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Ally Bank Auto Loan Review for 2021
If you’re looking for an auto loan with flexibility and easy repayment options, you’ll want to consider a loan through Ally Bank. These car loans are versatile, covering accessible vehicles and commercial vehicles that many other lenders avoid. Plus, with five different payment methods and a free app to help you manage your loan, Ally Bank auto loans are designed with your convenience in mind.
Ally Bank offers many different services, including credit cards, home mortgages, and auto loans. In fact, Ally Bank, a subsidiary of Ally Financial, has provided auto loans since 1919. Ally serves over 18,000 dealerships and four million customers throughout the United States.
Car loans through Ally come with several benefits, including the option to sell back your vehicle to the bank and a balloon payment option for lower monthly payments. However, you can only get these loans by buying from a dealership that partners with Ally, so while there’s some limitation, these loans may still be a good fit for you.
Ally Bank Auto Loan Application Requirements
You’ll need to apply for an Ally auto loan through the dealership where you’ll be buying your car. To streamline the process, make sure that you have all of the standard documents and information that auto loans require:
- Personal information, like your mailing address, email address, and Social Security number
- Income information, including your annual gross income and contact information for your current employer
The dealership will also need to supply information about the vehicle you’re buying, but you should decide how much you’ll want to finance and what monthly payments you can afford.
If you’re just starting the car shopping process and haven’t found a vehicle you want to buy, Ally’s monthly car payment calculator can help. This calculator allows you to change the finance amount, APR, and loan term to see what your monthly payments will be like in different situations. It can help to give you a sense of what size and type of car loan fit into your monthly budget. Then, you can focus your vehicle search on cars that you can afford.
Types of Auto Loans Available Through Ally Bank
Ally Bank offers a wide range of auto financing options:
- New- and used-car loans for vehicles purchased through a dealership
- Lease options with shortened financing terms
- Specialty-vehicle financing for vehicles with accessibility features like wheelchair lifts
- Business vehicle financing, including heavy-duty truck financing
If you’re looking to buy a vehicle, Ally offers loans for new, used, and certified pre-owned cars. Vehicles must have 120,000 miles or less and be up to 10 years old.
How to Make Your Payments
Ally offers many different ways for you to make your car loan payments for your convenience:
- Use Ally Auto Mobile Pay, available for iPhone and Android, to schedule payments.
- Set up one-time or automatic recurring payments online.
- Mail a payment by check to Ally’s processing center.
- Make a one-time online payment with a credit card.
- Call 1-888-925-2559 and make a payment over the phone. (A convenience fee applies.)
Fees and Rates
Ally Bank only offers loans through dealerships, so you’ll need to apply through a dealership to get information on interest rates. Ally offers competitive loan rates, but keep in mind that your credit score and the amount of money you put down will affect your interest rates and monthly payments.
If you want to pay down your loan early, Ally doesn’t accept principal-only payments. This means they won’t use any extra money you pay toward your car loan to bring down the principal balance. Instead, these funds will go toward fees or finance charges.
Once you pay those fees in full, they will apply the extra money toward your future loan payments. This type of repayment method can slow you down if you’re trying to pay off your loan quickly since your additional payments aren’t going directly to your balance.
Ally Bank Auto Loan Application Process
You can’t apply for a loan directly with Ally. Instead, you will need to apply at a dealership that the bank partners with. Once you apply through the dealership, you’ll receive information about interest rates and loan terms.
A dealership can help you access several different types of auto loans, both through Ally and other providers. This is ideal because it allows you to quickly compare interest rates and loan terms to find the best loan for your needs.
Ally Bank Auto Loan Special Features
Ally auto loans come with a few unique features that make them appealing options. You’ll enjoy a fixed annual percentage rate, or APR. Here’s what you can expect:
- You’ll have lower monthly payments during the term of your loan. The last payment, the “balloon payment,” will be larger.
- The fixed APR lasts for the entire term of your 48- or 60-month loan.
- You’ll own your vehicle, so you don’t have to worry about penalties for excess mileage or wear.
Ally Balloon Advantage isn’t available in Maryland, Nevada, New Hampshire, North Carolina, or Pennsylvania.
Ally also offers a Buyer’s Choice program, which may be ideal if you anticipate wanting to sell your car in a few years. With the program, you’ll have the option of selling your car to Ally either 48 or 60 months into your loan term.
You can choose to keep your car and continue with your loan payments, or you can sell your car without the hassle of dealing with a private sale. This program is available in all states except Nevada.
