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As part of U.S. Bancorp, U.S. Bank was founded in 1863 and is a full-service financial institution, offering everything from checking and savings accounts to credit cards, mortgages, loans, and wealth management services. U.S. Bank has over 2,000 branches across 26 states, according to the company website.
U.S. Bank offers several personal loan products, including a standard personal loan, unsecured home improvement personal loans, personal lines of credit, and a unique product called the U.S. Bank Simple Loan. Simple Loans are only available to customers with an existing U.S. Bank checking account. With a Simple Loan, you can borrow up to $1,000 directly from your checking account, receive the money within minutes, and pay it back in 3 monthly installments.
U.S. Bank’s website gives conflicting information about the borrower requirements for its regular personal loans, especially in regards to whether borrowers who are not existing U.S. Bank customers can qualify. We reached out to the company for clarification but have not received a response as of the time of publication. What we do know, however, is that non-U.S. Bank customers may face greater borrowing restrictions in terms of how much they can borrow, the credit score they’ll need in order to qualify, and how they can close the loan.
U.S. Bank offers next-day funding, competitive rates, and no origination fees on its personal loans, which can make them a good option for those who qualify. However, the conflicting information online makes it unclear who can qualify for a personal loan. Other lenders may offer similar benefits with greater transparency.
What to Know Before Getting a Personal Loan
Personal loans can be an easy way to access cash when you need it. They can be used for a variety of purposes: to cover an emergency, consolidate debt, pay for a major expense, or to cover bills or rent.
However, it’s important to know what you’re getting into and how to use personal loans responsibly. Before you apply for a personal loan, make sure it’s truly necessary and you know what you’ll be using the money for. There’s no grace period for personal loans, so you’ll need to come up with a plan to pay off your loan on time and in full.
When you apply for a personal loan, the rate you qualify for might be different than …….