What is a personal loan and what is a personal line of credit?

Both are unsecured loans. This means borrowers aren’t required to put up collateral, such as a home or car, to get the loan.1 Here are the key benefits of each.

Personal loan

  • One-time funding
  • Fixed interest rate2 with fixed monthly payments
  • Borrow $1,000 up to $50,000 (those who aren’t U.S. Bank clients can borrow up to $25,000)
Learn more Check your rate

Personal line of credit

  • Funding as needed
  • Variable interest rate3 that may change over time
  • Borrow $1,000 up to $25,000 if you’re a U.S. Bank client and only pay interest on the funds you borrow
Learn more Check your rate

Popular uses for personal loans and personal lines of credit

Personal loans and personal lines of credit can be used for many purposes. Here are some of the common ones.

Consolidate your debt.

Finance a home project.

Buy a car.

Cover emergency expenses.

Pay for a wedding.

Take a vacation.

Fund your move.

Expand your family.

Looking for a smaller loan or protection from overdrafts?

We also offer Simple Loans or a reserve line of credit.

U.S. Bank Simple Loan4

U.S. Bank personal checking clients who qualify can borrow up to $1,000 for planned – and unplanned – expenses.

Learn more about Simple Loans

Reserve line of credit

U.S. Bank clients can protect their checking accounts from overdrafts with a reserve line of credit.

Learn more about a reserve line of credit

Get more information on loans and lines of credit.

Loans and lending terminology 101

How well do you understand your loan options? Review this glossary to study up on loans, lending, lines of credit and more.

Learn about your lending options

Pros and cons of debt consolidation

When deciding on a plan to pay down your debts, think about what debt consolidation can and can’t do for you.

Learn about debt consolidation

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If you’re planning to buy a used car from a private seller in the near future, here are some things you’ll want to keep in mind.

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Disclosures

  1. Not all loan programs are available in all states.

  2. Personal loan: As of March 3, 2025 the fixed Annual Percentage Rate (APR) ranged from 7.99% APR to 24.99% APR, and varies based on credit score, loan amount, purpose and term. Minimum loan amount is $1,000 and loan terms range from 12 to 84 months (up to 60 months for non-clients). The lowest APR in the range is available on loans of $10,000 or more with a term of 12-36 months, a credit score of 800 or greater, purpose of home improvement and includes discount for automatic payments from a U.S. Bank or external personal checking or savings account. Automatic payments and U.S. Bank personal checking or savings account are not required for loan approval. Electronic funding to a non-U.S. Bank account requires verification and can take one to four business days. Not all loan programs are available in all states. The Consumer Pricing Information disclosure lists fees, terms, and conditions that apply to U.S. Bank personal checking and savings accounts. This disclosure can be obtained by visiting a U.S. Bank branch or calling 800-872-2657. Loan payment example: on a $10,000 loan for 36 months, monthly payments would be $313.32 and APR of 7.99% with automatic payments from a personal checking or savings account and for the purpose of home improvement. Maximum loan amounts may vary by credit score. Loan approval is subject to credit approval and program guidelines. Interest rates and program terms are subject to change without notice.

  3. Personal line of credit: The annual percentage rate (APR) is variable and is based upon an index plus a margin. The APR will vary with Prime Rate (the index) as published in the Wall Street Journal. As of December 20, 2024, the variable unsecured personal line of credit APR ranged from 11.50% to 21.50% APR and the margin varied based on credit score. The lowest APR in the range requires a credit score of 800 or greater. Cash Advance ATM fee: 4% of each advance amount, $10 minimum. Cash Equivalent fee: 4% of each cash equivalent amount, $10 minimum. The annual fee is $0. Foreign Transaction fee: 3% of each foreign purchase transaction or foreign ATM advance transaction in a Foreign Currency. Subject to credit approval, eligibility and credit qualifications. Personal Line of Credit may be reduced or additional extensions of credit limited if certain circumstances occur. Approval for personal line of credit requires having a new or existing U.S. Bank personal checking account. Your Deposit Account Agreement and the Consumer Pricing Information disclosure list terms, conditions, and fees that apply to U.S. Bank personal checking accounts. You may obtain a copy of the disclosure by visiting a branch or calling 800-872-2657.

  4. Simple Loan applicants must have an open U.S. Bank personal checking account with recurring direct deposits. Other eligibility criteria may apply. Loan approval is subject to eligibility and credit approval.

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Loans and lines of credit are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Subject to credit approval, eligibility and credit qualifications. U.S. Bank Personal Loan, Personal Line of Credit, and U.S. Bank Simple Loan are for existing U.S. Bank customers who prefer financing without using collateral. Approval for Personal Line of Credit and Reserve Line of Credit requires having a new or existing U.S. Bank personal checking account.

Refer to Your Deposit Account Agreement (PDF) and the Consumer Pricing Information (PDF) disclosure for a summary of fees, terms and conditions that apply.