You ever come across a company that’s like a well-rounded athlete? You know, like one of those Olympic decathlon all-stars – good at pretty much everything they do, adapting and competing in any circumstance. That’s USAA for you. My friend, let me introduce you to a fantastic institution that not only caters to the military folks and their families with awesome insurance and banking products, but also, throws in unsecured personal loans, like they are cherries on top.
Do you know what’s a teddy bear joy about a loan being unsecured? You don’t have to pledge your soul or your grandmother’s brooch for it. Sounds neat, right? With USAA, the loans are packed and delivered (into your bank account) like a one-time Christmas present, and you repay them in digestible monthly portions. Oh, and just a heads up. If you’re feeling brave and happen to be curious about secured loans, then you might want to peek into our guide to the best home equity loans.
I should mention, before you go running off toward the promise of piles of money for the taking – personal loans can have a bit of a bite. They often come with pretty high APRs, so some caution is advised. But hey, let’s paint the full picture here. If you’re wise about them, personal loans can be a priceless lifeline when you’re hit with emergency bills or eyebrow-raising expenses.
Want to see how the competitors compare? We’ll help you with that, too! Browse through our guide to the best personal loans.
S.O.S? A USAA Personal Loan is Your Financial Superhero
Now then, if you’re in deep and in need of emergency funds… USAA personal loans could be your financial Wonder Woman or Iron Man. With one of their loans, you can clear bills, consolidate debts, or deal with any Suez Canal-sized unexpected costs. So, how about checking your eligibility? Click on your state to get started!
Good, Bad, and Ugly of USAA Personal Loans
Every rose has its thorn…and every loan has its pros and cons.
Pros
- Money at light-speed (well, almost)
- A partner in crime option for joint loans
- Make-your-own repayment term choices
Cons
- Features a members-only club policy
- Doesn’t play soft with credit checks
- No cousin (cosigner) to bail you out of trouble
Sweet Spot USAA Personal Loan Pros Explained
Fast and Furious Funding
Let me tell you, not all loans are created equal. When it comes to speed, USAA doesn’t take their time on delivery. Once you’re approved, within one working day the money usually lands in your account. How’s that for fast?
Two for One Loan Options
If scoring alone worries you or if you’re a team player, USAA lets you bring along a co-borrower to tag-team those repayment duties. It’s like going dutch on a date, but instead, you’re splitting a loan. Makes for a pretty good plan if your credit is shaky or if you’re aiming to joint finance a biggie, like a car.
Play Sherlock with Repayment Plans
USAA doesn’t pack their loans in a one-size-fits-all box. Thanks to flexible terms and minimum loan amounts, you can tailor your repayment plan like a Savile Row suit. You can have your pick:
- Knee-high – 1–3 years: $2,500 minimum
- Mid-thigh – 4 years: $5,000 minimum
- Waistline – 5 years: $10,000 minimum
- Chest level – 6 years: $15,000 minimum
- Head and above – 7 years: $20,000 minimum
Gotta buy a new rocket to Mars? Or maybe you’re just setting up a home office. No matter how big or small your needs, USAA caters to both, right up to a whopping $100,000. And guess what? If you can pay it early, there’s no penalty. How about that?
Downside of USAA Personal Loan Cons Explained
You gotta be in the Club
USAA pulls a little bit of a Mean Girls – you can’t sit with them unless you’re a member. So, it’s strictly for their immediate posse, including:
- Active duty military peeps
- The honorable vets out there
- The fam-bam (like spouses and children)
Only Hard-Core Credit Checks
USAA is like that stern teacher who never gave out an ‘A’ easily. They do only hard pulls at your credit, and those leave a mark, man. They show up in your report and can be a bit of a bummer for your score. And the only way to know your exact terms is after these checks. So, better to shop around and compare offers before saying ‘USAA, I do.’
No Room for the Lifeguard Cosigners
USAA doesn’t roll with the option of adding a cosigner to your loan. So, don’t plan on having your richer cousin sign off on your loan application. But hey, the co-borrower option is open, where your co-borrower will share both the joy of the loan and the duty of repayment. Unlike in some other scenarios, co-borrowers here actually get to use the loan funds with USAA. It’s a win-win.
What’s Cooking with USAA Personal Loans?
A lot is on the menu. If you’re a USAA member, you can lap up unsecured loans that are as little as $2,500 or as high as $100,000. These are one-time money bombs that you can repay in comfy monthly chunks. Whether you’re facing an expense that was on the cards or popped up unexpectedly, you can use USAA personal loans to suit your needs.
Just one thing. If you’re using it for consolidation, you’re in the driver’s seat to pay off the debts. USAA isn’t going to do it for you. So, roll up your sleeves!
For advice on the best emergency loans, put on your best reading glasses for our recommendations.
What’s the Price to Do Business with USAA Personal Loans?