An auto loan from Ally might be a good fit for you if you:
- Want to buy a car with less than 120,000 miles and that’s younger than 10 years
- Will buy a car from a dealership that partners with Ally
- Don’t feel the need to get pre-qualified before shopping for a new car
- Don’t plan to make principal-only payments to pay down your loan
There are some disadvantages to Ally Bank auto loans, like the fact that you can’t make principal-only payments and need to apply through a dealership. However, if you plan on completing a finance application through a dealership anyway, you might find that Ally Bank auto loans come with competitive rates. In addition, with perks like the Buyer’s Choice program and the Ally Balloon Advantage option, an Ally Bank auto loan might end up being the best choice for you.
Check out our other auto loan reviews below to continue exploring your options.
WASHINGTON – U.S. Attorney General Eric Holder, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan, Iowa Attorney General Tom Miller and Colorado Attorney General John W. Suthers announced today that the federal government and 49 state attorneys general have reached a landmark $25 billion agreement with the nation’s five largest mortgage servicers to address mortgage loan servicing and foreclosure abuses. The agreement provides substantial financial relief to homeowners and establishes significant new homeowner protections for the future.
The unprecedented joint agreement is the largest federal-state civil settlement ever obtained and is the result of extensive investigations by federal agencies, including the Department of Justice, HUD and the HUD Office of the Inspector General (HUD-OIG), and state attorneys general and state banking regulators across the country. The joint federal-state group entered into the agreement with the nation’s five largest mortgage servicers: Bank of America Corporation, JPMorgan Chase & Co., Wells Fargo & Company, Citigroup Inc. and Ally Financial Inc. (formerly GMAC).
“This agreement – the largest joint federal-state settlement ever obtained – is the result of unprecedented coordination among enforcement agencies throughout the government,” said Attorney General Holder. “It holds mortgage servicers accountable for abusive practices and requires them to commit more than $20 billion towards financial relief for consumers. As a result, struggling homeowners throughout the country will benefit from reduced principals and refinancing of their loans. The agreement also requires substantial changes in how servicers do business, which will help to ensure the abuses of the past are not repeated.”
“This historic settlement will provide immediate relief to homeowners – forcing banks to reduce the principal balance on many loans, refinance loans for underwater borrowers, and pay billions of dollars to states and consumers,” said HUD Secretary Donovan. “ Banks must follow the laws. Any bank that hasn’t done so should be held accountable and should take prompt action to correct its mistakes. And it will not end with this settlement. One of the most important ways this settlement helps homeowners is that it forces the banks to clean up their acts and fix the problems uncovered during our investigations. And it does that by committing them to major reforms in how they service mortgage loans. These new customer service standards are in keeping with the Homeowners Bill of Rights recently announced by President Obama – a single, straightforward set of commonsense rules that families can count on.”
“This monitored agreement holds the banks accountable, it provides badly needed relief to homeowners, and it transforms the mortgage servicing industry so now homeowners will be protected and treated fairly,” said Iowa Attorney General Miller.
“This settlement has broad bipartisan support from the states because the attorneys general realize that the partnership with the federal agencies made it possible to achieve favorable terms and conditions that would have been difficult for the states or the federal government to achieve on their own,” said Colorado Attorney General Suthers.
The joint federal-state agreement requires servicers to implement comprehensive new mortgage loan servicing standards and to commit $25 billion to resolve violations of state and federal law. These violations include servicers’ use of “robo-signed” affidavits in foreclosure proceedings; deceptive practices in the offering of loan modifications; failures to offer non-foreclosure alternatives before foreclosing on borrowers with federally insured mortgages; and filing improper documentation in federal bankruptcy court.
Under the terms of the agreement, the servicers are required to collectively dedicate $20 billion toward various forms of financial relief to borrowers. At least $10 billion will go toward reducing the principal on loans for borrowers who, as of the date of the settlement, are either delinquent or at imminent risk of default and owe more on their mortgages than their homes are worth. At least $3 billion will go toward refinancing loans for borrowers who are current on their mortgages but who owe more on their mortgage than their homes are worth. Borrowers who meet basic criteria will be eligible for the refinancing, which will reduce interest rates for borrowers who are currently paying much higher rates or whose adjustable rate mortgages are due to soon rise to much higher rates. Up to $7 billion will go towards other forms of relief, including forbearance of principal for unemployed borrowers, anti-blight programs, short sales and transitional assistance, benefits for service members who are forced to sell their home at a loss as a result of a Permanent Change in Station order, and other programs. Because servicers will receive only partial credit for every dollar spent on some of the required activities, the settlement will provide direct benefits to borrowers in excess of $20 billion.
