USAA Personal Loan Review 2024

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• Check Your Rate
• Who is USAA Best For?
• Pros and Cons
• How USAA Personal Loans Compare

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USAA offers solid rates on its personal loans and a wide range of loan amounts, but the bank has restrictive membership requirements that make the company inaccessible for some borrowers. The best personal loan for you depends on your credit score, which will determine what you qualify for and can lower your rate.

USAA Personal Loans Overview

A five pointed star

A five pointed star

A five pointed star

A five pointed star

USAA is better known for its insurance and banking products, but the bank also offers unsecured personal loans. Unsecured loans are loans that don't require collateral — like a house or car for a mortgage or auto loan — to receive. You can use an unsecured personal loan for a variety of purposes, including but not limited to, debt consolidation loans, home improvement loans, and vacations. USAA membership is only available for military members, veterans, and their families, so if you don't fit those categories — like Super Bowl champion Rob Gronkowski — you are not eligible. You won't pay origination fees, application fees, or prepayment penalties with USAA. The repayment term lengths on USAA loans range from 12 to 84 months. The bank allows you to apply with a co-borrower if you'd like. After your loan is approved, you'll receive your money within 24 hours during the business week. To contact customer support, call the company from 7 a.m. to 5:30 p.m. CT Monday through Friday or message the company through your secure log in portal. USAA has a mobile app so you can manage your loans on the go. The app has gotten mostly positive reviews, receiving an average of 4.4 stars on the Google Play store and 4.8 stars on the Apple store.

Who is USAA Best For?

USAA is a good choice for borrowers who already have a relationship with the bank and enjoy its service. The company's rates, term lengths, and loan amount ranges don't stand out significantly compared to other competitors, but the company prides itself on how it serves the military community and their families.

USAA Personal Loan Rates

• 12 to 36-month terms — $1,000
• 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 range of your APR will be 10.34% to 18.51%, which is a comparable or lower maximum rate than many competitors. For instance, Navy Federal's rates range from 8.99% to 18.00%, while Avant's loans have APRs between 9.95% to 35.99%.

Compare Personal Loan Rates

USAA Personal Loan Pros and Cons

USAA Personal Loan Pros

• No prepayment penalty or origination fee. You can make additional payments toward your loan, and you won't be charged an extra fee. You also won't pay an origination fee, which is a percentage of your loan proceeds that some lenders take from your total loan amount.
• Funding available within 24 hours. If you need your money fast, you can get it as soon as the next day depending on when your loan is approved.
• High maximum loan amount. USAA allows you to borrow up to $100,000, depending on your financial profile, so the lender could be a good option if you need to take out a large sum of money.
• Ability to add a co-borrower. If your finances are in rough shape and you don't qualify for a loan or your interest rate is higher than you'd like it to be, you can add a co-borrower to your loan. A co-borrower with good credit can help you qualify for a loan or reduce your interest rate.
• AutoPay discount. USAA offers a .25 percentage point discount if you sign up for automatic payments on your personal loans.

USAA Personal Loan Cons

• Unable to prequalify. USAA doesn't offer prequalification on its personal loans, so you won't be able to check your rate without the lender generating a hard inquiry. A hard inquiry might damage your credit score.
• Need to be a member to borrow. You're only able to become a member of USAA is if you're a part of the military community or a family member of that group, so these personal loans might not be accessible for all borrowers.
• Late fee. USAA charges a late fee of 5% of the amount due, so if you are behind on a payment, the costs could add up.

Are USAA Personal Loans Trustworthy?

USAA has a top-notch A+ rating from the Better Business Bureau, a nonprofit organization focused on consumer protection and trust. The BBB bases its ratings off of an evaluation of a company's response to consumer complaints, transparency about business practices, and truthfulness in advertising.

USAA has been at the center of a controversy over the past few years. The Office of the Comptroller of Currency forced the bank to fork over a hefty $85 million fine in 2020 after the regulator determined the bank failed to properly manage risk in their compliance and information technology programs.

Even though USAA has a great BBB rating, that doesn't 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 its recent scandal, so you might choose to look elsewhere.

USAA Personal Loan Alternatives

USAA is roughly similar in value to its competition. Here's how USAA stacks up against Navy Federal personal loans and Avant:

USAA offers the highest maximum loan amount of any of the companies at $100,000. Navy Federal allows borrowers to take out up to $50,000, while Avant brings up the rear at $35,000.

None of these companies charge prepayment penalties, though all of them charge late fees. USAA's late fee is 5% of the amount due, Navy Federal's is a flat $29, and Avant's fee varies by state.

Both Navy Federal and USAA require you to be a member of the military community or a family member of one to qualify to join. In that sense, they are more restrictive than Ascent, which is open to all borrowers — provided your credit is in good enough shape.

Ryan Wangman was a reporter at Personal Finance Insider reporting on personal loans, student loans, student loan refinancing, debt consolidation, auto loans, RV loans, and boat loans. He is also a Certified Educator in Personal Finance (CEPF). In his past experience writing about personal finance, he has written about credit scores, financial literacy, and homeownership. He graduated from Northwestern University and has previously written for The Boston Globe.

Elias Shaya is a Compliance Associate on the Personal Finance Insider team based in New York City, which ensures content accuracy and editorial independence so readers are always getting up-to-date and objective financial advice. The team also works to minimize risk for partners by ensuring language is clear, precise, and fully compliant with regulatory and partner marketing guidelines that align with the editorial team. Elias is the point person for the loans sub-vertical and works with the editorial team to ensure that all rates and information for personal and student loans are up-to-date and accurate. He joined Insider in February 2022 as a fellow on the compliance team.

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