U.S. Bank personal loans: 2024 review

U.S. Bank is best for small loans and emergency loans 

Taking home Bankrate's 2024 award for best personal loan from a bank, U.S. Bank's loans are best when used for emergency funding or smaller expenses. Its traditional loans have amounts as low as $1,000, which is great for covering an urgent cost. The company states existing U.S. Bank customers could receive their funds within hours of approval. 

The bank also offers a short-term loan specifically for emergency expenses — the Simple Loan. The Simple Loan is a higher-cost loan of between $100 to $1,000. There's a $6 fee for every $100 borrowed and the total balance is repaid in three monthly payments. This translates to an annual percentage rate (APR) of 35.65 percent. This is similar to many lenders’ highest rates for bad-credit personal loans. But it’s still much lower than other emergency loan options, some which have rates exceeding 600 percent.

U.S. Bank personal loan purposes 

Aside from covering emergency expenses, U.S. Bank’s loans can be used for the typical personal loan uses. Its short minimum repayment term and small minimum loan amount may make it especially well-suited for covering smaller expenses, like a car repair or appliance purchase.

U.S. Bank’s website does not specifically forbid any purpose. However, most reputable lenders don't allow borrowers to use a personal loan on education-related expenses, gambling or illegal activities. To ensure you can use the funds for what you need, call a customer service representative before applying.

Where U.S. Bank personal loans stand out 

• Non-customers can apply: Unlike other banks and credit unions which restrict loans to customers, U.S. Bank allows non-customers to apply as well. Borrowers aren’t even required to open a U.S. Bank account once their loans are approved. However, non-members have a maximum borrowing amount of $25,000, while current U.S. Bank customers can borrow up to $50,000.
• Range of repayment options: U.S. Bank offers repayment terms as short as 12 months and as long as 84 months, fitting different consumer budgets and needs. For non-customers, the maximum repayment term is 60 months. 
• Joint applicants allowed: Not all institutions allow joint borrowers. Applying with a creditworthy co-borrower can improve your chances of approval and could help you secure a better rate.

Where U.S. Bank personal loans fall short 

• No direct payment to creditors. Most lenders and banks will pay your creditors directly if you take out a debt consolidation loan. U.S. Bank doesn't offer this option, so you'll need to remember to repay your creditors yourself.
• Not available in every state. Some of U.S. Bank's loan options are unavailable for residents in some states. Applicants will need to prequalify or call a customer service representative to see if they're eligible prior to applying. 
• Stringent requirements for lowest rates. The bank's lowest APRs (which start at 8.74 percent) are only available to individuals who have excellent credit with a minimum score of at least 800. These borrowers can likely qualify for a better rate elsewhere.

U.S. Bank customer experience

Customer support 

Individuals who want both in-person and online support can benefit from U.S. Bank's customer support. Borrowers can visit a local branch or talk to a banker virtually or over the phone through the online appointment scheduling option. Borrowers can discuss current accounts, receive personal loan assistance and discuss taking out a loan with a virtual banker.

U.S. Bank stands out with its customer support hours. It offers 24/7 customer support over the phone for loan accounts at 800-872-2657 for domestic borrowers,and 503-401-9991 for international borrowers.

For assistance with the Simple Loan application, users can call 800-872-2657 between the following hours: 

• Monday through Friday from 7 a.m. to 10 p.m. CT
• Saturday from 9 a.m. to 5 p.m. CT

For basic account or application questions, users can explore the FAQs in the bank’s mobile help center.

Digital experience

U.S. Bank offers the built-out digital presence you would expect from one of America’s biggest banks. You can prequalify online to view rates without a credit check or skip straight to applying online, by phone or in-person. Similar to many online lenders, its website has a resource hub and offers personal loan calculators.

Its mobile app, available for Android and Apple, has earned over a million five-star reviews.  

Along with banking capabilities, the app provides its users with helpful financial monitoring tools. Users can monitor their credit scores, set financial goals, create budgets tailored to their income and track their spending across all accounts. 

What people are saying about U.S. Bank 

Most of the bank's 900-plus reviews on third-party review site Trustpilot are negative. The same is true on Better Business Bureau’s review page, though it’s worth noting these reviews aren’t specific to U.S. Bank’s personal loan products.

Many customers complain about slow customer service wait times and confusing policies, especially if you don't live near a physical location. One Trustpilot reviewer stated in April that they couldn't get a loan due to not being within the bank's “footprint.'”

However, satisfied customers among the reviewers seem surprised at the overwhelmingly negative comments. "I have been banking with US Bank since 2001 and I have never experienced the bad service that many reviewers have experienced," said a Trustpilot reviewer in September 2023. "The banking branch staff are super friendly and so is the toll free customer service!"

How this lender compares

How Bankrate rates U.S. Bank