Get a personal loan starting at $2,500 through this highly respected bank.
Founded in 1922 as an auto insurance company, USAA has grown to be a leading financial institutions serving military members and their families. Read more about personal loans available to eligible customers.
What is a USAA personal loan?
USAA offers unsecured fixed-term personal loans starting at $2,500 at fixed rates from 8.99%–10.99% APR. How long do you have to pay it back? Up to 72 months
Its loans could be a good choice if you’re looking for a more hands-on experience. While you can start your application online, you can only finish it after speaking with a USAA representative. These loans come with monthly payments make it easy to pay off your loan, and autopay from a USAA checking account can shave 0.25% off your rate.
Product details
| Product name | USAA personal loan |
| Loan security | Unsecured |
| Interest rate type | Fixed |
| Minimum loan | $2,500 |
| Maximum terms | 72 months with excellent credit |
| Application fee | $0 |
| Late fee or penalty | 5% of minimum payment |
| Serviced states | All 50 states, including Washington, DC |
Compare your other personal loan options
What are the benefits of a USAA personal loan?
If you’re a member of the US military or come from a military family, you could qualify for the many benefits of a USAA personal loan.
- Online application and fast funding. Depending on when you apply, you may receive same-day approval and funds by the next business day.
- Autopay discounts. Sign up for autopay from a USAA account and get a rate discount of 0.25%.
- No hidden fees. Pay no prepayment, application or other hidden fees.
- USAA debt protection. You can pay a fee to protect yourself from unforeseen financial difficulties — meaning you’re covered if you can’t make payments.
What to watch out for
- Must be military to apply. USAA loans are available to current and former members of the US military and their families only. If you’re not able to get a USAA membership, you’ll have to look elsewhere for a personal loan.
- Not ideal for excellent credit. With rates from 8.99%–10.99%, USAA might not the most competitive financing option for borrowers with excellent credit.
- Strong credit required. You’ll still need to have at least a good credit score to qualify for a USAA loan.
How do I apply?
To apply for a personal loan with USAA, you must be:
- At least 18 years old.
- A US citizen or permanent resident.
- A USAA member — a member of the military or a military family.
- In good credit standing.
What do I need to apply?
To apply for a USAA personal loan, you must first become an USAA member. Visit USAA online and click Join USAA to get started.
If you’re already a member, log in to your USAA member account. For the personal loan application, you’ll need to supply:
- Your personal information, including your date of birth and Social Security number.
- Details about you or your family member’s military service.
- Your financial information for autopay.
Once you’ve submitted your info, a specialist considers your loan request against your creditworthiness. You’re usually notified of the loan decision within one to two business days.
I got a USAA personal loan. Now what?
Once you have your USAA personal loan, keep up with monthly payments to avoid paying unnecessary fees.
- Make timely payments. Avoid the 5% penalty on your late payments with autopay — and get a rate discount of 0.25% through a USAA checking account.
- Pay more than the minimum. To avoid excessive interest over the life of your loan, consider paying more than the amount required each month.
Bottom line
USAA loans offer competitive fixed rates with quick approval and flexible repayment. But you must be eligible for USAA membership, which is open to members of the military or those who are part of a military family only. If you don’t meet those criteria, you can compare other personal loan options to find a good fit for you.
Do I need a savings or checking account with USAA to get a personal loan?
Hello Alokoa,
Thank you for your comment.
USAA personal loans are reserved for USAA members who meet the eligibility criteria. So you must be a member first and yes, you need a USAA checking account since you will use that for repayments.
Regards,
Jhezelyn