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A USAA Personal Loan is specifically geared toward military service members, veterans, and their family members. USAA was founded in 1922 and currently has 13 million members. This USAA Personal Loan review will outline how USAA compares to other banks, and help determine if it is the best personal loan for you.
This personal loan is a good fit for eligible members who need a personal loan up to $100,000 quickly without application or early repayment fees and also want to take advantage of USAA's other financial products and services.
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 |
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Apply Now for Discover Personal Loan
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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.
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7.99% - 24.99%
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$2,500 - $40,000
|
660
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Apply Now for Discover Personal Loan
Powered by Credible |
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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.
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7.80% - 35.99%
|
$1,000 - $50,000
|
None
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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: Eligible members who need a personal loan quickly up to $100,000 without application or early repayment fees and also want to take advantage of USAA’s other financial products and services.
No application or prepayment fees: USAA does not charge personal loan application fees or early prepayment fees. Some banks charge loan origination fees that typically run between 1% and 8%. No prepayment fees means borrowers can pay off their loan faster at any time without being penalized.
Interest rate discount for automatic payment: Borrowers who enroll in autopay will receive a 0.25% discount on their interest rate.
Flexible loan options: USAA offers borrowers a maximum amount as high as $100,000 and repayment terms as long as 84 months. You can also add a co-borrower to a personal loan. If you have bad credit, adding a co-borrower with a better credit score can help you qualify and potentially get a better interest rate. You can find a loan option that will fit your budget and needs.
Get funds quickly: The online application process takes a few minutes and if approved, borrowers can receive their funds as soon as 24 hours after closing.
Wide range of financial products and services: USAA is a one-stop shop for financial products, ranging from banking to insurance and personal loans. If you are looking for a bank that has all the features you need in one place, then USAA is a good fit.
Customer service: USAA is known for its high customer service ratings. According to the 2023 J.D. Power U.S. Consumer Financing Satisfaction Study, USAA is ranked No. 2, with a score of 832 out of 1000. The industry average is 744.
Only military members, veterans, and family members qualify: Eligibility for a USAA Personal Loan is limited to only:
Longer payment terms require higher personal loan amounts: Loan repayment terms range from 12 months to 84 months. The length of the term depends on the amount borrowed. Loans that are longer than 60 months (five years) must meet higher credit score requirements.
Cannot be used for higher education: USAA places certain restrictions on how the personal loan can be used. A USAA Personal Loan can't be used to cover higher education expenses.
No prequalification for a loan: Borrowers are unable to check to see what they would prequalify for without applying for a loan. This results in a hard credit score inquiry, which can lower your score. The website only offers a loan calculator. Make sure you have shopped around and want to get a USAA Personal Loan before applying. Lowering your credit score just to check to see what your rate may be is a mistake when taking out a loan.
USAA does not disclose on its website all the qualifications needed to qualify for a loan. However, the basic requirements are:
USAA has an easy personal loan application process:
USAA is an organization that has been serving the military community for nearly a century. From banking to insurance, it offers a wide range of services to its members. To be eligible for membership, you must be an active-duty or retired service member, an honorably discharged veteran, or a family member of one of those groups.
USAA does not offer the ability to pre-qualify for a personal loan. USAA will do a hard inquiry on your credit when you apply for a personal loan.
Funds are generally transferred within two business days upon receipt and verification of all required documents. In most cases, USAA will give immediate notification of approval status.
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.