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. 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 may 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 may 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.
U.S. Bank Premier Lines of Credit
If you need more flexibility in your spending, U.S. Bank offers unsecured lines of credit up to $20,000. These allow you to pick and choose how much money you spend, and since they’re unsecured, you won’t need to provide any collateral.
As of July 2022, the APR was set at 11.75%. However, it may vary from month to month based on the Prime Rate. Like all lines of credit, you’ll only be charged interest on the money you borrow.
Withdraw your funds from an ATM, at a branch or online, and U.S. Bank provides both Premier Line Access Checks and a Visa Access Card. There are no annual fees, although there are cash advance and ATM withdrawal fees.
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 advantage 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 using their funds.
Compare more loan options
Explore your options by APR, minimum credit score and loan amount. Select the Go to site button for more information about a particular lender.
Quick features of each U.S. Bank Loan
Like any bank, the exact rates and terms of each loan will vary.
Personal loans and unsecured lines of credit
- Decent loan amount. Borrow up to $25,000 to consolidate debt, make a major purchase or improve your home.
- Fixed rates. Monthly payments won’t fluctuate — which is good for the budget-conscious.
- Quick process. Apply online, over the phone or at your local U.S. Bank branch.
- Equal rates for new and used. Get the same rates on any car of up to six years old and 100,000 miles.
- Large loans available. For new car loans, you may be able to borrow up to $100,000.
- No down payment. U.S. Bank requires no money up front — but it could help reduce the cost of your loan if you have one.
- Loyalty discounts. If you’re a U.S. Bank account holder, save 0.5% with automatic monthly deductions.
- Competitive rates. U.S. Bank offers business owners low rates to keep financing affordable.
- Fixed rates. Monthly payments don’t fluctuate help you budget.
- Large loan amounts. Get financing of up to $2 million, depending on your creditworthiness and type of business.
- Fixed terms with collateral. Use your business assets, equipment or titled vehicle as collateral for fixed terms of up to five years.
- Multiple options. Choose from among fixed-rate mortgages, ARMs, FHA loans, VA loans and jumbo loans. You may also qualify for new construction and investment loans.
- Lower intro rates. You may be eligible for lower rates for the first stages of your loan.
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.
How safe are U.S. Bank loans?
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
Expect to submit the following information when you apply for any U.S. Bank loan:
- 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
How to start your application
Your application method will depend on the type of loan you need.
- Personal loans and unsecured lines of credit. Apply for a personal loan or line of credit online, over the phone or at your local bank branch. You must be an existing U.S. Bank customer.
- Business loans. Start the process of applying for a business loan by emailing a U.S. bank specialist, visiting your local branch or calling a representative.
- Home loans. You can prequalify for a mortgage online, over the phone or at your local branch. Further details will follow if you’re approved.
- Auto loans. Apply for an auto loan over the phone and at your local U.S. bank branch.
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 half 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.
Frequently asked questions
How can I finance a boat or RV with U.S. Bank?
U.S. Bank offers loans up to $150,000 for both boats and RVs. However, be prepared for a high APR — even its starting rate is high for a secured loan.
How can I get in touch with U.S. Bank?
Log onto your U.S. Bank account to send an email, or find one of its contact numbers in its FAQ. Certain cities have a specific metro number, but for general questions, you can call 800-872-2657. For business loans, you can reach its general customer service at 800-673-3555.