Mortgage servicers are required to fulfill these obligations within three years. To encourage servicers to provide relief quickly, there are incentives for relief provided within the first 12 months. Servicers must reach 75 percent of their targets within the first two years. Servicers that miss settlement targets and deadlines will be required to pay substantial additional cash amounts.
In addition to the $20 billion in financial relief for borrowers, the agreement requires the servicers to pay $5 billion in cash to the federal and state governments. $1.5 billion of this payment will be used to establish a Borrower Payment Fund to provide cash payments to borrowers whose homes were sold or taken in foreclosure between Jan. 1, 2008 and Dec. 31, 2011, and who meet other criteria. This program is separate from the restitution program currently being administered by federal banking regulators to compensate those who suffered direct financial harm as a result of wrongful servicer conduct. Borrowers will not release any claims in exchange for a payment. The remaining $3.5 billion of the $5 billion payment will go to state and federal governments to be used to repay public funds lost as a result of servicer misconduct and to fund housing counselors, legal aid and other similar public programs determined by the state attorneys general.
The $5 billion includes a $1 billion resolution of a separate investigation into fraudulent and wrongful conduct by Bank of America and various Countrywide entities related to the origination and underwriting of Federal Housing Administration (FHA)-insured mortgage loans, and systematic inflation of appraisal values concerning these loans, from Jan. 1, 2003 through April 30, 2009. Payment of $500 million of this $1 billion will be deferred to partially fund a loan modification program for Countrywide borrowers throughout the nation who are underwater on their mortgages. This investigation was conducted by the U.S. Attorney’s Office for the Eastern District of New York, with the Civil Division’s Commercial Litigation Branch of the Department of Justice, HUD and HUD-OIG. The settlement also resolves an investigation by the Eastern District of New York, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP) and the Federal Housing Finance Agency-Office of the Inspector General (FHFA-OIG) into allegations that Bank of America defrauded the Home Affordable Modification Program.
The joint federal-state agreement requires the mortgage servicers to implement unprecedented changes in how they service mortgage loans, handle foreclosures, and ensure the accuracy of information provided in federal bankruptcy court. The agreement requires new servicing standards which will prevent foreclosure abuses of the past, such as robo-signing, improper documentation and lost paperwork, and create dozens of new consumer protections. The new standards provide for strict oversight of foreclosure processing, including third-party vendors, and new requirements to undertake pre-filing reviews of certain documents filed in bankruptcy court.
The new servicing standards make foreclosure a last resort by requiring servicers to evaluate homeowners for other loss mitigation options first. In addition, banks will be restricted from foreclosing while the homeowner is being considered for a loan modification. The new standards also include procedures and timelines for reviewing loan modification applications and give homeowners the right to appeal denials. Servicers will also be required to create a single point of contact for borrowers seeking information about their loans and maintain adequate staff to handle calls.
The agreement will also provide enhanced protections for service members that go beyond those required by the Servicemembers Civil Relief Act (SCRA). In addition, the four servicers that had not previously resolved certain portions of potential SCRA liability have agreed to conduct a full review, overseen by the Justice Department’s Civil Rights Division, to determine whether any servicemembers were foreclosed on in violation of SCRA since Jan. 1, 2006. The servicers have also agreed to conduct a thorough review, overseen by the Civil Rights Division, to determine whether any servicemember, from Jan. 1, 2008, to the present, was charged interest in excess of 6% on their mortgage, after a valid request to lower the interest rate, in violation of the SCRA. Servicers will be required to make payments to any servicemember who was a victim of a wrongful foreclosure or who was wrongfully charged a higher interest rate. This compensation for servicemembers is in addition to the $25 billion settlement amount.
The agreement will be filed as a consent judgment in the U.S. District Court for the District of Columbia. Compliance with the agreement will be overseen by an independent monitor, Joseph A. Smith Jr. Smith has served as the North Carolina Commissioner of Banks since 2002. Smith is also the former Chairman of the Conference of State Banks Supervisors (CSBS). The monitor will oversee implementation of the servicing standards required by the agreement; impose penalties of up to $1 million per violation (or up to $5 million for certain repeat violations); and publish regular public reports that identify any quarter in which a servicer fell short of the standards imposed in the settlement.
