USAA was established in 1922. It was founded with 25 soldiers insuring the vehicles of each other. The business, located in San Antonio, Texas, today boasts more than 13 million customers, served by 36,000 workers. As of the end of the year 2020, USAA was a total net worth of between $40 billion to $200 billion in total assets. The company signed the $50 million, three-year commitment to charities during the 4th quarter of this year. Apart from providing personal loans, USAA also offers insurance, investment, and banking products.
Customer Satisfaction
USAA boasts more than 1300 reviews from customers on Trustpilot, and 84% are negative, which results in an average score of 1.3 out of five stars. Many customers complains that banking with USAA has become more difficult in the past as they wait for long periods for customer’s service and unprofessional personnel. Reviews from customers on ConsumerAffairs were more positive, with 3.5/5 stars; however, there were still complaints about the poor customer service. Take note that if you should encounter problems regarding your loan, you may not have the best customer service. Personal loan lenders with other lenders have higher ratings from customers.
Account Management
It is possible to complete the personal loan form online; however, USAA does not provide specific account management tools for borrowers. You'll be able to set automatic payments and monitor your account's activity. However, making any changes to your account might require the use of a phone call.
How to Qualify for a USAA Loan
To be eligible for personal loans through USAA, you must first be an active member. Membership requirements are linked with military services. Veterans and active service members are eligible to join USAA, and so can the spouses of their children and parents. Additionally, any family members who are eligible to become members. Find more specific information about membership benefits on the website of USAA.
In addition, it is necessary to have reached the age of the majority in the state you reside in. The USAA website doesn't have the minimum credit score or income requirements. Finding information on the loan or rates is difficult when you aren't an existing member. A USAA representative could not provide us with more information about eligibility requirements, either.
Penalties and Fees
One benefit of borrowing money through USAA as an active member is that the institution has very low charges. There are no application fees or origination charges, and the lender does not make a charge for repaying your loan in advance. USAA will charge the late fee, which is five percent of the total amount due.
Trustworthy?
USAA is a top-quality A+ rating with the Better Business Bureau, a non-profit organization that focuses on protecting consumers and establishing confidence. The BBB evaluates its ratings based on an assessment of the company's response to consumer complaints, its openness regarding business practices, and honesty in advertising.
USAA has been the focus of controversy in the last few years. The Office of the Comptroller of Currency required the bank to pay the sum of $85 million in fines in 2020 following a review by the regulator that found out that the bank could not control risk in its IT and compliance program adequately.
Although USAA is a top-rated BBB rating, it doesn't ensure a positive connection with their bank. Contact your family members and friends and inquire about their experiences with the lender before deciding to take out a loan. It is possible that you are not at ease with the lender due to the recent scandal that has engulfed it, so you may want to consider looking for a different lender.
Who Should Get a USAA Loan?
You must be a member of USAA to be eligible for the USAA loan. If you do not meet the membership requirements and are not a member, you'll have chosen a different lender. If you're a USAA member and need a relatively modest amount, a USAA loan could be a viable option. It's difficult to determine if you're eligible without logging into the account as a member and submitting your application. In general, however, the higher your income and credit score, the more likely you'll be eligible for any personal loan.
For those who require access to cash quickly or a quick loan, the USAA loan is an ideal option. A quick decision on qualifying and a simple online application can help determine whether you are eligible for the loan. Furthermore, you can get money as early as the next business day, making it an ideal choice if you require funds fast. But, if you're seeking a sum higher than $20,000, the USAA loan isn't going to be able to satisfy your requirements.
