finder.com's rating: 3.8 / 5.0
★★★★★
Bottom line: USAA offers a range of personal loan options to members — and you can become a member as part of your application. But the loan term length you can receive depends on how much you borrow.
USAA personal loans isn't available on Finder right now.
Small personal loans — but only for current and former members of the military.
USAA personal loans are ideal if you're an active or former member of the military. Its loans come with no origination fee, an autopay discount and the option to sign up for debt protection. And its turnaround is quick. You can apply online and hear back about approval within one to two business days.
But its rates start relatively high compared to other lenders, so you may be able to find a better deal if you have good to excellent credit. Its loans are also extremely limited: You can only borrow between $2,500 to $5,000. This narrow range may mean you aren't able to get a personal loan that may suit you.
Can't qualify for membership? Need more funds? You can use our table and compare your other options.
finder.com's rating: 3.8 / 5.0
★★★★★
Bottom line: USAA offers a range of personal loan options to members — and you can become a member as part of your application. But the loan term length you can receive depends on how much you borrow.
Min. Loan Amount | $2,500 |
Loan Amount | $100,000 |
APR | 8.29% to 18.51% |
Interest Rate Type | Fixed |
Min. credit score | Varies |
Origination Fee | Starting from 0% |
Loan term | 1 to 3 years |
Turnaround Time | 24 to 48 hours to a USAA account (or longer if sending a bank check by FedEx) |
Phone number | 800-531-8722 |
@USAA | |
@USAA_help | |
@USAA |
USAA personal loans are best for active or former members of the military and their families. Eligible borrowers can take out a minimum of $2,500 up to $100,000 with repayment terms from one to seven years, depending on the amount of the loan. To get the longest term of seven years, you must borrow at least $20,000.
Unlike some lenders, USAA personal loans have no origination fee, an autopay discount and allow you add a coborrower. But even with USAA’s autopay discount, its lowest rate is still slightly higher than other lenders like Sofi or Marcus. But its turnaround is quick: apply online and hear back about approval within one to two business days.
But you’ll need strong credit to qualify for a personal loan with USAA, and only military members and their families are eligible. If you’re not a military member or have a fair credit, we suggest comparing more lenders to find one that works with your situation and credit score.
USAA offers personal loans from $2,500 to $100,000 with rates from the low 7% APR range and topping out at a maximum of 18.51% APR. Terms range from one to seven years, depending on how much you borrow. The more you borrow, the longer the term you’re eligible for.
Here’s how it works:
Use the calculator below to estimate your potential monthly payment with a small personal loan from USAA.
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Compare personal loans nowPrincipal | $ |
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Total Cost | $ |
Here’s how USAA stacks up to the competition, in terms of cost, loan amounts and eligibility.
USAA personal loans |
PenFed Credit Union personal loans |
SoFi personal loans |
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★★★★★ |
★★★★★ |
★★★★★ |
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APR 8.29% to 18.51% |
APR 7.99% to 17.99% |
APR 8.99% to 29.99% fixed APR |
Loan term 1 to 3 years |
Loan term 1 to 5 years |
Loan term 2 to 7 years |
Loan amount $2,500 to $100,000 |
Loan amount $600 to $50,000 |
Loan amount $5,000 to $100,000 |
Min. credit score Varies |
Min. credit score 580 |
Min. credit score 680 |
Compare even more personal loans
To apply for a personal loan with USAA, you must meet a few requirements:
Membership with USAA is limited to a select few groups of people:
BBB accredited | No |
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BBB rating | A- |
BBB customer reviews | 1.2 out of 5 stars, based on 834 customer reviews |
Trustpilot Score | 1.3 out of 5 stars, based on 1,467 customer reviews. |
Customer reviews verified as of | 12 July 2022 |
USAA gets mostly negative reviews on sites like Trustpilot and the BBB website, with only a small percentage of reviewers reporting good experiences.
While the most recent reviews don’t focus on USAA’s personal loans, many customers complain that USAA’s customer service has degraded over the years and that the company doesn’t offer any significant benefits to veterans compared to providers like State Farm. Several complaints on the BBB website mention disagreements over insurance claims and billing errors on accounts.
More positive reviews mention good customer service experiences and low rates on insurance, with a few customers recommending USAA’s banking products.
The Consumer Financial Protection Bureau (CFPB) sued USAA for continuing to charge customers after they’d submitted a stop payment request on electronic funds transfers. It also charged the bank with failing to sufficiently investigate the solution. USAA paid out $12 million to customers and a $3.5 million fine after it reached a settlement with the CFPB in 2019.
USAA also entered a Consent Order with the Office of Comptroller of the Currency (OCC) in 2019, after the OCC found that the bank did not have adequate risk management systems in place to protect customers. USAA neither admitted to or denied the OCC’s assessment. But it agreed to create a committee to monitor its compliance with the OCC and submit a written action plan to correct the problems.
You can apply for a USAA personal loan online. If you aren’t a member, you’ll have to join first. Otherwise you can get started by logging on to your USAA account.
Once you’ve submitted your info, a specialist considers your loan request. You’re usually notified of the loan decision within one to two business days. If approved, you may have your loan funded within 24 hours.
Browse more loans offered by USAA. And if you can’t open an account, compare other personal loan options to find a good fit for you.
Unlike lenders like Discover, USAA doesn’t directly send your loan proceeds to your creditors. Instead, you’ll need to contact your creditors and ask for a pay off amount on the date you expect to send the funds. This can also take longer than if you use a lender that directly pays creditors for you, because you have to wait for two transfers:
If you’d rather your lender pay your creditors for you, you’ll need to choose another lender. And as always, be sure to shop around to find the best rate and terms for your debt consolidation needs.
No, but it does allow you to file a joint application.
No. USAA personal loans are reserved for USAA members who meet the eligibility criteria. You can, however, use some of USAA’s other services, including investment guidance, life insurance and shopping discounts.
The cost depends on your loan amount and the level of protection you choose. Basic, Standard and Premium plans are available, and fees are included in your monthly loan payment.
USAA personal loans is not currently available on Finder
Have you considered Best Egg personal loans?
Fast and easy personal loan application process. See options first without affecting your credit score.
Aliyyah Finder
Contributor
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Jhezelyn Finder
May 04, 2018
Hello Alokoa,
Thank you for your comment.
USAA personal loans are reserved for USAA members who meet the eligibility criteria. So you must be a member first and yes, you need a USAA checking account since you will use that for repayments.
Regards,
Jhezelyn
Alokoa
May 03, 2018
Do I need a savings or checking account with USAA to get a personal loan?