Our Rating: 94%
USAA Personal Loan Review
Loan Amount:
$2,500 - $5,000
Minimum Credit Score:
Not Specified
APRs From:
7.24% - 17.65%
Funding Speed:
Within 24 Hours
Pros
- Flexible loan terms
- Excellent customer service
- Pre-qualification allows you to see loan offers without affecting your credit score
- Most loans are funded within one business day
Cons
- Membership required
- Limited loan amounts
About USAA Personal Loans
If you’re affiliated with the military and in search of a personal loan, you might consider USAA Bank. Serving over 12.8 million members, USAA is one of the largest military-affiliated financial service companies in the nation. The bank offers competitive rates and fast funding on personal loans for everything from home remodels to emergencies. You must be a member in order to get a personal loan from USAA. Membership at the bank is open to active or former members of the military and their eligible family members. Cadets and midshipmen may also join.
Compare Similar Lenders
 Our Rating: 94.0% |  Our Rating: 94.0% | Our Rating: 94% |  Our Rating: 96% |
|---|---|---|---|
Est. APR 5.99% - 29.99% | Est. APR 5.99% - 21.11% | Est. APR 7.24% - 17.65% | Est. APR 6.98% - 35.89% |
Loan Amount $2,000 - $35,000 | Loan Amount $5,000 - $100,000 | Loan Amount $2,500 - $5,000 | Loan Amount $1,000 - $50,000 |
Loan Terms 3 or 5 Years | Loan Terms 2-7 Years | Loan Terms 1/2-4 Years | Loan Terms 3-5 Years |
Min. Credit Score 640 | Min. Credit Score 680 | Min. Credit Score Not Specified | Min. Credit Score 620 |
USAA Personal Loan Snapshot
Loan Amount:
$2,500 - $5,000
APR:
7.24% to 17.65%
Minimum Credit Score:
Not Specified
Time to Funding:
Within 24 Hours
Has Origination Fee:
No
Origination Fee: Not Applicable
Pros and cons of USAA Personal Loans
Before signing up for a loan with USAA, take a look at this breakdown of some of its benefits and drawbacks.
Pros:
Flexible loan terms: Terms range from 12 to 48 months, giving you a large selection of potential repayment terms — just note that you’ll have to borrow $5,000 in order to qualify for the 48-month term.
Excellent customer service: USAA earns top marks from J.D. Power for its customer service, meaning you’ll likely have a smooth experience with the lender from application through repayment.
Cons:
Membership required: You must be affiliated with the military in order to join USAA.
Limited loan amounts: As of April 2020, USAA is only offering loan amounts of $2,500 to $5,000. This is an exceptionally limited range, considering that most lenders offer loans starting at $5,000 and stretching to $50,000 or above.
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Loan Terms
While USAA has offered higher loan amounts and repayment terms in the past, USAA currently offers personal loans that range from $2,500 to $5,000, with repayment terms from 12 to 48 months — but note that you must borrow the full $5,000 in order to take advantage of the 48-month term.
Fixed-rate loans from this bank range from 7.24 percent up to 17.65 percent, depending on term length and creditworthiness. These interest rates are based on a 0.25 percent reduction for automatic payments.
After approval 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 off your loan early.
USAA does, however, charge a late fee of 5 percent of the amount due.
How to get a Personal Loan with USAA
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 standard questions like their name, address, Social Security number, income, and employer information. Additional documentation may be required. Potential borrowers with excellent credit will be offered the lowest rates.
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 check personal loan rates with a few lenders based on your loan amount, monthly payments, credit score, location, income, and reason for the loan.