Personal loans and lines of credit are exclusive for the customers at US Bank. This means you are not likely to get approval if you do not have a checking or savings account at US Bank.
The customers of the bank, on the other hand, are offered an array of personal lending solutions with low interest and with little application requirements. Among the many things, you can also consolidate debts with this loan.
Moreover, it is easy to apply for a loan and it can be done online as well. But before that you want to check the options.
Some comparison of its personal finance and lines
|Personal Loan||Line of Credit|
|Loan Amount or Credit Limit||$3,000 – $25,000 (subject to credit approval)||Maximum credit limit depends on borrowers’ annual income and other factors|
|Interest Rates||Fixed and competitive||Fixed (currently the interest rates may be anything between 9.25% and 13.25%)|
|Fees||No annual fees||No annual fees|
|Collateral||Not needed||Not needed|
|Repayment Terms||Fixed monthly||Can be paid monthly|
Personal loans classification of US Bank
The bank always offers unsecured nature personal loan and line of credit. It is classified into the following:
- Premier Line of Credit
- Premier Loans
- Reserve Line of Credit
Premier Line of Credit
A line of credit is a good choice to meet day-to-day expenses. You have cash ready anytime you need with such an option.
Premier Line of Credit is an unsecured loan product offering generous credit limits and competitive Annual Percentage Rates (APR). The present rate of interest ranges from 9.25% to 13.25%, which is quite affordable.
Moreover, there can be numerous ways to access your funds once approved, such as Premier Line Access Checks, Visa® Platinum Access Card, Branch tellers, 24×7 Banking service and USbank.com.
You don’t have to pay any fees for fund advanced by phone, Internet, branch teller, or Premier Line Access Checks.
The collateral-free credit line ensures a fast access to your funds along with benefits, such as free Internet banking, bill pay, online statements and account alerts.
To apply, you need to provide Social Security Number, a recent rent proof or mortgage payment, and current income and employment details.
This is good if you need money all at-once. A lump sum is credited to your bank account once you get approval.
You will get loan amounts from $3,000 to $25,000 along with competitive interest rates and possibly Green Home Improvement/Energy Efficient interest rate discount.
It is an unsecured loan with a fixed interest rate and fixed monthly payments. So, no collateral is required and there are also no annual fees, appraisals or inspections.
All you need to apply for the loan are Social Security Number and a proof of your current rent or mortgage payment. If you want to borrow more than $15,000, then you will also need a good credit history and income & employment details for application.
Reserve Line of Credit
It is a line of credit that protects your US Bank checking account from accidental overdraft. No annual fee is charged for the service and payments are also very convenient. Funds can be accessed using a check, ATM or U.S. Bank check card.
How to Apply – Credit and other Requirements
The following are some of the prerequisites to apply for a loan or line of credit:
- You must be a U.S. Bank customer.
- Your account with the bank must be more than four months old.
- You should have a high credit score, preferably more than 700, to qualify for a personal loan request at US Bank. People with bad credit or poor credit standing will have to look for a secured loan option at the bank.
- You must provide the following information on your application:
- Social Security Number
- Annual Income
- Rent or Mortgage Payment
- Employment Details
If you have recently opened an account with the bank or are not a US Bank customer, you may need to visit a branch of the bank. Your loan may be approved only after the bank is satisfied with your credit standing.
For more information, you can call 800-491-3150.
US bank offers a guide to make a good credit score.