The agreement resolves certain violations of civil law based on mortgage loan servicing activities. The agreement does not prevent state and federal authorities from pursuing criminal enforcement actions related to this or other conduct by the servicers. The agreement does not prevent the government from punishing wrongful securitization conduct that will be the focus of the new Residential Mortgage-Backed Securities Working Group. The United States also retains its full authority to recover losses and penalties caused to the federal government when a bank failed to satisfy underwriting standards on a government-insured or government-guaranteed loan. The agreement does not prevent any action by individual borrowers who wish to bring their own lawsuits. State attorneys general also preserved, among other things, all claims against the Mortgage Electronic Registration Systems (MERS), and all claims brought by borrowers.
Investigations were conducted by the U.S. Trustee Program of the Department of Justice, HUD-OIG, HUD’s FHA, state attorneys general offices and state banking regulators from throughout the country, the U.S. Attorney’s Office for the Eastern District of New York, the U.S. Attorney’s Office for the District of Colorado, the Justice Department’s Civil Division, the U.S. Attorney’s Office for the Western District of North Carolina, the U.S. Attorney’s Office for the District of South Carolina, the U.S. Attorney’s Office for the Southern District of New York, SIGTARP and FHFA-OIG. The Department of Treasury, the Federal Trade Commission, the Consumer Financial Protection Bureau, the Justice Department’s Civil Rights Division, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Department of Veterans Affairs and the U.S. Department of Agriculture made critical contributions.
For more information about the mortgage servicing settlement, go to www.NationalMortgageSettlement.com. To find your state attorney general’s website, go to www.NAAG.org and click on “The Attorneys General.”
The joint federal-state agreement is part of enforcement efforts by President Barack Obama’s Financial Fraud Enforcement Task Force. President Obama established the interagency Financial Fraud Enforcement Task Force to wage an aggressive, coordinated and proactive effort to investigate and prosecute financial crimes. The task force includes representatives from a broad range of federal agencies, regulatory authorities, inspectors general and state and local law enforcement who, working together, bring to bear a powerful array of criminal and civil enforcement resources. The task force is working to improve efforts across the federal executive branch, and with state and local partners, to investigate and prosecute significant financial crimes, ensure just and effective punishment for those who perpetrate financial crimes, combat discrimination in the lending and financial markets, and recover proceeds for victims of financial crimes. For more information about the task force, visit: www.stopfraud.gov.
There are a few different options to choose from when it comes to a mobile home loan. Because mobile home loans can be moved, the process to apply for and secure a mobile home loan is different than that of a traditional property. While mobile home loans often come with higher rates than traditional home loans, they may also have more flexible requirements. Overall, our top pick for a mobile home loan is Manufactured Nationwide.
Manufactured Nationwide offers mobile home loans in all 50 states. Even borrowers with less than perfect credit or high debt to income ratios may qualify. Manufactured Nationwide is open seven days a week, and borrowers can get in touch with their customer support team at any time to get help with any questions or concerns. Manufactured Nationwide also supports government-backed loan programs like VA, FHA, and USDA loans.
Compare The Best Mobile Home Loans
Guide to Choosing a Mobile Home Loan
Understand the Cost of a Mobile Home
According to the U.S. Census Bureau, the average price of a new mobile home (officially called “manufactured homes”) was $106,800 in June 2021. The average price for a single-wide was $70,200 and the average price for a double-wide was $128,100.
When applying for a mobile home loan, there are several different costs that you should keep in mind. These include any required down payment, as well as the cost to rent or purchase land. Down payments typically range from 10% to 20% of the total cost of the home, although some programs offer loans to borrowers with even lower down payment requirements. Other costs to consider including closing costs and fees associated with the loan.
Compare Mobile Home Loan Lenders
Since mobile home loans are different than traditional mortgages, it’s important to find a lender that supports them. Here are some factors to consider when deciding on a mobile home lender:
- Rates: The lower the rates on the loan, the less you’ll end up paying in interest over time. While mobile home loan rates are typically slightly higher than traditional mortgage rates, you should look with a lender with reasonable rates and fees.
- Loan options: If you need a specific type of mobile home loan, or if you plan to take advantage of a government-backed loan program, you should make sure the lender offers that particular type of loan.
- Down payment requirements: Many mobile home loans have flexible down payment requirements. If you don’t have a sizable down payment already saved up, you should look for a lender that doesn’t require too much money down.
- Credit requirements: It can be more difficult to get approved for a loan if you have poor credit. That said, many lenders are willing to work with borrowers with poor to fair credit, so you should look for a lender with flexible credit requirements if your credit score isn’t where you want it to be.
