US Bank Loans

Updated: July 6, 2019

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This review of US Bank loans will uncover the pros and cons of getting a loan at US Bank. You will learn about the interest rates, required incomes and credit score, amounts and terms of these loans. Apart from it, you will get links to the loan calculators, which will help you estimate how much you will have to pay and how soon you can pay off your loan.

Types of US Bank Loans

When it comes to the variety of financial products, US Bank the majority of other financial institutions. The number of mortgage products alone is impressive, and it is much more than what the Big Four U.S. Banks can offer. Luckily enough, the terms are sometimes as good as the variety of products. Get to know more about the US Bank loans in this review!

US Bank Mortgage Loans: Rates and Review

Interest rate (APR): starting at 4.375%.

Required credit score: 620 for conventional mortgages and 640 for FHA.

Required minimal monthly income: starting at $1,600.

Where the loans are available: the entire United States, though the majority of the physical branches are located in the Midwestern United States.

Most suitable for: customers who are seeking a good selection of mortgage loan offers.

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When it comes to mortgage loans, US Bank tends to offer one of the best solutions on the market. As a matter of fact, this bank is very transparent about its interest rates and terms. In this review, we will uncover the details about different types of US Bank mortgages.

Even though US Bank is an American financial institution with a long history, this bank has dedicated all its efforts to become the leading mortgage lender of the future. The bank offers pre-qualification and pre-approval online services, mobile apps, and a full digital application, which help the customers to close mortgages on time and without stress.

There are, indeed, a large variety of US Bank mortgage loans, and it appears to be the largest number we have seen so far. For instance, you can get the following types of US Bank mortgage loans:

As you can see, the variety of mortgage offers is, indeed, impressive, and you can barely find such a variety elsewhere. Jumbo mortgage loans, for example, allow you to get a loan with a higher amount for a luxurious house, which you wouldn’t get with a typical fixed-rate mortgage loan or adjustable-rate mortgage loan. But even the variety of terms is decent as well, since the majority of the banks offer only mortgages for 15, 20, and 30 years.

In terms of the interest rate, it will completely depend on the type of a loan and your credit score. For instance, 10-year fixed rate loan comes with an interest rate of 4.625% and APR of 4.810%, while the loans for other terms come with the interest rate (APR) of 4.625% (4.754%), 4.875% (4.978%), and 4.990% (5.066%) for the 15-, 20- and 30-year fixed rate loans respectively.

Overall, the interest rates are pretty competitive in comparison with other banks. However, you need to check the website or contact a banker in order to find out the interest rate for your exact loan. But we can state for sure that this is one of the most decent offers on the market.

US Bank Loans

Another topic to concern is the mortgage fees. One of the obvious advantages of the US Bank is that it doesn’t charge origination fees for standard fixed rate loans and other conventional mortgage products. But if you are going to get an FHA loan, you should be ready to be charged an origination fee.

One of the most important things about US Bank mortgage loans is that this bank offers an online pre-qualification. This means that the bank makes a soft check instead of a hard check, which, in other words, implies that your credit will not be worsened if you will be declined. If you are pre-qualified for a loan, you can visit a branch and apply for that loan within the 30 days.

Basically, you can submit a mortgage application form completely online, on the website of US Bank. Such an approach will greatly reduce the time you will spend on getting the mortgage loan. Typically, the bank claims that it closes a purchase loan within 39 days, but, if it’s needed faster, US Bank can close it as quickly as within 7 days.

Obviously, this is a great advantage of the bank that it doesn’t charge an origination fee for conventional products. But another thing to mention is that US Bank offers up to $1,000 discount for those borrowers who already have a Silver, Gold, or Platinum bank account with this bank.

Even though the bank is completely transparent about the interest rates and fees, there are, unfortunately, no personalized rates that are available online. This means that you need to contact a banker in order to get to know the interest rates for yourself. Among other disadvantages of this bank, one may mention that the bank’s physical branches are available only in 27 states.

To sum up, US Bank provides a variety of strong mortgage offers. The fees and interest rates are competitive, the bank is transparent, and the customer service is smooth. If you live in one of the states served by this bank, you may definitely consider applying for its mortgage loan

US Bank Personal Loans: Rates and Review

Interest rate (APR): starting at 7.49%.