Now, remember those APRs that sounded a bit high? Well, with USAA, they range from a cat nap 7.85% to an espresso-strong 18.27%. That includes a cool 0.25% off for auto-pay, buddy. And now for the best part – unlike most of the lenders who charge origination fees (usually around 1–5% of the loan), USAA doesn’t charge these fees. That’s incredible, right?
The savings are massive – up to $5,000 on a $100,000 loan. And if that’s not good enough, USAA shredding their prepayment fees lets you pay off your loan early without worrying about shelling out even more money. Just stay on your toes for a late payment, as that will hit you with a 5% fee on the overdue amount.
USAA’s Financial Track Record
USAA is like The Rock of financial institutions – reliable, strong, and solid. Want proof? Check this out. The mega credit rating agency AM Best recently stamped USAA with an A++ (yep, that’s a ‘Superior’) grade for their financial strength. That’s like top of the class, valedictorian status. You can count on USAA to be there, come rain or shine.
How Does the USAA Personal Loan Application Process Work?
The process to apply for a USAA personal loan is as simple as opening a soda pop. We’ll take you on a quick tour through the eligibility requirements, how to get in touch, and what the users have to say.
Your Eligibility and Contact Details
Now, let’s get something straight. USAA’s personal loans are an exclusive club, available only for existing members. But don’t worry if your credit score isn’t an ‘A student.’ While they don’t pin down the approval requirements, usually a score of around 640 is pretty good. Even if you’re in the ‘B’ and ‘C’ club, there’s still a chance for you, but probably with a higher APR or lesser loan amount.
USAA will also check out a few more things, like how much you make and your debt-to-income ratio. Basically, how much of your income goes toward debt. Let’s say you’re a baller earning $10,000/month and $3,000 from that goes toward debt payment – that’s a DTI of 30%. Most lenders play nice with those who have a DTI of less than 43%.
If your credit has taken a hit, consider tapping into the lenders who specialize in bad credit loans. Our guide to the best personal loans for bad credit can help.
How To Reach Out to USAA?
Getting in touch with USAA is easy peasy. You can:
- Chat them up with the virtual chatbot (Don’t expect ‘it’ to laugh at your jokes)
- Ring ’em at 210-531-USAA (8722), Monday–Friday, 8 a.m.–5 p.m. CT
- Or go old school, and send them a letter: USAA, 9800 Fredericksburg Rd, San Antonio, TX 78288
You won’t find an email address, though they are available on Facebook and Twitter. You can connect with them from the USAA website.
User Experience:
USAA’s online application process is smooth as butter. Just log in with your USAA credentials and fill out the application. No fuss, just straight-up efficiency. You get a decision in a jiffy, along with your rates once approved. All left is to accept the terms, sign the dotted line, err.. I mean digital agreement, and you’ll see the funds hit your USAA account within 24 hours. Why can’t everything be this simple?
Rave Reviews or Major Complaints for USAA Personal Loans?
Pinning down customer feedback on personal loans can be like herding cats, given how many offerings USAA has. Let’s start with Trustpilot, where the average is a cold 1.3 out of 5-star rating from over 2,000 reviewers. Ouch!
Complaints are rolling in with decent frequency about customer service (or lack thereof), denied claims, and fraud. Hop over to the Better Business Bureau website, and USAA’s keeping it consistent with 1.1 out of 5 stars. Issues seem to include slow-to-respond customer service and mixed-up claims.
To sum it up, it’s looking like many folks feel that USAA ain’t what it used to be.
Queries and Quick Answers on USAA Personal Loans
How many personal loans can one person juggle?
Well, you’re not limited. If you qualify, you get the loan. Be warned though – each new loan is going to hurt your debt-to-income ratio, pull a hard check on your credit, and ultimately, puncture your score. It would be prudent to get just one and make it big enough to meet all your needs.
What are the ingredients in the personal loan interest rate soup?
Lenders usually check out:
- Your credit score (I know, that old chestnut)
- How steady your income and job are
- Your debt-to-income ratio (DTI)
- How long you want the loan for. Short durations can bump the interest up.
- Market rates (blame the Federal Reserve for this)
Can a personal loan buff up my credit?
Absolutely, they can! If you repay diligently, you’re looking at a much better credit profile. Bear in mind that it’s not just personal loans that can do this magic. It’s also good to hold a mix of both installment loans and credit cards. FICO loves it when you can play nice with all these credit toys at the same time.
USAA Personal Loans: The Final Verdict
It seems that USAA, like any good superhero, comes with a compelling backstory and a few flaws. They offer comfort to the military personnel and their families with some really strong features like competitive APRs, flexible repayment plans, no origination or prepayment penalties, and high limit loans.
What might give a borrower some pause, though, are those reviews slamming their customer service. So, weigh your options.
But remember, every ‘No’ is closer to a ‘Yes.’ So if you have a bad credit score and are looking for a lender to get you some financial pizzazz, no need to sweat, we got you. Check out our guide to the best bad credit loans.
All things said, personal loans can be a great financial tool in your toolbox when it comes to managing your finances during tough times. So, ready to explore your options and get things back on track?