Pros and Cons- US Bank Personal Loans

You can use a personal loan to fund anything, from home renovation to a long vacation. 

You can qualify for a low-rate personal loan if you’ve got a checking account in U.S. Bank. Moreover, you must live within 50 miles of a U.S. Bank branch. Before applying for the US bank personal loan, you must have an idea about the pros and cons of personal loans. 


Pros of taking out a U.S. Bank personal loan 

  • U.S. Bank offers several benefits to its customers who apply for personal loans. Some of the pros of taking out a personal loan with U.S. Bank.
  • You don’t have to put collateral as personal loans are unsecured
  • Loans are flexible and you can use them for any purpose
  • The loan limit is up to $25,000 and can return between 1-5 years
  • APRs start as low as 6.99%, as of August 2017
  • You can apply for a personal loan over the phone, online, or in person at a U.S. Bank branch.
  • You can make your payments through any mode – online banking, phone banking, or in person
  • If you enroll for autopay or make home improvement purchases, you get eligible for APR discounts

Cons of taking out a U.S. Bank personal loan 

  • Along with the above-mentioned pros, there are some drawbacks that you must know:
  • In comparison to other lenders, the U.S. Bank doesn’t always offer personal loans at lower interest rates or fees.
  • You must have a checking account in the U.S. Bank for at least 3 months prior to applying for a personal loan.
  • U.S. Bank personal loans are only available to people who reside within 50 miles of a branch location. 
  • They charge an origination fee and prepayment fee too.

Need to know more about US bank personal loans, you can get in touch with Banks In Stillwater, Mn. 

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