- Possibility of quickly receiving the loan proceeds – Once approved, borrowers can expect to get funds as early as 24 hours.
- No administration fees – USAA does not charge a fee for applying for a personal loan, nor will you pay extra if you decide to prepay your loan.
- Automatic payment discount available – Borrowers can benefit from a 0.25% reduction on their rate if they choose to make automatic payments on their personal loan repayments.
- Access reserved for members – Only USAA members have access to the lender’s products.
- No prequalification option available – Applicants will be subjected to a thorough investigation, which could affect your credit score.
Types of personal loans offered by USAA
USAA allows borrowers to use their personal loans for almost any purpose. This can include home improvement projects, moving expenses, car repairs, or other types of major purchases. Although the USAA does not have a separate debt consolidation loan, you can take out a personal loan from the lender to pay off existing high interest debt.
Deadline for receipt of funds
The lender can approve your loan within minutes and you will receive your loan proceeds within 24 business hours later.
Features of the USAA personal loan
USAA membership required
The lender only grants personal loans to its members. To qualify, you will need to be an eligible U.S. military or family member – this includes active duty, veterans, cadets, members of the Guard or Reserve, or midshipmen.
Automatic payment discount available
Borrowers can get a 0.25% discount on their final rate if they opt for automatic payment.
Apply for a USAA personal loan
USAA requires applicants to be members to apply for a loan. The entire process can be done online or over the phone by calling 800-531-8722. Here’s what to expect:
- Join USAA as a member if you haven’t already. You will need to provide personal information as details about your military service or that of a family member and create an account online.
- Submit relevant documentation like a certificate of release, your military orders to verify your status and finalize your membership application.
- Sign into your account to start the personal loan application process.
- Fill in the relevant details such as the desired loan amount and term.
- Consult loan offers and follow the instructions to complete the application process. This can include supporting documents.
Once the USAA has approved your loan, sign your loan documents and your loans will be deposited into your USAA bank account within 24 hours.
The USAA offers competitive rates to its members (including a discount for automatic payment), although borrowers who want a longer term loan will need to take a larger loan amount.
Unfortunately, since USAA personal loans are only available to members, not everyone may qualify even if the credit conditions are met. This means that, unless you are an eligible US military or an eligible relative, you will have to look elsewhere.
Either way, shopping around is the best way to find the best rate and deal for your credit profile.
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