US Bank Personal Loan Review
Loans as small as $1,000
If you’re hit with a small emergency, like a broken water heater, a larger loan could leave you with money left over (and you’ll have to pay it back). The fact that you can borrow as little as $1,000 from US Bank means that it is possible to withdraw only the amount needed.
Relatively low interest rates
Interest rates vary by lender, and US bank rates fall somewhere in the middle. There are other lenders with lower interest rates on the low end, but much higher interest rates on the high end.
No setup or prepayment fees
Whether you’re taking out a loan to consolidate your debt or to renovate your kitchen, it’s important to save money where you can.
Credit scores as low as 660 acceptable
Although a borrower with a 660 credit score is likely to be offered an interest rate at the higher end of the range, it is far superior to most loans that require no credit check. For example, payday lenders regularly charge 400% or more for a two-week loan.
As long as US Bank does not encounter any obstacles while processing your loan application, you will likely receive funds within one business day.
Better Business Bureau rating of A+
Whether you’re at a car dealership applying for a car loan, a mortgage lender applying for a mortgage, or you’re taking out a consolidation loan, it’s important to work with a respected lender.
What could be improved
Must be a US Bank customer to access the best loan options
It’s possible to become a US Bank customer, but if you’re not looking for a new bank, it might not be something you want to do. However, only US bank customers are eligible to borrow up to $50,000 and can take care of the entire loan process online.
Lack of transparency
Although US Bank says it lends to borrowers with credit scores as low as 660, it’s unclear how the bank determines whether an applicant is qualified. Knowing in advance what US Bank is looking for can help you decide if it’s worth applying.
No opportunity to prequalify
Based on the fact that US Bank does not specify what it is looking for in a lending client, the bank does not allow applicants to prequalify. This means that US Bank performs a rigorous credit check on each applicant, lowering their credit rating a bit in the process.