USAA personal loan amounts and interest rates
USAA personal loan amounts range from $2,500 to $100,000, and residents of all 50 states and Washington, DC, can apply for a loan. You will need to be a USAA member to get a loan from the company.
The bank has different loan minimums depending on the term you select:
- Terms of 12 to 36 months — $2,500
- 48 month terms — $5,000
- 60 month terms — $10,000
- 72 month terms — $15,000
- 84 month terms — $20,000
Depending on your credit score and other financial factors, the high end of your APR will be up to 18.51%, which is a maximum rate comparable to or lower than many competitors. For example, Navy Federal rates range from 7.49% to 18.00%, while Avant loans have APRs between 9.95% and 35.99%.
Read on to find more options for the best personal loans.
Advantages and Disadvantages of USAA Personal Loans
Who is USAA for?
USAA is a good choice for borrowers who already have a relationship with the bank and appreciate its service. The company’s loan rates, terms, and amount ranges don’t stand out significantly from other competitors, but the company prides itself on how it serves the military community and their families.
USAA Personal Loan Comparison
USAA is roughly similar in value to its competitors. Here’s how USAA compares to Navy Federal and Avant:
*Although Avant does not charge setup fees, it does charge an administration fee of up to 4.75%.
USAA offers the highest maximum loan amount of any company at $100,000. Navy Federal allows borrowers to withdraw up to $50,000, while Avant closes out at $35,000.
None of these companies charge prepayment penalties, although all charge late fees. USAA late fees are 5% of the amount owed, Navy Federal late fees are $29, and Avant fees vary by state.
Navy Federal and USAA require you to be a member of the military community or a family member of a member to qualify. In that sense, they are more restrictive than Ascent, which is open to all borrowers, provided your credit is in reasonably good condition.
How USAA Personal Loans Work
USAA is best known for its insurance and banking products, but the bank also offers unsecured personal loans. Unsecured loans are loans that do not require collateral, such as a house or car for a mortgage or car loan, to be received. You can use an unsecured personal loan for a variety of purposes, including but not limited to debt consolidation, home renovations, and vacations.
USAA membership is only available to service members, veterans, and their families, so if you don’t fit into those categories — like Super Bowl champion Rob Gronkowski — you’re not eligible.
You will not pay origination fees, application fees or prepayment penalties with USAA. USAA loan repayment terms vary from 12 to 84 months. The bank allows you to apply with a co-borrower if you wish.
Once your loan is approved, you will receive your money within 24 hours during the working week.
To contact Customer Support, call the Company between 7:00 a.m. and 5:30 p.m. CT Monday through Friday or send a message to the Company through your secure login portal.
USAA has a mobile app so you can manage your loans on the go. The app has received mostly positive reviews, averaging 4.4 stars on the Google Play Store and 4.8 stars on the Apple Store.
Is USAA Trustworthy?
USAA has earned an industry-leading A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB bases its ratings on an assessment of a company’s response to consumer complaints, transparency of business practices and truthfulness of advertising.
USAA has been at the center of some controversy over the past few years. The Office of the Comptroller of the Currency forced the bank to pay a hefty $85 million fine in 2020 after the regulator determined the bank failed to properly manage risk in its compliance and technology programs. ‘information.
Even if USAA has an excellent BBB rating, this does not guarantee a good relationship with the bank. Reach out to friends and family and ask them about their experience with the lender before deciding to borrow. You may also not feel comfortable with the lender given their recent scandal, so you may choose to look elsewhere.