USAA Personal Loans

USAA Personal Loans Reviews

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About USAA Personal Loans

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USAA is a bank that offers multiple financial services to military members and their families, such as checking accounts, investment accounts and insurance. Since being founded in 1922 by 25 Army officers, USAA has grown to serve millions of service members from every branch of the military. During this time, it has helped those who have served our country get good rates on products like mortgages and personal loans.

    Pros & Cons

    Pros
    • Low interest rates
    • High loan maximum
    • Customizable term ranges
    • Easy online application
    Cons
    • Membership is limited to military members and their families
    • Funding isn’t same-day

    Our editor's take

    Military service members and pre-commisioned officers, as well as their spouses and children, can benefit from a USAA personal loan. With competitive interest rates starting at 9.74% as of publishing, you can avoid the higher interest rates of competing lenders.

    But if you don’t meet the military qualifications for a USAA personal loan, you’ll need to seek out an alternative lender that offers comparable rates. Although it might be difficult to find a lender with rates as low as USAA, those with a good credit history can still find low rates elsewhere.

    USAA personal loan products

    USAA only offers one type of personal loan, which can be used to cover expenses big and small, with loan amounts ranging from $1,000 to $100,000. These loans come with terms of 12 to 84 months, which you can customize based on your borrowing needs.

    USAA also offers a variety of vehicle loans, including auto, RV, boat, motorcycle and leisure vehicle loans.

    USAA personal loan rates

    USAA offers competitive personal loan rates, ranging from 9.74% to 18.51% annual percentage rate (APR) as of publishing.

    To get the best rate, you’ll need to sign up for autopay, which will automatically withdraw the cost of your bill each month from your connected bank account. Unfortunately, USAA doesn’t disclose the amount of this discount.

    USAA personal loan fees

    USAA doesn’t charge fees to its members and specifically states that members can expect not to pay application fees or prepayment penalties.

    How to apply for a USAA personal loan

    To apply for a personal loan through USAA, you’ll need to follow these simple steps:

    1. Become a USAA member: If you aren’t already, you must sign up for a USAA membership to apply for a personal loan.
    2. Apply online: Fill out USAA’s online application with information about yourself and the loan you need. This includes details about your employment, housing and income.
    3. If approved, customize your loan: USAA allows you to choose your loan term after your application is approved. Then, you can sign your documents entirely online or in its mobile app.
    4. Wait for loan disbursement: You can expect your loan funds to be sent to you within two days of loan approval. However, this timeline could be extended if USAA needs you to provide additional documentation.

    How do USAA personal loans compare?

    USAA offers a highly competitive personal loan, with some of the lowest rates compared to other personal loan lenders, as well as high loan amounts and a wide range of repayment terms. As a bank designed to cover the specific needs of military members, it excels at helping them get the funds they need in difficult financial times.

    Here is how a USAA personal loan measures up to one from Upgrade:

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    USAA personal loans FAQ

    What is USAA?

    USAA is a bank dedicated to helping military service members and their families with their financial needs. It offers a wide variety of banking products, as well as insurance and investment accounts.

    How long does it take to get a USAA personal loan?

    Getting a personal loan from USAA is a relatively quick process. You can expect your money to be disbursed within two days of your loan being approved.

    How long do I have to pay back a USAA personal loan?

    USAA personal loans have a wide term range, from 12 months to 84 months. How long you’ll have to pay back your loan depends on your individual circumstances and choices.

    Do USAA personal loans have a prepayment penalty?

    No, USAA personal loans don’t come with a prepayment penalty.

    Is USAA legit?

    USAA is a legitimate bank serving military service members and their families. Its personal loans come with low interest rates and customizable terms, and it also offers banking, insurance, investing and retirement planning products and services.

    As of publishing, USAA reports $204 billion in assets and 13 million members. It also promises a commitment to security and reports that, in 2022, it shut down more than 1,500 phishing sites and more than 7.5 billion cyberattacks targeting members.

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    USAA Personal Loans Company Information

    Company Name:
    USAA (United States Automobile Association)
    Website:
    www.usaa.com