USAA has a solid reputation for competitive rates and flexible payment plans that are typically among the best in the industry. But with some government action taken against it, you might want to weigh a good deal with the risk of a bank that has a not-so-great reputation.
USAA offers a variety of loans for military members and their families.
No. USAA used to have a referral program that provided a rate discount to USAA members who borrowed a student loan from Wells Fargo, but it has since stopped offering this option. If you’d like borrow for school, compare the best alternatives to a USAA student loan.
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The Finder Score crunches 6+ types of personal loans across 50+ lenders. It takes into account the product’s interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate – this gives you a simple score out of 10.
USAA charges minimal fees for its loans and doesn’t have any origination, application or prepayment fees. But if you’re late on your payments, you’ll typically pay a penalty equal to 5% of the payment due.
In addition to fees, you’ll also have to repay your loan with interest. While USAA has competitive rates, it may not be the best choice for those with excellent credit who could qualify for a lower rate from another lender. Consider your options carefully, and read our dedicated review pages to get a clear idea on the rate you can expect with a loan from USAA.
USAA isn’t accredited with the BBB and receives a relatively low rating of C+ due to the recent government actions taken against it. In addition to these, it also has a low overall rating from customer reviews and nearly 1,500 complaints filed against it.
Many complaints involved having accounts dropped or loans suddenly canceled with seemingly no warning. Others complained that USAA wasn’t totally forthcoming about loan costs. Its excellent customer service, however, seems to make up for its shortcomings.
Yes. USAA takes every reasonable precaution to make sure your information is secure and protected from unauthorized access. Its site uses multilayer security to protect your financial and banking information, including onsite security and antivirus software. Throughout the loan process, only you and USAA employees whose jobs require it can access your information. And to top it all off, USAA is backed by the US Department of Veterans Affairs.
You can report suspicious emails, phone calls, texts or other activity to USAA at abuse@usaa.com or 877-762-7256.
To apply for a loan with USAA, you must first become a USAA member. Visit USAA online and click Join USAA to get started.
Once you’re a member, you’ll have access to an easy online application to start the process of obtaining a loan with USAA. Simply visit the page for the type of loan you need by using the navigation bar, then fill out the application with information about yourself and your finances. After you submit, USAA will contact you with a loan decision and any further steps you might need to take.
To apply for a loan with USAA, you must
USAA loans offer competitive rates with quick access to funds and flexible repayment terms. But you must be eligible for USAA membership, which is only open to members of the military or those who are part of a military family. If you’d like to consider more options, compare the best loans for service members or explore our comprehensive personal loans guide.
How much does USAA Debt Protection cost?
The cost of USAA debt protection will depend on your loan and plan. There are multiple plans available for you to choose from, and your fee will be included in your total loan amount.
Are USAA loans available to non–military families?
No. In order to borrow from USAA, you’ll need to be part of a military family.
Do I need to sign up for autopay with a USAA loan?
No, but you are eligible for a discounted APR by signing up for autopay from a USAA checking account.
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I need a loan within an hour.
Hello Nessa,
Thank you for your comment.
I understand that you needed to loan very quickly. Please take note that online applications may take as early as a few minutes for approval if all requirements are met.
You can apply for USAA personal loans and can be approved quickly. You may enter your credit score and your state and see loan options for you. After comparing the loans and you have decided to apply, please click the Go to Site button.
Please make sure that you’ve read the relevant T&Cs or PDS of the loan products before making a decision and consider whether the product is right for you.
Regards,
Jhezelyn