USAA personal loans review August 2019 | finder.com

USAA personal loans review

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USAA Personal Loans

Members of USAA may benefit from a personal loan starting at $2,500.

finder.com’s rating: 3.6 / 5.0

★★★★★

USAA has been offering loans to its members since 1922 and has grown to be a leading financial institution that serves military members and their families. It may not have the lowest rates around, but with minimal fees and a debt protection plan to help borrowers, USAA may be a good choice for those who already hold an account.

Product NameUSAA Personal Loans
Min. Loan Amount$2,500
Max. Loan Amount$20,000
APR9.49% to 17.65%
Interest Rate TypeFixed
Maximum Loan Term6 years
RequirementsMust be USAA member and have good to excellent credit.

What is a USAA personal loan?

USAA offers unsecured personal loans to current and former members of the military and their families. These loans have competitive rates and long terms. You may be able to borrow up to 84 months for amounts over $20,000.

Loan amounts start at $2,500. Rates are fixed, and those with excellent credit who choose automatic payments may qualify for an APR between 9.49% to 17.65% .

Terms vary by loan amount. 12- to 36-month terms are available for every loan, but longer terms require you to borrow more.

Compare your other personal loan options

Updated August 18th, 2019
Name Product Filter Values APR Min. Credit Score Max. Loan Amount
5.34% to 35.99%
Good to excellent credit
$100,000
Get personalized rates in minutes and then choose a loan offer from several top online lenders.
5.99% to 17.66%
680
$100,000
No fees. Multiple member perks such as community events and career coaching.
3.99% to 35.99%
500
$100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
34% to 155% (Varies by state)
550
$10,000
Check eligibility in minutes and get a personalized quote without affecting your credit score.
Varies by lender
Available for all credit scores
$100,000
Get a connected with a lender — or get debt advice.
3.84% to 35.99%
550
$100,000
Get connected to competitive loan offers instantly from top online consumer lenders.
6.95% to 35.89%
640
$40,000
A peer-to-peer lender offering fair rates based on your credit score.
7.99% to 35.89%
620
$50,000
Affordable loans with two simple repayment terms and no prepayment penalties.

Compare up to 4 providers

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 get same-day approval and receive funds as soon as 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. You’re covered even if you can’t make payments.

How to use a USAA loan for debt consolidation

If done right, debt consolidation can lower your monthly payments or reduce your interest rates — or both. And with USAA, you get the added benefit of a bank that knows you.

To determine if debt consolidation is the right choice for you, pop over to our debt consolidation calculator or use the one one USAA’s website to get an idea of how much you might be able to save. If you think you might be saving money by consolidating, you can apply using the steps below. And if you’re approved, you can use your loan funds to pay off your current lenders — just be sure you get the payoff amount, as this will likely be higher than the remaining debt on your monthly statement.

Once your individual debts are paid, you’ll only have one bill: Your USAA personal loan. It works like any other personal loan, so be sure to have a budget in place to stay on top of payments.

What to watch out for

  • Must be military to apply. USAA loans are only available to current and former members of the US military and their families.
  • Not ideal for excellent credit. With rates from 9.49% to 17.65% , 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 USAA member
  • Have good to excellent credit
  • Be a US citizen or permanent resident
  • Be at least 18 years old

Visit USAA online and click Join USAA to get started. If you’re already a member, log in to your USAA member account. From here, you can fill out the application by providing some basic information about yourself, including details about your finances.

USAA personal loan screenshot

Once you’ve submitted your info, a specialist considers your loan request. You’re usually notified of the loan decision within one to two business days.

What do I need to apply?

  • Your personal information, including your date of birth and Social Security number.
  • Details about you or your family member’s military service.
  • Your current employment and financial information.

More about USAA loans

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.
  • Sign up for autopay. Get a rate discount of 0.25% when you sign up for autopay 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 options, but you must be eligible for USAA membership. If you can’t open an account with USAA, you can compare other personal loan options to find a good fit for you.

Frequently asked questions

Personal loan ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top personal loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews, loan amounts, loan processing and borrower experience.

Read the full methodology of how we rate personal loan providers.

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US Personal Loans Offers

Important Information*
Logo for LendingClub Personal Loan
LendingClub Personal Loan

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

Logo for Credible Personal Loans
Credible Personal Loans

Get personalized rates in minutes and then choose a loan offer from several top online lenders.

Logo for SoFi Personal Loan Fixed Rate (with Autopay)
SoFi Personal Loan Fixed Rate (with Autopay)

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

Logo for Monevo Personal Loans
Monevo Personal Loans

Quickly compare multiple online lenders with competitive rates depending on your credit.

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2 Responses

  1. Default Gravatar
    AlokoaMay 4, 2018

    Do I need a savings or checking account with USAA to get a personal loan?

    • Avatarfinder Customer Care
      JhezMay 4, 2018Staff

      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

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