- Geographic availability: Not all lenders operate in all 50 states, so you should be sure to go with a lender that is available in your area.
- Customer service: Look for lenders with a history of strong customer service and few customer complaints.
Apply for a Mobile Home Loan
Before you apply for a mobile home loan, there are a few steps you’ll need to take. You should first obtain an estimate for the loan amount you need, which will depend on the total cost of the mobile home you’re interested in purchasing or building. You’ll also need to decide on what type of mobile home loan you want to pursue. Some government-backed loan programs like VA or FHA loans, may have lower down payment requirements.
Before you apply for a loan, you should make sure that you have enough saved up for a down payment and that you meet certain minimum credit score and debt to income ratio requirements. If possible, you should see if there are any loans that you can pre-qualify for without affecting your credit. Be sure to secure quotes from multiple different lenders so that you can compare rates and get the best deal possible.
Frequently Asked Questions
What Is a Mobile Home Loan?
A mobile home loan is a loan for factory-built homes that can be placed on a piece of land. Styles may vary from modest trailers to dwellings that look like houses attached permanently to the land upon which they sit.
Mobile home loans differ from a traditional property loan because most lenders and counties do not consider them real property, but rather personal property. In fact, in many counties, a mobile home is taxed by the department of motor vehicles rather than the property tax assessor. In most cases, if you want to buy a mobile home and place it on land that you lease, your loan will more closely resemble a personal loan, with higher interest rates and shorter terms than a traditional home mortgage.
There are exceptions, however, and we’ve included them in this list. Some home lenders do have loans for mobile homes if they are attached to the homeowner’s land. Others, and there are fewer of them, will lend on a mobile home even if it sits on land you lease.
What Is Required to Get Approved for a Mobile Home Loan?
The lenders we’ve reviewed have loan amount ranges from $75,000 to $2 million for jumbo loan programs. The debt-to-income (DTI) ratio ceiling for most lenders is in the low 40s. The lender will use your DTI and income to determine how much you can borrow.
If you qualify for one of the government-backed loan programs, such as the FHA, VA, or USDA, you can buy a mobile home with a 3.5% down payment, and in some cases less.
If you own the land or plan to buy the land together with the mobile home, you’ll have more lender options than if you want to buy a mobile home that sits in a rented lot in a mobile home park.
Do You Have to Own Your Land When Buying a Mobile Home?
When you purchase a mobile home, it is not necessary to own the land, but it will open up more loan options for you.
Mobile homes are sometimes located in a mobile home park where the park owner holds title to the land and you lease it. In these cases, the homeowner leases a plot of land but owns the mobile home itself. Many lenders will require you to sign a three-year lease minimum for the land before they will lend on the mobile home.
Alternatively, owners of mobile homes can place mobile homes on land they own or land they are buying in conjunction with the mobile home. When you own the land and the home, your loan rates and terms will be better, and you’ll have more lending options.
What Credit Score Do I Need to Buy a Mobile Home?
The lenders we’ve reviewed and selected as the best can work with low credit scores in the 500 and 600 range. A credit score lower than 500 may not qualify at all.
Of course, higher credit scores will always get you better rates and terms. Credit scores in the 700s and 800s will get the lowest interest rates.
If you have a credit score on the lower end, look for a lender that is strong in the USDA, FHA, and VA programs. Conventional loans will not be so forgiving of scores below 700. You may get your loan approved, but it will carry higher rates and a term of 20 years or less.
We reviewed 12 mobile home lenders to select the best five. We analyzed company history and reputation, whether they financed both newly constructed and used mobile homes, and their minimum and maximum loan value limits.
Borrower credentials mattered, too. We compared firms to see who allowed borrowers to have lower credit scores, higher debt-to-income ratios, and whether they had low-down-payment programs.
Finally, we analyzed lender requirements for whether you leased or owned the land upon which your mobile home would sit. If you own the land, you’ll have more loan options, but it’s not a deal-breaker.
In most cases, interest rates start a few points higher than conventional loans because mobile homes tend to depreciate, so we looked at interest rate ranges for the lenders to make sure these were lower than the higher rates you’ll pay for an unsecured personal loan, which is also an option for buying a mobile home.
Financing just the mobile home, with good credit and stable income, can be underwritten in as little as two weeks. To buy the home and the land, and using a low-down-payment government program, can extend the underwriting period to as long as 60 days.
