USAA Personal Loans Review for 2024

Pros Explained

• High loan maximum: With most personal loan companies, the most you can borrow is $50,000 or less. But with USAA, you can borrow as much as $100,000, so it's a good option if you have a major home renovation project planned. 
• Longer-than-usual terms available: Many lenders have limited term options, such as two to five years. With USAA, you can select a loan term between one and seven years, so you can choose the repayment term that fits your budget. 
• Membership is free: Some financial services companies and credit unions require you to pay a fee to join. By contrast, USAA doesn't charge a membership fee.

Cons Explained

• Loans only available to members: USAA only issues personal loans to qualifying members, and its membership is limited to eligible military members and their families. If you don't meet that criteria, you won't be able to get a loan from USAA. 
• Slower disbursement times: While some lenders will disburse loan funds as soon as the same day you apply, USAA takes longer. It can take two business days after all of your paperwork is complete, so if you're in a bind and need cash fast, consider one of the top lenders for fast personal loans instead. 
• No pre-qualification tool: Many lenders allow you to check your loan eligibility and view potential loans without affecting your credit. However, USAA doesn't have that option. You must complete an application and consent to a hard credit inquiry to view your loan options, which can cause your score to drop by several points.

Types of Personal Loans Offered by USAA

USAA's personal loans are unsecured, so you don't need to provide collateral. Instead, USAA determines your eligibility for a loan based on your credit history and income. 

Its loans can be used for a variety of purposes, including: 

• Debt consolidation
• Home improvements
• Medical bills
• Travel

According to Investopedia’s 2023 Personal Loan Borrower survey, debt consolidation is the top reason cited for getting a personal loan. Paying for home improvements and large purchases were the next two most common reasons. USAA does not have many restrictions, but it does prohibit using loan funds for college expenses.

Time to Receive Funds

Whereas some lenders will approve your application instantly and disburse loan funds as soon as the same day you apply, USAA may be slower. Once your loan application is approved and you sign the loan agreement, it can take two business days to disburse your loan funds.

Borrower Requirements

USAA doesn't disclose its minimum credit score or income requirements.

To qualify for a personal loan from any lender, you generally need to be the age of majority in your state (18 in most places) and have a verifiable source of income. Although some lenders specialize in personal loans for borrowers with bad credit, you'll have the best chance of qualifying for a loan and securing a competitive rate if you have good to excellent credit. 

USAA Personal Loan Features

Autopay Discount 

Borrowers who sign up for automatic payments are eligible to receive a 0.25% discount on their personal loan APRs. 

Member Perks

As a USAA member, you can take advantage of other membership perks, such as discounts on: 

• Auto and property insurance
• Theme park tickets
• Home security systems
• Some travel accommodations

Co-Signers and Co-Applicants

If your credit is less than perfect or you don't have a full-time income yet, you may still be eligible for a loan if you have a creditworthy relative or friend willing to apply for a loan with you as a co-signer or co-applicant. 

USAA doesn't allow co-signers, but it does allow joint applications, so you can add a co-applicant to your application to improve your chances of getting approved. However, you should keep in mind that a co-applicant shares both the responsibility for the loan's repayment and access to the loan's funds. 

Can You Refinance a Personal Loan With USAA?

USAA offers auto loan refinancing but does not offer personal loan refinancing at this time. However, USAA’s personal loans can be used for a variety of purposes, including paying off other bills, so you can use a USAA loan to pay off another personal loan with a higher rate. 

Customer Service

USAA's customer service department is available 24 hours a day, seven days per week. You can contact customer support via email, live chat, or on X (formerly Twitter). 

Customer Satisfaction

When it comes to customer satisfaction, USAA has a strong reputation in the financial services industry.

Because USAA’s services and products aren’t available to the general public, it wasn't ranked in the 2023 J.D. Power U.S. Consumer Lending Satisfaction Study. However, it was evaluated and scored, and its score—832—was higher than the score of the top lender, American Express.

On TrustPilot, reviews are more mixed. USAA has a TrustScore of 1.3 out of five based on over 2,500 reviews. However, many reviews focused on problems with other financial products or services, such as issues with auto insurance claim denials, and may not be reflective of experiences with USAA's personal loans. 

USAA Membership Requirements

USAA requires all personal loan applicants to be members, and you must join before starting an application. This requirement means that USAA personal loans are only available to military members, veterans, and qualifying family members.

Applying for a USAA Personal Loan 

It’s easy to apply online for a personal loan from USAA, but you’ll need to be a USAA member first. Here’s what you can expect:

• Become a USAA member: You’ll need to provide proof of your eligibility, which will include details about your service or your family member’s service in the military.
• Apply for a USAA personal loan: Log into your account and fill out the necessary fields for the online application. Formally applying will result in a hard credit check, which may cause a small but temporary dip in your credit score. 
• Review your offer: If you’re happy with your APR and loan terms, you can complete the application process by following the prompts to accept your offer. 
• Receive your funds: Your funds will typically be disbursed two business days after your loan documents are received and verified. 

Other Banking Services and Loans Offered by USAA

USAA offers a variety of products and services, including: 

• Annuities
• Auto loans
• Boat loans
• Car insurance
• Certificates of deposit (CDs)
• Checking accounts
• Credit cards
• Homeowners insurance
• Investment services
• Life insurance
• Long-term care insurance
• Mortgages
• Mortgage refinancing 
• Motorcycle loans
• RV loans
• Savings accounts

Compare USAA With Other Personal Loan Lenders

The Bottom Line

USAA is best for individuals who qualify for USAA membership and who need a larger loan amount for a major project. It offers a higher-than-usual loan maximum of $100,000 and repayment terms as long as 84 months, so you can use a USAA personal loan to finance a new swimming pool or remodel your kitchen.

However, USAA isn't open to the general public, so you may not qualify for membership. And if you have less than stellar credit, the lack of a pre-qualification tool is frustrating, and you may find better rates with another lender that specializes in loans for poor to fair credit. 

Is It Hard to Get a USAA Personal Loan?

USAA doesn't disclose its minimum credit or income requirements, so it's difficult to say whether it's hard to get a loan from the lender. Generally, you have the best chance of qualifying for a personal loan if you have good to excellent credit, stable income, and a debt-to-income (DTI) ratio below 50%. 

Who Is Eligible for a USAA Loan?

Only people who qualify for USAA membership are eligible for a personal loan from the lender. Membership is limited to those connected with the military: U.S. military members, veterans, pre-commissioned officers, and spouses and dependent children of qualifying members. 

How Fast Can You Get a USAA Loan?

Once your application has been approved and you have signed and returned the loan agreement, USAA will disburse the loan funds in about two business days. 

Do You Need a USAA Bank Account to Get a Personal Loan?

Although you don't need a USAA bank account to qualify for a personal loan, you do need to be a member or join before you can apply for a loan. 

Do You Have to Be a Member of USAA to Get a Personal Loan?

Yes, you must become a USAA member before you can fill out a personal loan application. To become a member of USAA you must be a military member, veteran, or qualifying family member.

Does USAA Offer Debt Consolidation? 

You can use a USAA personal loan to consolidate high-interest debt, including credit card balances, medical bills, or other forms of credit. If you qualify for a lower rate, you could save money and pay off your debt faster. 

Methodology

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

• Loan costs (advertised APR, fees, and six other factors): 29.25%
• Loan terms (loan amount, repayment term, and three other factors): 22.25%
• Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
• Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.