is a weighted average that takes into account seven different categories, some of which are judged more heavily than others. They are:
- Interest rate (20% of rating)
- Fees (20% of rating)
- Term lengths and loan amounts (15% of rating)
- Funding speed (15% of rating)
- Borrower accessibility (15% of rating)
- Customer support (7.5% of rating)
- Ethics (7.5% of rating)
Each category's weighting is based on its importance to your borrowing experience. Rates and fees have the most direct impact on the overall cost of your loan, so we weigh those the most heavily. Customer support and ethics are still very important parts of the borrowing experience, but do not directly tie to a personal loan's terms, so they have less of an impact on the overall rating.
See more on how we rate personal loans >>
US Bank Personal Loan Frequently Asked Questions
Is it hard to get a personal loan with US Bank? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.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 personal loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.There is a 660 minimum credit score for US Bank customers, while there is a higher, undisclosed minimum for non-customers.
Is US Bank legit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.US Bank is a reputable bank insured by the FDIC. It has an A+ rating from the Better Business Bureau.
Does US Bank offer preapproval? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.US Bank doesn't offer loan preapproval, so your application will require a hard credit inquiry.
Ryan Wangman, CEPF Loans Reporter Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF).In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe. Read more Read less 
Elias Shaya Compliance Associate Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, which ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice.The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate.He joined Insider in February 2022 as a fellow on the compliance team. Read more Read less Top Offers From Our Partners 
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