There is no officially stated credit score requirement for a personal loan from the United Services Automobile Association (USAA). However, having a credit score of 670 or above improves your chances of approval. There are other eligibility criteria that you would need to meet.
To apply for a USAA personal loan, you would need to be a USAA member. Some of the membership criteria include:
-
Service in the U.S. Army, Air Force, Marines, Coast Guard, Navy, National Guard, and Reserves
-
Former military members who have been honorably discharged and are retired
-
Widows, widowers, or former spouses of USAA members who joined USAA prior to or during the marriage. Former spouses are required to not have remarried
-
Children of USAA members
-
Cadets and midshipmen at U.S service academies or who are on ROTC scholarship
-
Officer candidates with at least 24 months of commissioning
How to Qualify for a USAA Personal Loan?
The USAA approves or declined loan applications based on several factors. The most prominent of those include:
-
Credit score requirements: As explained earlier, the USAA doesn't disclose any minimum credit score requirements for personal loans. However, we recommend having at least a credit score of 670 to ensure approval.
-
Income requirements: Like the credit score, the USAA also doesn't publish any income requirements. However, the more you earn, the better your chances of getting a loan.
-
Membership requirements: Of course, you need to be a USAA member to apply for a personal loan.
-
Co-borrowers: The USAA allows for co-borrowers. However, both applicants are expected to meet the repayment obligations when applying for a joint loan.
If you're not eligible for a USAA personal loan but need instant money, you may apply for a personal loan on other platforms, such as iPaydayLoans, WeLoans, and CocoLoan. These are well-known online loan brokers in the US. They work with lenders who offer personal loans to borrowers with bad credit.