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USAA Bank personal loans: 2023 review

Updated on Jan. 1, 2023
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At a glance

Rating: 4.5 stars out of 5
Bankrate Score
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Rating: 4.5 stars out of 5
Rating: 4.5 stars out of 5
Customer Experience
Rating: 4.4 stars out of 5

About Bankrate Score

Founded in 1922, USAA provides insurance, banking, investment and retirement products to members of the US military, veterans and their families. USAA serves over 13 million members today and is one of the largest military-affiliated financial service companies in the US.

Loan amount $2,500 – $100,000
APR from up to 18.51%
Clock Wait
Term lengths 12-84 months
This lender is best for active military members, veterans and eligible family members.

Best for fast funding 

USAA offers personal loans with fast funding. The fully online process allows borrowers to get funded within one business day following application approval. And unlike some of its competitors, there is no branch visit required. The speed of funding makes USAA a great option for everything from emergency funding to home remodels.

USAA Pros and cons

Here's a breakdown of some of the benefits and drawbacks of USAA personal loans.


  • Checkmark

    Flexible loan terms

  • Checkmark

    Customer service


  • Close X

    Membership requirement

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    Higher loan amounts required for longer terms

Do you qualify?

  • Credit score requirements: Not specified 
  • Income requirements: None
  • Co-signers and co-borrowers: Not specified 
You must be a member in order to get a personal loan from USAA. Membership at the bank is open to active or former members of the military and their eligible family members. Cadets and midshipmen may also join.


What USAA doesn't allow loan funds to be used for

USAA does not allow its borrowers to use its loans to cover the cost of higher education. Instead the USAA site recommends connecting with your school’s financial aid office.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.

USAA: In the details

What we like and what we don’t like

With attentive customer service and a stringent membership protocol, consider all of what USAA has to offer. 

What we like

  • Flexible loan terms. Borrowers can finance loans for up to seven years, or as little as just one year. 
  • Customer service. USAA boasts expansive customer service hours along with online chat support for its members.  

What we don't like

  • Membership requirement. In order to take out a personal loan with USAA you must fulfill the membership requirements of serving in or being related to a service member. 
  • Higher loan amounts required for longer terms. If you are looking to take out a longer term you must also sign off on higher loan amounts, as high as $20,000 for a seven-year term.

How to contact USAA

If you need support throughout or following your personal loan application USAA offers online support through its virtual agents available 24/7. If you prefer assistance over the phone, USAA agents can be reached at 800-531-8781 during business hours.

How to apply for a personal loan with USAA

The quickest way to apply for a personal loan through USAA Bank is through its online application. You can also apply over the phone. USAA has a limited number of branches, so it encourages members to use those two methods.
Members of the bank applying for a loan will be asked for standard information like their name, address, Social Security number, income and employer information. Additional documentation may be required.In many cases, according to USAA, you’ll get your rate right away if you’re approved. Once you accept your loan terms, the money is typically deposited into your account within 24 hours. Before you settle on a bank, it’s important to check personal loan rates with a few lenders based on your loan amount, credit score, location, income and reason for the loan.

Fees and penalties

One of the perks of getting a loan through USAA as a member is that the bank charges few fees. There are no application or origination fees, and the lender doesn’t impose a penalty for paying your loan off early.USAA does, however, charge a late fee of 5 percent of the amount due.

Get Prequalified for a Personal Loan

Answer a few questions to see which personal loans you pre-qualify for. The process is quick and easy, and it will not impact your credit score.


How Bankrate rates USAA Bank

Score Explanation
Overall 4.4
Availability 4.5 $2,500 minimum loan amount and instant approval with fast funding
Affordability 4.2 Only charges late fees and has a competitive starting APR
Customer experience 4.7 Online access and Mon-Fri customer service hours


To select the top personal loan lenders, Bankrate considers 15 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 41 lenders and gave each a Bankrate rating, which consists of three 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.

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.