This large national bank may have a loan that meets your financial needs.
U.S. Bank is the fifth-largest financial institution in the US, operating in 25 states through more than 3,000 offices and 5,000 ATMs. Known for the quality of its services, U.S. Bank offers its customers loans for nearly any of life’s needs. But with strict limitations on how borrowers use funds, it may not be the best option for those who want more flexible options.
What types of loans does U.S. Bank offer?
U.S. Bank offers a variety of loans that can be used to fund nearly every aspect of life.
- Personal loans and unsecured lines of credit. U.S. Bank offers personal loans with fixed monthly payments and competitive interest rates. It also has a Premier Unsecured Line of Credit that ranges from $3,000 to $25,000 and comes with competitive fixed rates.
- Simple Loan. U.S. Bank has a short-term loan called the Simple Loan for borrowers who only need a small amount. Its rates are much more affordable than a traditional short-term loan, and you’ll have up to three months to pay back what you borrow.
- Auto loans. You can use a U.S. Bank auto loan to buy a new or used car or refinance your current loan with rates as low as 3.12%. You can borrow up to $100,000, depending on your creditworthiness and the type of car you want to finance.
- Business loans. U.S. Bank offers loans to finance major expenses like equipment or grow your company. You can finance up to $2 million, depending on your business’s credit history. It also has a small loan — called the Quick Loan — that has competitive rates, flexible terms, simplified paperwork and fast turnaround on credit requests of up to $250,000.
- Home loans. In the market for a new home? U.S. Bank offers a variety of government-backed home mortgage options that come with competitive rates and no origination or application fees. However, you may be on the hook for third-party fees to pay for credit reports and appraisals, in addition to the normal closing fees that are part of the home-buying process.
U.S. Bank hasn’t offered student loans since 2012. Other banks still offer student loans as well as online providers that could be a good alternative to a U.S. Bank student loan.
Why should I consider taking out a loan with U.S. Bank
U.S. Bank is a well-known option with multiple features that make it a competitive option for those looking for a loan.
- Discounts for current customers. If you’re already a U.S. Bank customer, you’re eligible for discounts and other perks. And if you’ve been thinking about opening an account, you may want to postpone your loan so you can take advantange of these, too.
- Calculators and other tools. Visit U.S. Bank’s website to determine how much you can afford, calculate your average payment and more.
- Low fees. You’ll pay no origination or application fee for most U.S. Bank loans, making your loan that much more affordable.
Where does U.S. Bank fall short?
No lender is perfect, so before you borrow, consider these potential drawbacks.
- Limited services. U.S. Bank only operates in 25 states. If you’re not in its serviced area, you’ll need to look elsewhere.
- Most loans require autopay. You’ll need to ensure that you have the money in your account on the day the repayment is withdrawn. Otherwise, you may face fees for insufficient funds, not to mention overdraft fees from your bank.
- Limited fund use. Online reviews claim that U.S. Bank required applicants to submit information on the intended use of the loan. While not uncommon, it can mean some loan applicants are rejected based on how they might be use their funds.
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Quick features of each U.S. Bank Loan
Like any bank, the exact rates and terms of each loan will vary.
How much will it cost to borrow with U.S. Bank?
The exact amount you pay for a loan will depend on the type of loan you request and your overall financial status. And while U.S. Bank doesn’t charge any fees for its personal loan and line of credit options — and no origination fee for its home loans — it does charge origination fees for its auto loans.
The cost of a business loan will also vary based on your business, your finances and the type of loan you need. Get in touch with U.S. Bank for potential costs for your specific needs.
Are U.S. Bank loans safe?
Yes, U.S. Bank’s website includes the strongest available 128-bit encryption to protect any information you enter online. The closed lock icon in your browser indicates that your information is encrypted. You can also view its privacy policies on its website at any time, which includes what information is collected and how you can limit sharing between institutions.
What do borrowers say about U.S. Bank?
Nothing good, as of April 2019. It’s been accredited with the Better Business Bureau (BBB) since 1970 and receives a A- rating, but it only scores an average 1 out of 5 stars based on over 160 customer reviews. In addition, nearly nearly 2,000 people have filed complaints against the company. It doesn’t fare much better on Trustpilot, earning a rating of 3.5 out of 10 based on 17 customer reviews.
The majority of complaints revolved around U.S. Bank’s poor customer service and issues with payments. One auto loan customer cited problems with U.S. Bank losing their payments, and another was charged late fees even though their payments were on time. Others complained about how long the loan application process took, only to be denied an offer in the end.
How to apply for a loan with U.S. Bank
To apply for any U.S. Bank loan, expect to submit the following information:
- Your Social Security number
- Proof of your employment status, including W-2s and pay stubs
- Other monthly income
- Your monthly debt payments
- The total amount of your debt
- The total amount of your assets
Am I eligible?
While the exact eligibility criteria will depend on the type of loan you need, you’ll still need to meet some basic requirements:
- Good to excellent credit (varies by loan type)
- Steady source of income
- US citizen or permanent resident
- At least 18 years old
You may be required to live in a state serviced by U.S. Bank if the loan you need doesn’t have an online application.
More about the company
Founded in 1863 as First National Bank of Cincinnati, U.S. Bank has been offering loans for over 150 years. And while it has plenty of banking products, U.S. Bank is also focused on supporting diversity and the community. There’s even a podcast that features industry leaders for its customers interested in learning more about finance.
U.S. Bank offers its borrowers a simple application process, and many of its loans have limited fees. But with only have the country serviced, you may not be eligible to open an account and start borrowing.
Before you fill out an application — or if you’re looking for a lender in your area — compare your loan options to find one that fits your needs.