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USAA Personal Loan Review: Great for Military Service Members, Veterans, and Their Family Members

Review Updated
David Chang, ChFC®, CLU®
By: David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
David Chang, ChFC®, CLU®
Writer, Consultant

David S. Chang, ChFC®, CLU® is an award-winning entrepreneur, keynote speaker, author, and consultant. He has over two decades of experience in the wealth management space and has been featured in dozens of news, radio, and podcast programs nationwide. He currently works as Head of IoT for the West Region of a Fortune 200 company. He is a graduate of the United States Military Academy at West Point and currently a Lieutenant Colonel in the California Army National Guard. He is an East-West Graduate Degree Fellow and has an MBA from the UCLA Anderson School of Management.

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Our Loans Expert

Eric McWhinnie
Check IconFact Checked Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

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A USAA Personal Loan is specifically geared toward military service members, veterans, and their family members. USAA was founded in 1922 and currently has 13 million members. This USAA Personal Loan review will outline how USAA compares to other banks, and help determine if it is the best personal loan for you.

USAA Personal Loan

Logo for USAA Personal Loan
Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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= Excellent
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Minimum Credit Score
Undisclosed
Loan Amounts
$1,000-$100,000
APR Range
9.49%-18.51%
Term Length
12 to 84 months

This personal loan is a good fit for eligible members who need a personal loan up to $100,000 quickly without application or early repayment fees and also want to take advantage of USAA's other financial products and services.

  • Flexible loan options
  • Wide range of financial products and services
  • Customer service
  • No application or prepayment fees
  • Interest rate discount for automatic payment
  • Only military members, veterans, and family members qualify
  • Longer payment terms require higher personal loan amounts
  • Cannot be used for higher education

Compare the best personal loans

Get the best rates and terms to fit your needs. Here are a few loans we'd like to highlight, including our award winners.

Lender APR Range Loan Amount Min. Credit Score Next Steps
7.80% - 35.99%
$1,000 - $50,000
None
11.49% - 20.49%
$2,000 - $30,000
720
6.99%-25.49% (w/ AutoPay)*
$5,000 - $100,000
Good credit

Full USAA Personal Loan review

This personal loan is a good fit for: Eligible members who need a personal loan quickly up to $100,000 without application or early repayment fees and also want to take advantage of USAA’s other financial products and services.

Top perks

No application or prepayment fees: USAA does not charge personal loan application fees or early prepayment fees. Some banks charge loan origination fees that typically run between 1% and 8%. No prepayment fees means borrowers can pay off their loan faster at any time without being penalized.

Interest rate discount for automatic payment: Borrowers who enroll in autopay will receive a 0.25% discount on their interest rate.

Flexible loan options: USAA offers borrowers a maximum amount as high as $100,000 and repayment terms as long as 84 months. You can also add a co-borrower to a personal loan. If you have bad credit, adding a co-borrower with a better credit score can help you qualify and potentially get a better interest rate. You can find a loan option that will fit your budget and needs.

Get funds quickly: The online application process takes a few minutes and if approved, borrowers can receive their funds as soon as 24 hours after closing.

Wide range of financial products and services: USAA is a one-stop shop for financial products, ranging from banking to insurance and personal loans. If you are looking for a bank that has all the features you need in one place, then USAA is a good fit. 

Customer service: USAA is known for its high customer service ratings. According to the 2023 J.D. Power U.S. Consumer Financing Satisfaction Study, USAA is ranked No. 2, with a score of 832 out of 1000. The industry average is 744.

What could be improved

Only military members, veterans, and family members qualify: Eligibility for a USAA Personal Loan is limited to only:

  • Those on active duty, National Guard members, or Reservists
  • Veterans who served honorably
  • Cadets or midshipmen
  • Spouses and children of USAA members

Longer payment terms require higher personal loan amounts: Loan repayment terms range from 12 months to 84 months. The length of the term depends on the amount borrowed. Loans that are longer than 60 months (five years) must meet higher credit score requirements.

  • A 12- to 36-month term requires a personal loan of $1,000 or greater
  • A 48-month term requires a personal loan of $5,000 or greater
  • A 60-month term requires a personal loan of $10,000 or greater
  • A 72-month term requires a personal loan of $15,000 or greater
  • A 84-month term requires a personal loan of $20,000 or greater

Cannot be used for higher education: USAA places certain restrictions on how the personal loan can be used. A USAA Personal Loan can't be used to cover higher education expenses.

No prequalification for a loan: Borrowers are unable to check to see what they would prequalify for without applying for a loan. This results in a hard credit score inquiry, which can lower your score. The website only offers a loan calculator. Make sure you have shopped around and want to get a USAA Personal Loan before applying. Lowering your credit score just to check to see what your rate may be is a mistake when taking out a loan.

How to qualify for a USAA personal loan

USAA does not disclose on its website all the qualifications needed to qualify for a loan. However, the basic requirements are:

  • Need to be a USAA member
  • Have a bank account with USAA
  • Like other financial institutions, borrowers will need to meet certain credit score and income requirements to qualify for the best terms

Application process

USAA has an easy personal loan application process:

  • Members fill out an application online
  • If approved, members will receive their interest rate immediately
  • Borrowers will choose the terms of their loan
  • Borrowers will receive their funds in their USAA bank account as soon as 24 hours after loan closing

A USAA personal loan is right for you if:

  • You are a military service member, veteran, or family member and are eligible for USAA membership
  • You already use USAA's other products and want to keep all of your financial accounts in one place
  • You want to receive funding quickly
  • You need to borrow up to $100,000

FAQs

  • USAA is an organization that has been serving the military community for nearly a century. From banking to insurance, it offers a wide range of services to its members. To be eligible for membership, you must be an active-duty or retired service member, an honorably discharged veteran, or a family member of one of those groups. 

  • USAA does not offer the ability to pre-qualify for a personal loan. USAA will do a hard inquiry on your credit when you apply for a personal loan.

  • Funds are generally transferred within two business days upon receipt and verification of all required documents. In most cases, USAA will give immediate notification of approval status.