USAA personal loans review
Small personal loans — but only for current and former members of the military.
finder.com’s rating: 3.8 / 5.0
Bottom line: USAA offers a range of personal loan options to members — and you can become a member as part of your application. But the loan term length you can receive depends on how much you borrow.
- Autopay APR discount of 0.25%
- No origination fee
- USAA Debt Protection program
- Must be a USAA member
- Strong credit required
- Must be active or former military to qualify
Our take on USAA personal loans
USAA personal loans are best for active or former members of the military and their families. Eligible borrowers can take out a minimum of $2,500 up to $100,000 with repayment terms from one to seven years, depending on the amount of the loan. To get the longest term of seven years, you must borrow at least $20,000.
Unlike some lenders, USAA personal loans have no origination fee, an autopay discount and allow you add a coborrower. But even with USAA's autopay discount, its lowest rate is still slightly higher than other lenders like Sofi or Marcus. But its turnaround is quick: apply online and hear back about approval within one to two business days.
But you'll need strong credit to qualify for a personal loan with USAA, and only military members and their families are eligible. If you're not a military member or have a fair credit, we suggest comparing more lenders to find one that works with your situation and credit score.
USAA personal loans rates, fees and terms
USAA offers personal loans from $2,500 to $100,000 with rates from the low 7% APR range and topping out at a maximum of 18.51% APR. Terms range from one to seven years, depending on how much you borrow. The more you borrow, the longer the term you're eligible for.
Here's how it works:
- 12- to 36-year term. Borrow $2,500 or more.
- 48-month term. Borrow $5,000 or more
- 60-month term. Borrow $10,000 or more.
- 72-month term. Borrow $15,000 or more.
- 84-month term. Borrow $20,000 or more.
Use the calculator below to estimate your potential monthly payment with a small personal loan from USAA.
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|Loan terms (in years)|
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How USAA personal loans compare to other lenders
Here’s how USAA stacks up to the competition, in terms of cost, loan amounts and eligibility.
USAA personal loans
PenFed Credit Union personal loans
SoFi personal loans
Go to site
Go to site
8.29% to 18.51%
5.49% to 17.99%
7.99% to 23.43%
1 to 3 years
1 to 5 years
24 to 84 months
$2,500 to $100,000
$600 to $25,000
$5,000 to $100,000
Min. Credit Score
Min. Credit Score
Min. Credit Score
Compare even more personal loans
How to qualify
To apply for a personal loan with USAA, you must meet a few requirements:
- Be USAA member
- Be an active or former military member, spouse or child
- Have good to excellent credit
- Be a US citizen or permanent resident
- Be at least 18 years old
Am I eligible for USAA membership?
Membership with USAA is limited to a select few groups of people:
- Active and former members of the military
- Family members of those in the US armed forces
- Military cadets
See other personal loan options
USAA personal loan reviews and complaints
|BBB customer reviews||1.2 out of 5 stars, based on 834 customer reviews|
|Trustpilot Score||1.3 out of 5 stars, based on 1,467 customer reviews|
|Customer reviews verified as of||12 July 2022|
USAA gets mostly negative reviews on sites like Trustpilot and the BBB website, with only a small percentage of reviewers reporting good experiences.
While the most recent reviews don’t focus on USAA’s personal loans, many customers complain that USAA's customer service has degraded over the years and that the company doesn't offer any significant benefits to veterans compared to providers like State Farm. Several complaints on the BBB website mention disagreements over insurance claims and billing errors on accounts.
More positive reviews mention good customer service experiences and low rates on insurance, with a few customers recommending USAA's banking products.
Government actions against USAA
The Consumer Financial Protection Bureau (CFPB) sued USAA for continuing to charge customers after they’d submitted a stop payment request on electronic funds transfers. It also charged the bank with failing to sufficiently investigate the solution. USAA paid out $12 million to customers and a $3.5 million fine after it reached a settlement with the CFPB in 2019.
USAA also entered a Consent Order with the Office of Comptroller of the Currency (OCC) in 2019, after the OCC found that the bank did not have adequate risk management systems in place to protect customers. USAA neither admitted to or denied the OCC’s assessment. But it agreed to create a committee to monitor its compliance with the OCC and submit a written action plan to correct the problems.
How the application works
You can apply for a USAA personal loan online. If you aren’t a member, you’ll have to join first. Otherwise you can get started by logging on to your USAA account.
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. If approved, you may have your loan funded within 24 hours.
How USAA debt consolidation works
Unlike lenders like Discover, USAA doesn’t directly send your loan proceeds to your creditors. Instead, you'll need to contact your creditors and ask for a pay off amount on the date you expect to send the funds. This can also take longer than if you use a lender that directly pays creditors for you, because you have to wait for two transfers:
- One to receive your loan funds after approval (about 24 to 48 hours to a USAA account, and longer if by bank check via FedEx)
- One for your creditors to receive the payment
If you'd rather your lender pay your creditors for you, you'll need to choose another lender. And as always, be sure to shop around to find the best rate and terms for your debt consolidation needs.
Frequently asked questions
Does USAA allow cosigners?
No, but it does allow you to file a joint application.
Are USAA personal loans available to nonmilitary families?
No. USAA personal loans are reserved for USAA members who meet the eligibility criteria. You can, however, use some of USAA’s other services, including investment guidance, life insurance and shopping discounts.
How much does USAA Debt Protection cost?
The cost depends on your loan amount and the level of protection you choose. Basic, Standard and Premium plans are available, and fees are included in your monthly loan payment.
Personal loan ratings
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.
Aliyyah Camp was the personal loans publisher for Finder. Aliyyah earned a BA in communication from the University of Pennsylvania.
USAA personal loans are ideal if you’re an active or former member of the military. Its loans come with no origination fee, an autopay discount and the option to sign up for debt protection. And its turnaround is quick. You can apply online and hear back about approval within one to two business days.
But its rates start relatively high compared to other lenders, so you may be able to find a better deal if you have good to excellent credit. Its loans are also extremely limited: You can only borrow between $2,500 to $5,000. This narrow range may mean you aren’t able to get a personal loan that may suit you.
Can’t qualify for membership? Need more funds? You can use our table and compare your other options.