USAA Personal Loan Overview
A USAA personal loan can be used for debt consolidation, home improvements, vacations, and wedding expenses. In order to get a personal loan from USAA, you must be a member. In order to become a member, you must meet one of the following criteria.
Membership requirements:
- All individuals in the U.S. Air Force, Army, Coast Guard, Marines, Navy, National Guard, and Reserves.
- Former military who have either retired or been honorably discharged.
- Widows, widowers, and former spouses (who have not remarried) of USAA members who joined USAA prior to or during the marriage, and individuals whose parents joined USAA.
- Cadets and midshipmen at U.S. service academies, in advanced ROTC or on ROTC scholarship, and offer candidates within 24 months of commissioning.
Features of USAA Personal Loans
- Low rates and fees: No application fees, origination fees, or prepayment penalties.
- Loan terms: range from 12 to 84 months, with annual percentage rates from 6.99% to 17.65% (which includes a 0.25% discount for automatic payments).
- Credit Requirements: Borrowers must have excellent credit to qualify for its lowest rates or to get a loan with a repayment term that’s greater than 60 months.
- Joint applications: The company does not allow co-signers on loans, but it does take joint applications in which both borrowers have access to the loan proceeds and are responsible for repaying the loan. Generally, having a co-applicant with a stronger credit profile can boost the odds of approval or get a lower rate.
- Hard credit pull: Applicants should note that USAA does a hard credit pull on personal loan applications, which may result in a temporary hit to your credit score.
