U.S. Bank Personal Loan Review

U.S. Bank is a Minnesota-based bank with over 3,000 branches across the Midwestern United States. It offers full banking services, including savings and checking accounts, mortgages, credit cards, investing services, and personal loans.

Personal loans are a great way to borrow some extra cash if you need to cover an unexpected bill, want to consolidate debt, or want to finance a large purchase.

This U.S. Bank personal loan review will tell you everything you need to know to decide if it’s the lender for you.

In this review:

• What personal loans does U.S. Bank offer?
• U.S. Bank eligibility & application information
• Where to find U.S. Bank personal loan alternatives

What personal loans does U.S. Bank offer?

U.S. Bank offers two personal loans—the Premier Loan and the Simple Loan—and two personal lines of credit—the Premier Line of Credit and Reserve Line of Credit. Below we’ll break down what each product offers.

U.S. Bank personal loans

	U.S. Bank Premier Loan	U.S. Bank Simple Loan
Loan Amounts	$3,000 – $25,000	$100 – $1,000
Terms	12 – 60 months	Up to 3 months
APR	6.49% – 17.99%	N/A (pay $12 or $15 fee per $100 borrowed)
Origination Fee	$0	$0

U.S. Bank Premier Loan

The U.S. Bank Premier Loan is a traditional personal loan, which makes it a great tool for a variety of purposes. You can borrow as much as $25,000.

The Premier Loan has a fixed interest rate and you don’t have to go through any property appraisals or other lengthy approval processes to apply. Just submit your application and U.S. Bank will make a lending decision.

For some, the loan’s greatest weaknesses will be its maximum loan amount and the possibility of an early repayment fee. While $25,000 will certainly be enough for many borrowers, some lenders, such as LightStream, offer loans as high as $100,000.

Additionally, while U.S. Bank doesn’t disclose a prepayment penalty on their site, borrowers have reported that if you pay your loan off within a year of getting the money, you may have to pay a fee of up to 1% of the loan amount. Many other lenders won’t punish you for paying off a loan early.

Pros

• No annual fee or origination fee

• Variety of term options

• Reasonable APR

• Automatic payment discount

Cons

• Must be a U.S. Bank customer

• Prepayment penalty

• Low maximum loan amount

• Better rates are available elsewhere

U.S. Bank Simple Loan

The U.S. Bank Simple Loan is a non-traditional loan that’s available only to U.S. Bank checking account customers who have had the account for at least six months and received direct deposits in each of the last three months.

The loan lets you borrow up to $1,000 in $100 increments, which makes it handy for small expenses that you need help covering—especially if you’re at risk of an overdraft.

The problem with the U.S. Bank Simple Loan is that it is expensive. You’ll pay back the loan over just 3 months after you borrow the money. But while there is no interest charged, you have to pay a $15 fee for every $100 you borrow.

If you sign up for automatic payments, this fee drops to $12. So, if you borrow $400 and use automatic payments, you’ll make 3 payments of roughly $149.33, paying back a total of $448.

While being able to borrow small amounts in $100 increments is nice, it isn’t worth the cost, so you should exhaust your other options before turning to this loan. If getting overdraft protection is your main concern, consider apps like Brigit or Dave.

Pros

• Borrow small amounts easily

• No origination fee or annual fee

• Automatic payment discount

Cons

• High fees

• Must be U.S. Bank customer

• No choice of loan term

U.S. Bank personal lines of credit

	U.S. Bank Premier Line of Credit	U.S. Bank Reserve Line of Credit
Annual Fee	$0	$0
Credit Limits	Up to $25,000	Varies by account
APR	11.75%	21.90%
Cash Advance Fee	4%	N/A

U.S. Bank Premier Line of Credit

The U.S. Bank Premier Line of Credit is a standard line of credit. It works kind of like a credit card, giving you the ability to borrow money as you need it up to a pre-set limit. And you can borrow more as you pay down previous balances.

Overall, this line of credit is a good choice for people who need a flexible source of funding. It offers reasonable rates and has no annual fee, which means you won’t be punished if you keep it open and don’t use it.

The greatest downside is its 4% cash advance fee, which means you’ll want to access the line by making payments with the linked card as often as possible.

Pros

• Reasonable rates

• No annual fee

• Access your credit line instantly

Cons

• High cash advance fee

• Low lending limit

• Must be a U.S. Bank customer

U.S. Bank Reserve Line of Credit

Like the Simple Loan, the U.S. Bank Reserve Line of Credit is more of an overdraft protection tool than anything. With this line of credit, U.S. Bank will cover transactions you make against your U.S. Bank checking account, even if you don’t have enough money in the account to cover the charge.

This can be convenient if you frequently have a low balance in your account and need to make transactions. But like the Simple Loan, this product is very expensive. Although there’s no annual fee, you’ll pay 21.90% APR on your balance, which is comparable to credit card rates.

Plus, if you run too large a balance and U.S. Bank declines to let you overdraft using the line of credit, you’ll still have to pay the insufficient funds fee charged by your checking account.

The Reserve Line of Credit is an acceptable backup to accidentally overdrafting your account, but its cost means you shouldn’t carry a balance on it intentionally.

Pros

• Covers unexpected overdrafts

• No annual fee

• Advance funds into your checking account via online banking or ATM

Cons

• High APR

• If new transactions are declined, you’ll pay an insufficient funds fee

• Must be a U.S. Bank customer

U.S. Bank eligibility & application information

To qualify for any of U.S. Bank’s personal lending products, you have to be an existing customer. Having a checking account will be best because it gives you access to all of the loan features.

U.S. Bank operates in 25 states, primarily in the Midwest. You can open a checking account online or in-person, if you live near a local branch.

U.S. Bank doesn’t disclose some eligibility requirements, such as the minimum credit score it will accept to grant you a loan, but you’ll want to make sure that you have strong credit and enough income to cover the cost of the loan before applying.

If you’re not confident in your ability to qualify for a good rate, consider these bad credit lenders instead.

How to apply

The first thing that you need to do to apply is to sign in to your U.S. Bank online account. Once you’ve done that, you can get started by filling out the application. Once you submit the application, U.S. Bank will review it and give you a lending decision.

Depending on the type of loan you apply for, you may be approved instantly or might have to wait a few days for the bank to fund the loan.

Other info you need to apply

To apply, you may also have to provide some personal identifying and financial information, such as:

• Name
• Address
• Date of birth
• Proof of identity, such as a driver’s license
• Social Security number
• Annual income
• Proof of income, such as bank statements or paystubs.
• Verification of employment

Where to find U.S. Bank personal loan alternatives

If you want a personal loan or personal line of credit, U.S. Bank isn’t the only option available. Many banks and specialized lenders offer alternatives.

If you’re looking for a personal loan, check out our guide to the best personal loans. If a personal line of credit is what you need, look at our guide to the best personal lines of credit instead.