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U.S. Bank personal loans: 2024 review

Updated on May 7, 2024

At a glance

Bankrate 2024 Awards Winner: Best personal loan from a bank

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Rating: 4.7 stars out of 5
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Rating: 4.8 stars out of 5
Rating: 4.7 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 4.2 stars out of 5

About Bankrate Score

Bankrate's take: U.S. Bank offers competitive loans for existing customers, including a short-term, smaller loan option for individuals who need cash fast. 

Lender Details


Loan amount



APR from


Clock Wait

Term lengths

12-84 months

Credit Good

Min Credit Score


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 

As of June 2024, most of the bank's 900-plus reviews on the third-party review site Trustpilot are negative, though only a small percentage mention a loan product. Many customers complain about slow customer service, wait times and confusing policies.

"I took out a loan for a travel trailer with U.S. Bank. While I had no problem obtaining the loan, calling U.S. Bank to speak with someone is a nightmare. They only provide a 1-800 number without an extension to reach a specific person. Their correspondence lacks an employee name or extension number. When you call the 1-800 number, it doesn't connect you directly to the desired department, and it is very difficult to communicate with them."

Trustpilot User

Positive online reviews mainly discussed the banking experience and helpful in-person customer service.

Outlinked content may contain views and opinions that do not reflect the views and opinions of Bankrate. Please see the issuer’s website for updated terms and conditions.

How this lender compares

Rating: 4.7 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
12-84 months
Min Credit Score
Rating: 4.7 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
36 to 60 months
Min Credit Score
Not disclosed
Rating: 4.8 stars out of 5
Bankrate Score
APR from
7.99% to 24.99%
Loan Amount
$2,500 to $40,000
Term Length
36 to 84 months
Min Credit Score

U.S. Bank vs. TD Bank

TD Bank's Fit Loan offers similar loan amounts and APRs to U.S. Bank’s personal loans. Its maximum loan term is just 60 months, though, and you’ll need a credit score of at least 700 to qualify. If you're a U.S. Bank customer, you may get more value out of staying with your original bank.

Read a full review about TD Bank

U.S. Bank vs. Discover

Discover loans feature lower starting rates than U.S. Bank. Both institutions have the same credit requirement of 660. However, if you have fair credit, you have a better chance of getting approved for a U.S. Bank loan. It allows applicants to add a creditworthy co-borrower. 

Read a full review about Discover

Do you qualify for a U.S. Bank personal loan? 

U.S. Bank’s minimum credit score is 660. The lender does not list other personal loan requirements, such as a minimum monthly income.

That said, most lenders require a debt-to-income (DTI) ratio of 36 percent or under and a stable source of income for approval. Additionally, U.S. Bank’s personal loans aren’t available in every state. Verify whether your desired product is available in your state before applying.

How to apply for a personal loan with U.S. Bank 

How Bankrate rates U.S. Bank

Overall Score 4.7 Explanation
Availability 4.8 U.S. Bank offers a range of repayment options, flexible loan amounts, joint applications and quick funding.
Affordability 4.7 U.S. Bank doesn’t charge any origination fees or prepayment penalties but it does have a late fee.
Customer Experience 5.0 U.S. Bank offers 24/7 customer support over the phone and multiple ways to contact its staff.
Transparency 4.2 U.S. Bank doesn’t disclose the late fee amount on its website and only lists some of its eligibility requirements


Bankrate's trusted personal loans industry expertise


years in business


lenders reviewed


loan features weighed


data points collected

Bankrate considers 20 factors when reviewing lenders. Credit requirements, APR ranges, fees, loan amounts and flexibility are all taken into account so that ratings are representative of how competitive lenders are for a wide range of credit profiles and budgets. The Bankrate Score for personal loans consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also considered whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.