USAA Personal Loan Review (2020)


anna baluch

By Anna Baluch - Contract Writer
Last Updated 04/23/2020


Summary: If you’re part of the military community, you may want to check out a USAA personal loan. You can borrow anywhere from $2,500 to $50,000 with a 1 to 7 year term. 

USAA personal loan rates, usaa personal loans, usaa personal loan calculator

AmOne has been around since 2001 and and they specialize in finding you the best rates for personal loans.  They don't charge a fee to use their service of matching you with their network of lenders.

Quick & Easy To Apply With Instant Pre-Approvals

EFFECTIVENESS

24 to 48 hour funding speed. 

PRICE

APR rates are very good for those who qualify. 

EASE OF USE

Easy to apply even have an app option. 

SUPPORT

Customer support has mixed reviews. 

    Credit Knocks Overall Star Rating:     

  • Multiple Loan Options
  • Auto Pay Discount
  • Specialized For Military 
  • Only Military Community
  • Must Provide Personal Info

Who Is USAA?

Founded in 1922 by several Army officers, USAA began as a car insurance company.

Today, they serve over 13 million current and former military members and their families through a variety of insurance, banking, and investment products.

USAA is headquartered in San Antonio, Texas on a 286 acre property that used to be a horse farm. While most of its offices are in the U.S., USAA can also be found in England and Germany supporting military personnel overseas.

What Makes Them Different?

USAA is a trusted name in the military community. As long as you’re a member, you can score some great rates on its personal loans. You can join USAA and apply for a personal loan if you are:

  • Active duty
  • Guard or reserve
  • A veteran
  • An eligible family member
  • A cadet or midshipman

To make your personal loan even more affordable, USAA also offers an autopay discount. Just sign up for automatic payments and you’ll land 0.25% off on your rates.

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

How Does An USAA Personal Loan Work?

After you become a member, it only takes a few minutes to apply for a USAA loan online.

1. Join USAA

Visit the “Join USAA” page and answer a few qualifying questions.

Also, provide your Social Security number and submit some documents to show how you’re connected to the military.

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2. Create an Online Account

Go to “Apply Now” and click on “Join Online” so you can fill out the short form.

You’ll enter some personal details about yourself and create an online ID and password.

3. Fill Out the Application

Once you’re in your online account, you’ll be taken to the dashboard where you’ll see the “Apply Now” button and can begin the loan application process.

State how much money you want to borrow and whether you’re applying on your own or with a joint applicant. 

4. Wait for Approval

After you apply, USAA will run a hard credit check, which might ding your credit score by a few points.

Don’t worry this will only be temporary as long as you make your payments on time and prove you’re a responsible borrower.

If you get approved, the money may get deposited into your bank account as soon as the same business day.  

USAA Personal Loan Eligibility

USAA will make sure you’re a member and look at your credit before offering you a loan.

Here’s an overview of the absolute maximums and minimums you may get.

Keep in mind that actual rates and terms will change for a variety of factors.

  • ​Be a U.S. Citizen or Permanent Resident
  • ​You are at least 18 years old

What Information Will You Need To Apply?

​Be​fore filling out the online form make sure you have the below information ready:

  • ​Date of birth.
  • ​How much you want to borrow.
  • ​What you plan to use the money for.

USAA Personal Loan Rates (Basics)

Since USAA personal loan review lets you see offers from multiple lenders, we wanted to show you the absolute minimum and maximums you can be offered. Actual rates and terms will change by lender. USAA Personal Loan Rates differ based on a number of factors, including credit score, income, and credit history. 

  • Loan Amount Range: $2,500 - $50,000
  • APR Range: 7.24% - 17.65%
  • Fees: Late Payment (5% of amount due)
  • ​Prepayment Penalties: None
  • Loan Terms: to 7 years
  • Payments Directly To Creditors: Yes 
Caution Credit Knocks

​Remember, once you pick a lender, they will pull your credit report and create a hard pull on your credit.

USAA Personal Loan Calculator

Use the USAA Personal Loan Calculator to get an estimate of your interest rate and monthly payment.

Enter how much you want to borrow and choose your preferred loan term and credit history. Don’t forget to state whether you want to sign up for the auto pay discount. 

Not only will the personal loan calculator USAA give you an estimated interest rate and monthly rate, it’ll predict the total cost of your loan. Just remember that rates may change and will be based on your specific credit score and circumstances.

What To Use USAA Personal Loans For?

There are a number of reasons you may want to take to a USAA personal loan.

Here are some of the most common ones.

  • ​Debt/Cr​​​​​edit Card Consolidation
  • ​Down Payment For Home  
  • ​Major Purchase    
  • ​Home Improvement   
  • ​Medical Expenses   
  • Moving​​​​/Relocation    
  • Vacation
  • Start Business    
  • Education    
  • ​Your Wedding

​As you can see, there is a huge list of reasons for getting a personal loan.

Of course our favorite reasons is for Debt Consolidation, Education, and Starting a Business.

USAA Personal Loan Reviews

Many customers are big fans of USAA personal loans. They rave about the customer service they get and plan to use USAA for their mortgage, auto loan, and other financing needs.

So if you’re part of the military community and want a lender who genuinely cares about helping you, USAA may be a great choice. 

While customer service is clearly one of USAA’s strong suits, some customers are disappointed in their interest rates. 

They also wish the lender was more straightforward about the type of credit, income, and other factors they look for before approving someone for a loan with favorable terms. 

USAA BBB - Better Business Bureau Reviews 

USAA BBB has had a file at the Better Business Bureau since 1950.

Rating: N/A

# Complaints: 1,324

Accredited: No

Business since: 1/1/1922

# customer reviews: 505

Customer rating: 1.5 stars

While we wish USAA had 0 complaints, we know this isn’t possible and the company’s 1,324 complaints within the past 3 years is actually pretty good.

We’re glad to see that the company tends to answer and respond to them quickly. We noticed that most of the complaints have to do with auto insurance so if you’d like a personal loan, you should be fine.

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Quick Low Rate Personal Loans

Personal loans can be used for a variety of needs and should be available quickly at low interest rates. 

Application is quick, easy, and free.

Steps To Take After USAA Loan Review Approval

It feels great getting approved for something, no matter what it is, you feel like you have just won something.

But, now that you have been approved, there are some things you should be doing with your accounts.

Make On Time Payments

I am sure you are tired of seeing everyone saying "on-time payments".

Helpful Tip

If your application goes to "Pending" status it doesn't mean Declined. Usually, more information may be needed.

But it is super important and is one of the largest factors in helping grow your credit score.

Of course you probably didn't obtain this loan for building your credit.

However, you still need to be mindful that this product can harm your credit if you don't manage it correctly.

No matter what, avoid late payments.

​Pay Back The Loan ASAP

​Along with making on-time payments you should definitely pay this loan off as super fast as possible.

​Large personal loans tend to linger and we usually only pay the minimums. 

​Now: 

While this does keep more cash in your pocekt in the initial phase, eventually you end up spending thousands of more dollars in interest payments.

​Getting the credit utilization below 30% will also be great for helping your credit score grow. 

Taking Action & Getting A Loan

Hopefully, you found this USAA Personal Loans Review to be helpful because Personal Loans are a great option to pay down debt, or even start a business. 

If you need a personal loan then don't waste any time getting your loan through our top rated personal loan lender. 

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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