U.S. Bank is a well-known option with multiple features that make it a competitive option for those looking for a loan.
- Discounts for current customers. If you’re already a U.S. Bank customer, you’re eligible for discounts and other perks. And if you’ve been thinking about opening an account, you may want to postpone your loan so you can take advantange of these, too.
- Calculators and other tools. Visit U.S. Bank’s website to determine how much you can afford, calculate your average payment and more.
- Low fees. You’ll pay no origination or application fee for most U.S. Bank loans, making your loan that much more affordable.
Where does U.S. Bank fall short?
No lender is perfect, so before you borrow, consider these potential drawbacks.
- Limited services. U.S. Bank only operates in 25 states. If you’re not in its serviced area, you’ll need to look elsewhere.
- Most loans require autopay. You’ll need to ensure that you have the money in your account on the day the repayment is withdrawn. Otherwise, you may face fees for insufficient funds, not to mention overdraft fees from your bank.
- Limited fund use. Online reviews claim that U.S. Bank required applicants to submit information on the intended use of the loan. While not uncommon, it can mean some loan applicants are rejected based on how they might be use their funds.