If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.
U.S. Bank has been around since 1863, a big name in personal lending. Like most personal loans, the lowest interest rate is reserved for the most highly qualified borrowers, but that doesn't mean borrowers with a lower credit score should look elsewhere. Here, we'll lay out what's good (and not so good) about the lender in our U.S. Bank personal loans review.
The lower interest rate range makes a U.S. Bank personal loan an excellent option for consolidating existing debt or paying off medical expenses.
Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.
Lender | APR Range | Loan Amount | Min. Credit Score | Next Steps |
---|---|---|---|---|
![]()
Apply Now for Discover Personal Loan
Powered by Credible
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
7.99% - 24.99%
|
$2,500 - $40,000
|
660
|
Apply Now for Discover Personal Loan
Powered by Credible |
![]()
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
7.80% - 35.99%
|
$1,000 - $50,000
|
None
|
|
![]()
Apply Now for Best Egg
Powered by Credible
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
8.99% - 35.99%
|
$2,000 - $50,000
|
550
|
Apply Now for Best Egg
Powered by Credible |
This personal loan is a good fit for: U.S. Bank customers who want to consolidate existing debt.
If you're hit with a small emergency, like a broken water heater, a larger loan could leave you with money left over (and will need to repay). The fact you can borrow as little as $1,000 from U.S. Bank means it's possible to take out only the amount needed.
Interest rates vary by lender, and U.S. Bank rates hit somewhere in the middle. There are other lenders with lower interest rates on the bottom end of the range, but much higher interest rates on the upper end.
Whether you're taking out a loan to consolidate debt or to remodel your kitchen, it's important to save money where you can.
Although a borrower with a credit score of 660 is likely to be offered an interest rate at the higher end of the range, it's far superior to most loans that require no credit check at all. For example, payday lenders routinely charge 400% or more for a two-week loan.
As long as U.S. Bank doesn't run into any bumps in the road as it processes your loan application, you are likely to receive funds within one business day.
Whether you're at a car dealership applying for an auto loan, at a mortgage lender applying for a mortgage, or taking out a consolidation loan, working with a well-respected lender is important.
It is possible to become a U.S. Bank customer, but if you're not looking for a new bank, it may not be something you care to do. However, it's only U.S. Bank customers who qualify to borrow up to $50,000 and who can take care of the entire loan process online.
While U.S. Bank says that it makes loans to borrowers with credit scores as low as 660, it is unclear how the bank determines whether an applicant is qualified. Knowing in advance what U.S. Bank is looking for can help you decide whether it's worth applying.
Piggybacking on the fact that U.S. Bank does not make it clear what it's looking for in a loan customer, the bank does not allow applicants to prequalify. That means U.S. Bank runs a hard credit check on each applicant, dinging their credit scores a bit in the process.
The ideal way to qualify for any loan is to put your best foot forward. The following steps will help:
You can apply for a U.S. Bank personal loan online, by phone, or in person. To apply for a loan, it will be helpful to gather the following information and documents:
If approved, you'll be asked to sign the loan agreement and let U.S. Bank know where you want funds deposited.
Whether you work full-time, are currently unemployed, or are happily retired, the single most important thing you can do before signing for any financial product is to shop around.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.