Complete Guide to USAA's Personal Loans from $1,000 to $100,000.
We give you complete insight into getting a USAA loan from Amounts, What you can use the loan for, Costs, Fees, and who would be approved.
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Video Timeline: Complete Guide to USAA's Personal Loans from $1,000 to $100,000.
00:00 - Who is USAA?
00:38 - How much can you borrow as a personal loan from USAA?
01:11 - How long are the terms of USAA personal loans?
02:02 - Does USAA charge a prepayment penalty?
02:19 - What are the APRs for USAA personal loans?
02:40 - Does USAA charge an origination fee on their personal loans?
03:01 - Is it hard to get a personal loan from USAA?
03:13 - Who is eligible for a USAA personal loan?
03:25 - Who qualifies for USAA membership?
03:47 - Does USAA accept cosigners on their personal loans?
04:16 - Will USAA pay off my creditors when I consolidate?
04:49 - How much are the late fees on a USAA personal loan?
05:17 - Does USAA offer discounts on their personal loan APRs?
05:34 - Can I use a USAA personal loan for whatever I want?
06:01 - Summary of USAA personal loans
07:03 - Before you accept a loan offer...
07:23 - Where to shop around for a personal loan
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You’ve probably seen USAA’s television commercials. They are a financial services company that offers insurance, banking, and credit to people who have a connection to the United States military. They pride themselves on their customer-centric approach.
The first thing we are going to look at is how much you can borrow from USAA. Their lowest personal loan amount is $1,000. So, if you are looking for just a little bit of money to cover an emergency, USAA could be a good option. Not many banks will lend small amounts like that because it is tough to make money on small loans. So, it’s great that they do. If you are looking for a more substantial amount of money, USAA will lend up to $100,000. That is as high as any lender will go on personal loans.
The terms for USAA’s personal loans are between 1 and 7 years. They have a tiered system for their term lengths. This essentially means that longer terms requires higher loan amounts. They basically will not lend you $1,000 for a term over three years. You can only qualify for a 7-year term if you are borrowing at least $20,000.
Term length
Minimum loan
1-3 years
$1,000
4 years
$5,000
5 years
$10,000
6 years
$15,000
7 years
$20,000
Seven years is a long time to carry a loan. It’s probably too long to carry a $20,000 loan. You will end up paying a lot of money in interest over that time. But if you are borrowing as much as $100,000, you probably need a term that long. The longer the term, the smaller your monthly payment, but the more you end up paying in overall interest. Even if you do get a loan with a longer term, USAA does not charge a prepayment penalty, so you should definitely work to pay the loan off early. If you have a longer term, making extra principal payments especially in the first year of the loan. That will save you a lot of money on interest over the life of the loan.
Now let’s look at the cost of their personal loans. USAA’s bottom APR is 10.19% and their top APR is 18.51%. The rate that you get will, of course, depend on your credit history, but it will also depend on other factors such as the term length and loan amount.
USAA does not charge an origination fee on their loans. An origination fee is a percentage of the loan amount and comes out of the proceeds of the loan. The fact that USAA does not charge one means that when you borrow, you will get the full borrowed amount and the full cost of the loan will be wrapped up in their interest rate.
USAA primarily lends to people who have Good-to-Excellent credit. I would think you would struggle to get approved if your credit score was below 680. It is important to know that their decision criterial will include credit score, payment history, debt-to-income ratio, income, loan amount, loan term, as well as USAA membership.
