US Bank Personal loans also called Premier loans are only given to those who are customers of the bank. You need to have a checking account with the bank for being eligible for loan. Also, this account should be at least four months old.
Being one of the most trusted banks in the United States, US Bank provides exciting offers and reward points as well. It promises lowest interest rates and a no pre-payment penalty. Customers can use their premier loans for consolidating debts, improving their homes, settling up medical bills or even to plan a dream holiday.
Customers can apply for a loan amount between $3000 and $25000 with an APR ranging from 6.99% to 21.9%. The maximum loan term is 48 months. US Bank offers premier loans only to those who have a credit score of 700 to 850, which means you need to check your credit history before approaching the bank for a loan.
Why US Bank Personal Loans
Applying for a personal loan gives you a lump-sum credit in your account. It is good if you need all the money together. The bank takes 1 to 7 days to approve your loan and the funds are transferred into your account.
US Bank premier loan is an unsecured loan so does not require the customer to have any collateral. It has a fixed interest rate that makes sure your monthly payments remain the same throughout the loan tenure. There are no hidden charges, annual fees or miscellaneous expenses charged by the bank.
The bank offers an additional 1% discount with green home improvements and energy efficient purchases. It thus encourages customers to use environment friendly products offered by Energy Star. Some of their products include water heaters, boilers, air purifiers, computers, televisions to name few.
If you are already a customer of US Bank, you can start a loan application online or by visiting a nearby branch. Loan officials will be happy to answer your queries. They have a pre-approval process that determines how much you can afford. This becomes easy for you decide the exact amount of loan you should be applying for.
Where Does US Bank Personal Loan Fall Short
The bank requires the customer to have very good credit history. So if you are suffering from adverse credit, US Bank might not be suitable for you. You can think of re-building your credit score and apply some time later.
The bank charges a late fee of $39 even if you miss making a single monthly payment. This means you have to be alert each month and make it a point to pay off your payments on time. This is of course a good habit that needs to be inculcated as early as possible.
Customers claim that different individuals handle a particular loan file, which means a loan application is handled by many officers. This not only creates an internal confusion, but the bank officials are not able to provide a proper solution to their customers.
A quick comparison between US Bank and other banks offering personal loans state that US Bank is better when it comes to customer support and lending. There are not many negative reviews about the bank online. Customers of US Bank seem to have a very pleasant borrowing experience.