How do personal loans work?
Understanding how loans and credit work is critical to good financial health. Brush up on what you know about borrowing money.
Convenient access to funds when you need them
A personal loan is one way to consolidate debt or to pay for major expenses. It offers fixed interest rates and fixed monthly payments for the life of the loan. A personal loan is best for one-time funding, or if you know the entire cost of your project up front. You receive the loan in one lump sum.
Take control of your finances with a personal loan. U.S. Bank checking customers with credit approval may be able to borrow up to $50,0001. Those without a U.S. Bank account may be able to borrow up to $25,000.
Check your rate before completing a full application to see what you may be eligible to borrow. It won’t affect your credit score.
Borrow $1,000 up to $50,000.
Upgrade your home and its value. U.S. Bank checking customers with credit approval may borrow up to $50,000 with our home improvement personal loan.2 Those without a U.S. Bank account may be able to borrow up to $25,000.
Check your rate before completing a full application to see what you may be eligible to borrow. It won’t affect your credit score.
Borrow $1,000 up to $50,000.
Need quick funds for an emergency? Our Simple Loan is one way for U.S. Bank checking customers who qualify to borrow up to $1,000 for planned – and unplanned – expenses.
Borrow $100 up to $1,000.
A personal line of credit is a set amount of funds that you can withdraw as needed. If you need ongoing access to funds, or if you don't know the full cost of a project, a personal line of credit may be better. With a personal line, you can use the credit as needed, and only pay interest on the funds you borrow.
Looking to tackle on financial goals with a little more flexibility? If you’re a current U.S. Bank checking customer, a personal line of credit can give you instant, ongoing access to funds as you need them.
Instant, ongoing credit access
Exclusive to U.S. Bank checking customers, take on your home improvement projects with the flexibility you’d expect from a credit card, but typically with lower interest rates.3 And since it’s an unsecured line of credit, there’s no collateral needed.4
No annual fees
Protect your U.S. Bank checking account from overdrafts with a reserve line of credit. You’ll enjoy no annual fee and automatic advances to your checking account if your balance ever falls below zero.
Protection from overdrafts
Both are unsecured loans, meaning they don’t require collateral, but here are the key benefits of each:
A personal loan is one-time funding with fixed interest rates and fixed monthly payments. A fixed rate is an interest rate that stays the same throughout the loan. Personal loans often have lower interest rates if you have good credit. Also, you don’t have to be a U.S. Bank customer to apply for a personal loan.
A personal line of credit gives you instant access to your available credit, as you need it. It doesn’t require a specific purchase purpose and carries a variable interest that only accrues on the money you borrow. A variable interest is an interest rate that might change, according to the terms of your contract.
Understanding how loans and credit work is critical to good financial health. Brush up on what you know about borrowing money.
Ever wondered how much you spend on interest? Thanks to an accounting concept known as amortization, finding out may be easier than you realize.
When you consolidate debts, you can bring down the interest rates you’re paying on each individual loan and help pay off your debts faster.
Equal Housing Lender