8/1/2023
For years, people have relied on traditional banks for financing. Faced with a diversification of options and the emergence of fintechs, traditional banks have had to adapt to the new times.
This is the case of U.S. Bank, which allows the use of both online and offline means for contracting and managing its products. In this article we will show you how to apply for a loan from U.S. Bank and the requirements they ask for.
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US Bank Loan Terms and Conditions
Like other large financial institutions, US Bank offers quick financing that you can take advantage of at a moment's notice. In this regard, we want you to take a look at the basic terms of these loans so you can analyze whether or not they work for you:
- APR from 8.74% to 21.24% (From 6.69% for auto loans).
- Late payment ($29) and returned payment ($25) fees.
- Repayment terms ranging from 1 to 7 years (5 years for non-customers).
- Amounts ranging from $1,000 to $50,000 ($25,000 maximum for non-customers).
- Deposit time after approval: immediate if you are a customer. If not, between 1-4 business days.
- Amount: between $ 1,000 and $ 50,000
- Term: between 1 year and 7 years
- Interest: 8.24%
- APR: 8.24%
- Amount: between $ 5,000 and $ 100,000
- Term: between 1 year and 5 years
- Interest: 7.76%
- APR: 7.76%
- Amount: between $ 100 and $ 1,000
- Term: 0 months
- Interest: 0%
- APR: 35.65%
- Amount: Ask
- Term: 0 months
- Interest: 21.90%
- APR: 21.90%
- Amount: Up to $ 25,000
- Term: 0 months
- Interest: 12.25%
- APR: 12.25%
- Amount: Up to $ 150,000
- Term: 0 months
- Interest: 9.74%
- APR: 9.74%
- Amount: Up to $ 150,000
- Term: 0 months
- Interest: 8.24%
- APR: 8.24%
Requirements to apply for a loan from US Bank
By law, all banks operating on US soil are required to comply with KYC for security reasons. Therefore, there are some minimum requirements to be able to obtain a personal loan with US Bank:
- Be 18 years old.
- Possess a minimum credit score of 660 (for non-customers, the minimum is 720 points).
- Have a Social Security Number.
- Provide a valid address and employment information.
How to apply for a US Bank loan?
We would like to remind you that US Bank financing is available in the following states: AL, AK, CT, DE, FL, GA, HI, LA, ME, MD, MA, MI, MS, NH, NJ, NY, OK, PA, RI, SC, TX, VT, VA, WV and Washington, DC.
Additionally, you have the opportunity to pre-qualify online if you have a checking account with the bank. When you do not, you must go to the branch of your choice.
According to the bank's website, applying online is a very simple process. All you have to do is follow these steps:
Check the interest rate
US Bank will assign you a personalized APR based on the information you give them. In this step, they make a soft inquiry, which does not affect your credit score.
Apply
To apply for a loan with US Bank, we recommend you have your information on hand. If you intend to make a joint application, remember that the financial information of the other person will affect the interest rate and the final amount assigned.
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Once you fill out and submit the form, the bank will proceed to make a hard inquiry to your FICO score. This institution claims that you will be approved in less than 5 minutes.
Close the paperwork
US Bank has some particular conditions if you apply for financing as a customer or non-customer:
- When you own a savings or checking account with them, you can do the closing online.
- If you do not have a checking or savings account with this bank, you will have to go to the agency of your choice to close the paperwork.
Pros and Cons of US Bank Loans
US Bank is one of the largest financial institutions in the country and has a reasonable reputation for its personal loans. However, there are advantages and disadvantages to these banking products, which we will discuss below.
Pros
- Joint application. As an applicant, you can add a co-borrower to the application. If the person in question has a good credit history, this can help you get a lower rate or a higher amount.
- Fast disbursement. According to US Bank, after the closing is signed, US Bank customers receive their money within minutes. For an external account, the process can take 1 to 4 business days.
- Autopay discount. Customers who have a checking or savings account with this bank can receive an APR discount of 0.5%. You only have to enable automatic payment through Autopay.
Cons
- It doesn't pay direct to creditors. This happens when you want to use that fast funding to consolidate debts. Unlike other lenders, this bank does not deposit to creditors, leaving this diligence.
- You will have to visit a branch if you are not a customer. Although as an applicant you can pre-qualify and apply for an immediate loan with US Bank online, if you are not a customer you would have to go to a branch.
Knowing how to apply for a loan through US Bank can be a great help at a time when money is tight. If this bank is not among your preferences, with Busconomico's search engine you can find an option that is more attractive to you.
Español: ¿Cómo aplicar para un préstamo del U.S. Bank y cuáles son sus requisitos?