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U.S. Bank personal loans: 2023 Review

Updated on October 25, 2023
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At a glance

Rating: 4.8 stars out of 5
Bankrate Score
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Rating: 5 stars out of 5
Rating: 4.9 stars out of 5
Customer Experience
Rating: 5 stars out of 5
Rating: 4.2 stars out of 5

About Bankrate Score

A division of U.S. Bancorp, U.S. Bank has over 2,000 branches across 26 states. The bank, which holds $587 billion in assets, is a Fortune 500 company, with over $24 billion in annual revenue.

Loan amount $1,000-$50,000
APR from 8.24%-21.99%
Clock Wait
Term lengths 12-84 months
Credit Good
Min Credit Score 660

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Best for small loans and emergency loans

U.S. Bank’s loans can be made for as little as $1,000, making them ideal for those looking to cover a small expense. The bank also offers next-day funding, which can be a lifesaver if you’re in a time crunch and need the money fast.

U.S. Bank pros and cons


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    Non-customers can apply.

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    Range of repayment options.

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    Joint applications allowed.


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    Stricter requirements for non-customers.

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    Lower repayment terms for non-customers.

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    Payments may not be reported.

Do you qualify?

U.S. Bank doesn’t disclose all of its loan eligibility requirements, just the following:

  • Non-customers must have a FICO score of 720 and above.
  • U.S. Bank customers must have a FICO score of 660 and above.

That said, you’re typically required to have a debt-to-income (DTI) ratio of 36 percent or under and a stable source of income to get approved by most lenders. Additionally, U.S. Bank’s personal loans aren’t available in every state, so you must verify whether the products are available in your state before applying.

What U.S. Bank doesn’t allow the funds to be used for

U.S. Bank doesn’t disclose any restrictions on how borrowers may use their personal loan proceeds. But as a general rule, most lenders don’t allow you to use personal loans to pay for tuition and fees, gambling or illegal activities.

How this lender compares

Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
12-84 months
Min Credit Score
Rating: 4.6 stars out of 5
Bankrate Score
APR from
8.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
Rating: 4.8 stars out of 5
Bankrate Score
APR from
Loan Amount
Term Length
24 to 84 months
Min Credit Score

U.S. Bank vs. TD Bank

If you're not a U.S. Bank customer, you may have an easier time qualifying for a TD Bank loan as it requires a minimum score of 700, compared to 720, which is U.S. Bank’s requirement for non-customers. TD Bank’s loans have slightly higher interest rates, plus less repayment options, so they’re not as flexible as those offered by U.S. Bank.

Read a full review about TD Bank

U.S. Bank vs. Discover

Discover loans feature lower starting rates, along with a lower credit score requirement than U.S. Bank loans for non-customers. But if you have fair credit, and you’re a U.S. Bank customer — or become one — you have a better chance of getting approved with a lower rate than at Discover, since you can add a co-borrower.

Read a full review about Discover

U.S. Bank: in the details

What we like and don’t like

What we like

  • Non-customers can apply: Unlike other banks and credit unions which restrict its loans to their customers, U.S. Bank allows non-customers to apply as well. Likewise, borrowers aren’t required to open a U.S. Bank account once their loans are approved for repayment.
  • 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.
  • Joint applications allowed: U.S. Bank allows you to add a co-borrower to your loan application. This can improve your chances of approval if your credit score is on the lower side, and could help you secure a better rate.

What we don’t like

  • Stricter requirements for non-customers: Non-customers must have a credit score of at least 720 to qualify for U.S. Bank’s loans, while customers can qualify with a score of 660.
  • Lower amounts for non-customers: Loan amounts for non-customers are capped at $25,000, instead of $50,000.
  • Limited repayment terms for non-customers: Repayment terms for non-customers are limited to 60 months, instead of 84.\

How to contact U.S. Bank

Borrowers can contact U.S. Bank by visiting a local branch, as well as through the bank’s mobile app or online portal. The bank also offers 24/7 customer support over the phone at 800-872-2657 for domestic borrowers, and 503-401-9991 for international borrowers.

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

U.S. Bank’s personal loan application can be completed entirely online and you can typically get a decision almost instantly. To apply, follow the steps below.

Features and additional perks

U.S. Bank offers borrowers a 0.50 rate discount when they sign up for automatic payments. The discount is available to both customers and non-customers.

Fees and penalties

U.S. Bank doesn’t charge origination or application fees, which can significantly reduce the cost of borrowing, as many lenders do charge these fees. The bank also doesn’t assess a prepayment penalty. That means you can pay off your loan early, without having to worry about being penalized with a fee.

That said, U.S. Bank does assess a late payment fee if you miss your due date, although the exact amount isn’t disclosed.

U.S. Bank frequently asked questions

How Bankrate rates U.S. Bank

Overall Score 4.8 Explanation
Availability 5.0 U.S. Bank offers a range of repayment options, accessible loan amounts, joint applications and quick funding.
Affordability 4.9 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


To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which 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 took into account 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.