USAA Personal Loan Full Review
Don’t let the solution to your financial struggle go away. Check out everything you need to know to apply for this $100,000 loan!
Either you are facing some unforeseen expenses, struggling with a high debt, or needing extra money to realize a plan, you will probably need a personal loan.
That is why you should meet with USAA’s Personal Loans, one of the options for clients seeking loans anywhere across the United States.
Offering up to $100,000 for their borrowers, USAA can release new funds within 24 hours after approval while allowing you up to seven years for repayment.
Check out below everything you need to know about USAA’s personal loans.
Who is USAA?
Also known as the United Services Automobile Association, USAA is a financial services group specializing in providing financial solutions to people and families who serve or have served in the United States Armed Forces.
Founded in 1922 by 25 Army members, USAA has over 13 million members and controls over $211 billion in assets with a net worth of $40 billion.
USAA is primarily regulated by the Texas Department of Insurance but operates in all 50 states in the US, as well as in the District of Columbia, Germany, and England.
How do USAA’s financial personal loans work?
As with other USAA products, their personal loans are designed to suit their members best needs, and their amount can be used to cover any kind of expense or debt.
Currently, USAA is offering personal loans ranging from $2,500 to $100,000 with repayment terms ranging from 12 months to 84 months.
On top of that, USAA’s personal loans are unsecured, with the company relying entirely on your credit history, score, and relationship with them when analyzing your loan request.
Still, those personal loans are available to customers with a variety of credit scores, with their interest rates being affected by the current punctuation.
When it comes to interest, the rates for personal loans can vary from 8.74% to 18.51% APR, depending on the borrower’s creditworthiness, income, and other factors.
The major benefits of USAA’s personal loans are particularly interesting for borrowers who are already members of an institution.
Starting with the loan’s fees, USAA does not charge any kind of prepayment penalty, so customers can pay off their personal loan early without any penalties.
USAA also offers discounts on interest rates for clients who set up automatic payments for their loan installments. Those clients can get a rate discount of 0.25% APR.
Still, one of the major strengths of USAA is its online and efficient application process. Clients can receive their loan’s funds as soon as 24 hours after the loan’s closing.
Other advantages include:
- No collateral is required;
- Fixed interest rate;
- Credit-building opportunity;
- Loan protection insurance.
Drawbacks to paying attention
While USAA’s personal loans offer many advantages, there are also some potential drawbacks to consider, especially when it comes to the eligibility criteria.
Firstly, to request a USAA personal loan, you must be a member of the institution, which has its own requirements.
Secondly, even if you are already a member, requirements such as a minimum credit score and income could disqualify some individuals from obtaining a personal loan.
Although USAA’s personal loans do not have prepayment penalties, borrowers may be charged additional fees, such as a late payment fee.
For instance, loans with lower amounts may not benefit from all of USAA’s advantages. For example, loans ranging from $2,500 to $5,000 will have a maximum term length of 36 months.
How do I apply?
If you’re interested, tap on the green button and check out the step-by-step guide on how to apply for a USAA personal loan.