USAA Personal Loan Review
USAA personal loans are a solid option for members of the military community, with a full suite of financial services and tools offered at competitive prices. This includes but isn’t limited to checking and savings accounts, auto insurance, life insurance, credit cards and personal loans.
USAA personal loans are typically funded quickly — within 24 hours if the loan is approved on a business day — and have no fees. This review will focus on the personal loan product offered by the lender.
- USAA personal loan highlights
- USAA at a glance
- Eligibility requirements
- Applying for a personal loan from USAA
- Who’s the best fit for a USAA personal loan?
- Alternative personal loan options
USAA personal loan highlights
- Only available to service members and their family members: Servicemembers and their families are the only people who can gain access to USAA’s available products, services and tools, but this is only after they become members.
- Fast funding: Once a borrower is approved for a loan, funds can be deposited into their USAA account within 24 hours if the loan is approved on a business day.
- Limited number of financial centers: USAA has only four financial centers where members can open accounts, complete withdrawals and deposits and more.
- No fees are charged to borrowers who take out a personal loan: USAA doesn’t charge an application fee for borrowers who wish to secure a personal loan.
- Personal loans may be approved even if a borrower doesn’t have the best credit: USAA offers loans to members regardless of their credit profiles. That means even borrowers with bad credit may qualify. However, loan amount, terms and APR may vary based on credit score.
USAA at a glance
- APR range: 6.99%–17.75%
- Minimum credit score:
- Terms: 12 to 48 months
- Origination fees: Not specified
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- Minimum credit score: .
- Minimum credit history: Not specified.
- Maximum debt-to-income ratio: Not specified.
USAA will only lend to those who are members. In order to become a member and apply for a personal loan, individuals will have to be considered active duty, guard or reserve, a veteran, a cadet or midshipman, or they must be the widow or widower or former, unremarried spouse of a USAA member who joined during or prior to the marriage.
Applying for a personal loan from USAA
The USAA website does not provide detailed information about the personal loan process. Once you become a member, you can use the USAA website to apply for a personal loan, which only takes a few minutes. After you’ve filled out the application, you will be presented with your loan rate if you are approved. Following approval, funds can be deposited your USAA account within 24 hours.
Who’s the best fit for a USAA personal loan?
USAA was formed to support service members and their families, so a USAA personal loan is the best fit for anyone who falls into that category. The personal loan product gives this specific demographic access to funds that they may not have access to elsewhere. With the lender being open to accepting borrowers with varying credit profiles, service members have a chance of being approved and getting the funds they need for both expected and unexpected expenses.
Alternative personal loan options
- APR: 9.95% to 35.99%
- Minimum credit score: Not specified
- Terms: 24 to 60 months
- Origination fee: Up to 4.75%
Avant is an option for borrowers who need to between $2,000 and $35,000 for debt consolidation, home improvements and emergency expenses. This lender typically approves applicants with a credit score of 600 or higher, so checking your rate would be beneficial if you are concerned about your loan options. Applicants should note that if they are approved for an Avant personal loan, the loan can be funded as soon as the next business day.
*If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state.
**Example: A $5,900 loan with an administration fee of 4.75% and an amount financed of $5,619.75, repayable in 36 monthly installments, with an APR of 29.95% would have monthly payments of $250.30.
Based on the responses from 11,574 customers in a survey of 210,584 newly funded customers, conducted from 1 Feb 2018 - 1 Aug 2019 95.05% of customers stated that they were either extremely satisfied or satisfied with Avant. 4/5 Customers would recommend us. Avant branded credit products are issued by WebBank, member FDIC.
- APR: 7.95% to 35.99%
- Minimum credit score:
- Terms: 36 or 60 months
- Origination fee: 2.41% - 5.00%
Prosper can lend anywhere from $2,000 to $40,000. To apply, applicants can fill out an online application or speak to a representative. Applicants are given the chance to check their rates before applying, which will allow Prosper to determine if the applicant can be offered a loan. After going through with the application, verification and review processes, which can take up to seven days, applicants will receive a decision. Once approved and the loan is originated, it can take borrowers from one to three days to receive funds, depending upon their bank.
*For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
Marcus by Goldman Sachs®
- APR: 6.99% to 19.99%
- Minimum credit score: Not specified
- Terms: 36 to 72 months
- Origination fee: No origination fee
Marcus by Goldman Sachs® personal loans are available for amounts between $3,500 and $40,000. Borrowers who are approved for a personal loan from Marcus by Goldman Sachs® are not charged any fees, including application, origination or prepayment. With this particular lender, borrowers get to choose the due date for their monthly loan payments. And if these payments are consistently made on time, borrowers are eligible for a reward.
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.