Required credit score: from 680 to 850.

Required minimal monthly income: starting at $1,000.

Where the loans are available: in every American state, though there are physical branches of US Bank only in 27 states.

Most suitable for: existing US Bank customers – especially those who have a Silver, Gold, or Platinum account.

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US Bank is one of the rare big American banks that offer a variety of personal loans, and all of them come on fairly good terms. However, you must have a checking account at US Bank for at least 120 days in order to be eligible to apply for a personal loan. Let’s consider this issue in detail.

The first thing to mention is that there are several types of personal loans: an unsecured personal loan and an unsecured personal line of credit. For both of these loans, you need to have a checking account that is at least 120 days.

Let’s begin with an unsecured personal loan. This personal loan from US Bank offers you an amount from $3,000 to $25,000 for the term from 1 to 5 years. If you have a credit score 760 a higher and have a Silver, Gold, or Platinum checking account, you can expect to get the lowest APR: 7.49% with Autopay. Otherwise, you will have to bear a higher interest rate.

You need to make installments on this loan on a monthly basis. There is no check processing fee, but a number of other fees associated with this loan: $50 origination fee, $29 late payment fee, $29 returned payment fee, and 1% of the loan amount prepayment fee if you prepay the loan in the first year.

On the other hand, unsecured personal lines of credit allow you to get a bit of flexibility. It provides you with a loan amount from $5,000 to $25,000, but its terms are completely flexible. This means that even if you need so, you can pay this line of credit off within the 6 months (which is not possible with the unsecured personal loan). The APR on this personal line of credit is fixed at 11.50%.

In terms of fees, there are no annual fee, no check processing fee, and no prepayment penalty – this means that you can pay off this credit of line earlier than you expected. On the other hand, there are the following fees associated with this financial product:

  • Late payment fee between $27 and $38
  • Returned payment fee from $25 to $35
  • ATM cash advance fee of more than 4% of advance or $15
  • Cash equivalent advance fee of more than 4% of advance or $20
  • 3% foreign transaction fee.

Overall, you can see that these are quite sound offers, but only if you are an existing customer of US Bank. In case you are one of the US Bank customers and you need a loan, there is no reason why you shouldn’t apply for it.

US Bank Simple Loan

Interest rate (APR): 71% or 88%.

Required credit score: from 620 to 850.

Required minimal monthly income: none.

Where the loans are available: in every American state, though there are physical branches of US Bank only in 27 states.

Most suitable for: customers who urgently need a small amount loan and can’t get the cash elsewhere.

Actually, US Bank is one of the first mainstream banks to offer small loans, which are an alternative to payday loans. And even though the interest rate is quite high, it is far lower than what would you pay for a payday loan. Let’s dive into the details.

In the first place, you have to be a checking account customer at US Bank for six months and make direct deposits into your account at least for three months in order to get this loan. After getting this loan, you will have to repay it by making monthly installment over the period of 3 months or more. One has to point out that this loan is very flexible: you can choose the payment date on your own after being approved!

The loan amount is anywhere from $100 to $1,000, and you will be charged $12 for every $100 borrowed. This leaves you with an APR of 71%. Make sure that you will set up Autopay! If you don’t do it, the borrowing costs will rise to the APR of 88%! Also, the bank reports the payments to credit bureaus, which means that you can improve your credit if you make the payments on time.

After all, this simple loan is not a bad option if you need money urgently. Before resorting to this loan, however, make sure that you can’t get money elsewhere at a cheaper cost. Besides, bear in mind that you can’t apply for another loan within 30 days after being approved for this simple loan.

US Bank Loan Calculator

Apart from a variety of decent financial products and educational materials, US Bank also offers calculators for different types of loans. They will help you calculate whether you can apply for a certain loan, how much you need to borrow, what can you afford, or how much you will to pay in a month.

This mortgage calculator contains different tools for estimating the costs of your mortgage. On the other hand, you can take advantage of this auto loan payment calculator and get to know how much time you need in order to pay off your car loan.

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