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USAA Bank Personal Loans 2022 Review
Raija Haughn is an associate writer for Bankrate.com specializing in personal and home equity loans. She is passionate about helping people make financial decisions that will benefit them long term. Updated on Jan. 1, 2022 Advertiser Disclosure Advertising Disclosure
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USAA in the details
Loan Amount $2,500 – $100,000 APR from up to 18.51% Term lengths 12-84 months Funds available in Within 24 hours Lending terms
USAA offers personal loans that range from $2,500 to $20,000, with repayment terms from one to seven years — but note that terms longer than three years require you to borrow more money: $2,500 minimum for a one to three-year term $5,000 minimum for a four-year term $10,000 minimum for a five-year term $15,000 minimum for a six-year term $20,000 for a seven-year term Fixed-rate loans from this bank go up to 18.51 percent, depending on term length and creditworthiness. These interest rates are based on a 0.25 percent reduction for automatic payments. After a borrower is approved for a loan, USAA Bank typically deposits the money within 24 hours. Fees and penalties
One of the perks of getting a loan through USAA as a member is that the bank charges very 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. How to apply for a loan with USAA Bank
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. Remember that before you settle on a bank, it's important to with a few lenders based on your loan amount, credit score, location, income and reason for the loan. 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 How Bankrate rates USAA Bank
Overall Score 4.5 Availability 4.5 $2,500 minimum loan amount and instant approval with fast funding Affordability 4.5 Only charges late fees and has a competitive starting APR Customer Experience 4.4 Online access and Mon-Fri customer service hours Editorial disclosure: All reviews are prepared by Bankrate.com 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. On This Page
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