Ally Home Loans
A FEW THINGS YOU SHOULD KNOW
Ally Financial Inc. (NYSE: ALLY) is a leading digital financial services company, NMLS ID 3015. Ally Bank, the company's direct banking subsidiary, offers an array of deposit, personal lending and mortgage products and services. Ally Bank is a Member FDIC and Equal Housing Lender , NMLS ID 181005. Credit products and any applicable Mortgage credit and collateral are subject to approval and additional terms and conditions apply. Programs, rates and terms and conditions are subject to change at any time without notice.
Ally Servicing LLC, NMLS ID 212403 is a subsidiary of Ally Financial Inc.
Securities products and services are offered through Ally Invest Securities LLC, member FINRA and SIPC. View Security Disclosures.
Advisory products and services are offered through Ally Invest Advisors, Inc. an SEC registered investment advisor. View all Advisory disclosures
Foreign exchange (Forex) products and services are offered to self-directed investors through Ally Invest Forex LLC. NFA Member (ID #0408077), who acts as an introducing broker to GAIN Capital Group, LLC ("GAIN Capital"), a registered FCM/RFED and NFA Member (ID #0339826). Forex accounts are held and maintained at GAIN Capital. Forex accounts are NOT PROTECTED by the SIPC. View all Forex disclosures
Forex, options and other leveraged products involve significant risk of loss and may not be suitable for all investors. Products that are traded on margin carry a risk that you may lose more than your initial deposit
Products offered by Ally Invest Advisors, Ally Invest Securities, and Ally Invest Forex are NOT FDIC INSURED, NOT BANK GUARANTEED, and MAY LOSE VALUE.
App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc. Amazon Appstore is a trademark of Amazon.com, Inc., or its affiliates. Windows Store is a trademark of the Microsoft group of companies.
Zelle and the Zelle related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
From Kiplinger's Personal Finance. © 2020 The Kiplinger Washington Editors. All rights reserved. Used under license.
From MONEY. © 2020 Ad Practitioners, LLC. All rights reserved. Used under license.
PERSONAL LOANS & LINES OF CREDIT
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Convenient access to funds when you need them
A personal loan is one way to consolidate debt or to pay for major expenses. It offers fixed interest rates and fixed monthly payments for the life of the loan. A personal loan is best for one-time funding, or if you know the entire cost of your project up front. You receive the loan in one lump sum.
U.S. Bank Personal Loan
Take control of your finances with a personal loan. U.S. Bank checking customers with credit approval may be able to borrow up to $50,0001.Those without a U.S. Bank account may be able to borrow up to $25,000
Borrow $1,000 up to $50,000
U.S. Bank Home Improvement Personal Loan
Upgrade your home and its value. U.S. Bank checking customers with credit approval can borrow up to $50,000 with our home improvement personal loan.2 Those without a U.S. Bank account may be able to borrow up to $25,000.
Borrow $1,000 up to $50,000
U.S. Bank Simple Loan
Need quick funds for an emergency? Our Simple Loan is one way for U.S. Bank checking customers who qualify to borrow up to $1,000 for planned – and unplanned – expenses.
Borrow $100 up to $1,000
Line of credit options
If you need ongoing access to funds, or if you don't know the full cost of a project, a personal line of credit may be better. With a personal line, you can use the credit as needed, and only pay interest on the funds you borrow.
U.S. Bank Personal Line of Credit
Looking to tackle on financial goals with a little more flexibility? If you’re a current U.S. Bank checking customer, a personal line of credit can give you instant, ongoing access to funds as you need them.
Instant, ongoing credit access
U.S. Bank Home Improvement Personal Line of Credit
Exclusive to U.S. Bank checking customers, take on your home improvement projects with the flexibility you’d expect from a credit card, but typically with lower interest rates.3 And since it’s an unsecured line of credit, there’s no collateral needed.4
No annual fees
U.S. Bank Reserve Line of Credit
Protect your U.S. Bank checking account from overdrafts with a reserve line of credit. You’ll enjoy no annual fee and automatic advances to your checking account if your balance ever falls below zero.
Protection from overdrafts
Why choose a personal loan or personal line?
Personal loans and personal lines of credit are both unsecured loans, meaning they don’t require collateral.
More questions about loans and credit? We have answers.
Quiz: How much do you know about loans?
Understanding how loans and credit work is critical to good financial health. Brush up on what you know about borrowing money.
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Amortization: what it is and why it matters
Ever wondered how much you spend on interest? Thanks to an accounting concept known as amortization, finding out may be easier than you realize.
Learn more about amortization
Consolidate debt: what you need to know
When you consolidate debts, you can bring down the interest rates you’re paying on each individual loan and help pay off your debts faster.
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