Personal loans & lines of credit at U.S. Bank (2024)

FAQs

What credit score do you need for a personal loan at U.S. Bank? ›

Minimum credit score: There is no minimum credit score to qualify, but if you want the lowest rate, your credit score must be 800 or higher. Loan amount range: $1,000 to $50,000 (or $25,000 if you're not a U.S. Bank customer). Loan terms: 12 months to seven years (or five years if you're not a U.S. Bank customer).

Usually we'll notify you with your loan approval status in less than a minute. If you're approved, electronic funding of your account can take between one and four days.

An unsecured personal line of credit requires a credit score of at least 680, generally speaking. If your score needs some work, you may want to seek out an alternative form of funding. A personal line of credit doesn't have a set borrowing limit.

The Bottom Line

Though lenders will each have their own qualification requirements when it comes to credit scores, you could get approved for a line of credit if you have a score of 660. However, your chances of approval (and getting better interest rates) increase if your score is closer to 713 and above.

The monthly payment on a $2,000 loan ranges from $27 to $201, depending on the APR and how long the loan lasts. For example, if you take out a $2,000 loan for one year with an APR of 36%, your monthly payment will be $201.

The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.

Lenders often have higher credit score requirements for lines of credit compared to personal loans. For example, borrowers should aim to have a minimum credit score of 670 when applying for a line of credit. However, there are personal loans available that only require scores of at least 580.

What credit score do you need to get a $20,000 loan? ›

A credit score of at least 670 will put you in the best position to get approved for a larger personal loan amount at the lowest rates available. Make sure you shop around to ensure you get the best deal.

The main factor in determining if you qualify for a $10,000 personal loan is your credit history. You'll need a credit score of at least 670 before you apply. Lenders look at your debt-to-income ratio when deciding approval. A DTI ratio of 36% or lower is ideal.

Calculating the monthly cost for a $50,000 loan at an interest rate of 8.75%, which is the average rate for a 10-year fixed home equity loan as of September 25, 2023, the monthly payment would be $626.63. And because the rate is fixed, this monthly payment would stay the same throughout the life of the loan.

This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.

Credit scores of 580 or under are considered "poor." A low credit score can significantly limit your chances of getting approved for a $5,000 loan. Most lenders require a minimum score around 670, which is considered a "fair" score.

The specific credit bureau that U.S. Bank uses to get an applicant's credit score will vary. Reports indicate U.S. Bank pulls credit scores and reports from TransUnion most often, but this isn't always the case. The card issuer also sometimes pulls credit scores from Equifax and Experian.

Payment history is weighed the most heavily in determining your credit score, along with your total outstanding debt. Generally, the required credit score for a personal loan is at least 580. To qualify for a lender's lowest interest rate, borrowers typically need a score of at least 800 and a high income.

What credit bureau does U.S. Bank use? Clients enrolled in the U.S. Bank credit score program will see their VantageScore 3.0 credit score, which is provided by TransUnion.