USAA loans for military members and family | finder.com

USAA loans

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Competitive rates and terms for current and form US military members and their families.

USAA lends to its members for nearly any need, from debt consolidation to auto purchases to mortgages that help military members buy a new home. It has a solid reputation for strong rates and flexible payment plans that are typically among the best in the industry. When you’re looking for a loan, USAA may be able to secure the financing you need to finace life’s big expenses.

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Do I qualify for a loan from USAA?

To meet USAA’s basic qualification requirements, you must

  • Be a USAA member
  • Have good credit
  • Be at least 18 years old
  • Be a US citizen or permanent resident

What types of loans does USAA offer?

USAA offers a variety of loans for military members their families.

  • Personal loans. USAA offers quick approval with terms that range from 12 to 84 months and interest rates between 8.99%–10.99%.
  • Auto loans. Finance your next new or used car with competitive APRs, depending on your credit. You can even refinance your current vehicle with terms of up to 84 months.
  • Motorcycle, RV, boat and leisure vehicle loans. You can use a leisure vehicle loan with terms of up to 180 months.
  • Home mortgages. Discover the benefits that come with USAA’s VA loans, Conventional 97 loans, or conventional mortgages is for military and nonmilitary members, including fixed rates with as little as 5% down.

Compare USAA to other lenders

Rates last updated October 22nd, 2018

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Name Product Product Description Min. Credit Score Max. Loan Amount APR
Credible Personal Loans
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
Good to excellent credit
$100,000
4.99%–36% (fixed)
Upgrade Personal Loans*
Affordable loans with two simple repayment terms and no prepayment penalties.
620
$50,000
6.99% to 35.97% (fixed)
Monevo Personal Loans
Quickly compare multiple online lenders with competitive rates depending on your credit score.
550
$100,000
3.09%–35.99% (fixed)
Marcus by Goldman Sachs Personal Loans
Consolidate your debt or pay off large expenses with competitive rates and no fees.
Good to excellent credit
$40,000
6.99% to 24.99% (fixed)
Even Financial Personal Loans
Get connected to competitive loan offers instantly from top online consumer lenders.
580
$100,000
4.99%–35.99% (fixed)
LendingClub Personal Loan
A peer-to-peer lender offering fair rates based on your credit score.
660
$40,000
6.16% to 35.89% (fixed)
Avant
Conveniently check your loan options without affecting your credit score.
580
$35,000
9.95%–35.99% (fixed)
SoFi Personal Loan Fixed Rate (with Autopay)
No fees. Multiple member perks such as community events and career coaching.
680
$100,000
6.99% to 14.87% (fixed)
OneMain Financial Personal and Auto Loans
An established online and in-store lender with quick turnaround times. Poor credit is OK.
Varies
$30,000
16.05%–35.99%* (fixed)
NetCredit Personal Loan
Check eligibility in minutes and get a personalized quote without affecting your credit score.
550
$10,000
34%–155% (Varies by state) (fixed)
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
Bad credit OK
$10,000
5.99%–35.99% (fixed)

Compare up to 4 providers

Why should I consider taking out a USAA loan?

  • Easily apply online. It only takes about five minutes to apply or prequalify for a loan from USAA.
  • Autopay discount. Sign up for autopay from a USAA account and get a rate discount on most of its loan options.
  • No hidden fees. There are no prepayment, application or other hidden fees with USAA.
  • Low APRs. Get competitive APRs for loans in just about every category.
  • USAA debt protection. With USAA, you can pay a fee to protect yourself from unforeseen financial difficulties.

Benefits and drawbacks of USAA loans

Pros

  • Reputable lender. Top lender backed by the VA and rated A+ by the BBB.
  • Autopay discount. Get a 0.25% discount with automatic deductions from your USAA checking account.
  • No prepayment fees. There are no penalties for paying off your debt early.
  • Considers all credit scores. You won’t be turned down for poor credit.

Cons

  • Requires membership. You can only borrow from USAA if you are a current or former members of the US military or part of their family.
  • Best rates for excellent credit. If you have less-than-perfect-credit, you may be offered a higher APR or may not be approved.

How much does it cost to borrow with USAA?

USAA charges minimal fees for its loans. It doesn’t have any origination, application or prepayment fees. If you’re late on your payments, you’ll typically pay a penalty equal to 5% of the payment due.

In addition to fees, you’ll also have to repay your loan with interest. While USAA has competitive rates, it may not be the best choice for those with excellent credit who could qualify for a lower rate from another lender.

Are USAA loans safe?

Yes. USAA takes every reasonable precaution to make sure your information is secure and protected from unauthorized access. Its site uses multilayer security to protect your financial and banking information, including onsite security and antivirus software. Throughout the loan process, only you and USAA employees whose jobs require it can access your information.

USAA is also rated A+ by the BBB and backed by the US Department of Veterans Affairs.

You can report suspicious emails, phone calls, texts or other activity to USAA at abuse@usaa.com or 877-762-7256.

What do customers say?

USAA is not accredited with the Better Business Bureau but it does have an A+ rating, which is based on factors like the volume of customer complaints and how it responds. Reviews, however, were not so positive: over 90% were negative and it has nearly 1,500 consumer complaints filed against this.

Many complaints were involved having accounts dropped or loans suddenly canceled with seemingly no warning. Others complained that USAA wasn’t totally forthcoming about loan costs. It’s excellent customer service, however, seems to make up for its shortcomings.

How to apply for a USAA loan

To apply for a loan with USAA, you must first become an USAA member. Visit USAA online and click Join USAA to get started.

USAA loans

Once you’re a member, you’ll have access to an easy online application to start the process of obtaining a loan with USAA.

Eligibility requirements

To apply for a loan with USAA, you must

  • Be a USAA member
  • Have decent credit
  • Be at least 18 years old
  • Be US citizen or permanent resident

Bottom line

USAA loans offer competitive rates with quick access to funds and flexible repayment terms. But you must be eligible for USAA membership, which is only open to members of the military or those who are part of a military family. If you’d like to consider more options, compare the best loans for servicemembers or explore our comprehensive personal loans guide.

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US Personal Loans Offers

Important Information*
Even Financial Personal Loans

Get connected to competitive loan offers instantly from top online consumer lenders.

Prosper Personal Loans

Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

LendingClub Personal Loan

A peer-to-peer lender offering fair rates based on your credit score.

SoFi Personal Loan Fixed Rate (with Autopay)

No fees. Multiple member perks such as community events and career coaching.

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