USAA personal loans review October 2018 | finder.com

USAA personal loans review

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

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.

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 8.99%–10.99%.

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

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Rates last updated October 23rd, 2018

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Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
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

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.

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 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 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

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.

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.

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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?

    • finder Customer Care
      JhezelynMay 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

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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