US Bank Personal Loan Review

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Main advantages

Loans as small as $1,000

If you run into a small emergency, like a broken water heater, a larger loan could leave you with money left over (and you’ll have to pay it back). The fact that you can borrow as little as $1,000 from US Bank means that you can take out only the amount you need.

Relatively low interest rates

Interest rates vary by lender, with US bank rates falling somewhere in the middle. There are other lenders with lower interest rates at the lower end of the range, but much higher interest rates at the higher end.

No origination or prepayment fees

Whether you’re applying for a loan to consolidate debt or remodel your kitchen, it’s important to save money where you can.

Credit scores as low as 660 acceptable

While a borrower with a 660 credit score is likely to be offered an interest rate at the higher end of the range, it’s far superior to most loans that don’t require any credit checks. For example, payday lenders typically charge 400% or more for a two-week loan.

fast financing

As long as US Bank doesn’t hit any bumps in the road while processing your loan application, you’ll likely receive your funds within one business day.

A+ rating from the Better Business Bureau

Whether you’re at a car dealership applying for a car loan, a mortgage lender applying for a mortgage, or taking out a consolidation loan, it’s important to work with a respected lender.

What can be improved

You must be a US Bank customer to access the best loan options

It’s possible to become a US Bank customer, but if you’re not looking for a new bank, it may not be something you’re interested in doing. However, only US Bank customers are eligible to borrow up to $50,000 and can take care of the entire loan process online.

lack of transparency

While US Bank says it makes loans to borrowers with credit scores as low as 660, it’s unclear how the bank determines whether an applicant is qualified. Knowing in advance what US Bank is looking for can help you decide if it’s worth applying.

No opportunity to prequalify

Taking advantage of the fact that US Bank does not make it clear what it is looking for in a loan client, the bank does not allow applicants to pre-qualify. That means US Bank runs a thorough credit check on each applicant, tweaking their credit scores a bit in the process.

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