USAA Reviews Everything It Offers in 2022

The USAA is a financial services company that offers insurance, banking, and different types of loans. USAA reviews show that its mortgages, car loans, and personal loans can benefit customers in a variety of financial situations.

In this review, we’ll do the following:

• help you pick the right type of loan for you
• answer whether USAA has a credit builder loan or a credit building program to help you improve your credit score
• answer FAQs
• provide information on how to become a USAA member

Keep reading to find out more.

Company Overview

USAA is a bank that offers its services to military members and their families. The company was founded in 1922 and is headquartered in San Antonio, Texas. USAA has over 28 million members and $290 billion in assets.

The company offers a variety of banking products and services, including checking and savings accounts, credit cards, mortgages, auto loans, and more. USAA also offers insurance products, such as life insurance, health insurance, and homeowners insurance.

Types of Loans Offered by USAA

There are three types of loans the USAA offers its customers. If you want to buy a house, you should consider the USAA offers on mortgages. There are also auto loans and personal loans the company offers.

Take a look at the USAA reviews below on the three loans you can opt for depending on your needs.

Personal Loans

Do you want fast funding for something you really need? Then a personal loan from USAA might be what you’re looking for. This type of loan helps you finance travel expenses, items you may need for university, or simply buying food or clothes for your family when you’re low on funds.

What’s more, the USAA personal loan rates are quite low so it’s ideal for those who don’t want high repayment rates. You’ll also appreciate that the personal loan terms are between 1 to 7 years giving you enough time to pay back the amount you’ve borrowed.

There may not be a USAA credit builder loan but a personal loan can help you improve your credit score.

Pros

• Quick approval
• No origination fee
• Offers a USAA debt protection program

Cons 

• You have to be a USAA member
• Must have a high USAA personal loan credit score

Mortgage Loans

The USAA home mortgage loan has an excellent reputation because they have competitive rates. This loan offers a first-time homebuyer program and investment property financing. The only drawback to this type of loan is that it’s not available to everyone.

This mortgage loan is specifically intended for veterans. So anyone who has ever served in the US armed forces can benefit from the USAA mortgage loan. Aside from veterans, military members’ families can also benefit from the USAA mortgage home loan.

USAA doesn’t charge fees on VA loan refinance. You’ll also appreciate that business is either done on the phone or online so you don’t have to visit a branch.

The USAA mortgage pre-approval may take a few minutes but the entire process can take up to a few weeks because home loans take more time. If you have an excellent credit score, the process may go faster.

Pros 

• USAA mortgage rates are competitive
• Offers online convenience
• Offers a USAA first-time home buyer program

Cons

• Doesn’t offer second mortgages
• Limited information on mortgage rates
• Only for military members

Auto Loans 

The USAA also offers auto loans for new and used cars with a low annual percentage rate (APR). Your exact rate will be calculated according to your credit report. Additionally, you can lower these rates by signing up for USAA’s autopay discount.

Again, the only drawback is that you have to be a USAA member to be approved for an auto loan. You’ll find that the USAA car interest rates are suitable for those who want to keep their finances in check by not spending a lot on APR.

With the USAA auto loan, you get repayment terms of up to 84 months. This type of loan has no prepayment penalty and no application fees. USAA auto loan reviews from lenders show that customers are satisfied with the quick approval process.

Furthermore, loan applications can be done on your mobile device for quick and easy services. The USAA requirement for credit score for auto loan is quite low so you may get approved for their auto loan even if you have a minimum credit score of 560.

Pros 

• Loan application is quick and easy
• Offers a loan rate discount
• Offers flexible terms

Cons

• Have to have a USAA membership to apply
• There’s no pre-qualification option

Free USAA One-on-One Counseling Appointments

For USAA members, the company offers free credit rebuilding and loan management. You can get one-on-one credit counseling from a USAA professional when you need it.

So if you’re struggling with financing, the counselor will go over your credit report to see which banks will accept you for home loans, auto loans, and personal loans. You can also get advice on what the USAA mortgage fees and rates are.

The USAA ratings and reviews from customers for loan counseling are quite high because the company offers professional advice and helps those who are struggling to get approved for loans.

Eligibility

To be eligible for a USAA loan of any kind you’d have to be a direct family member of someone who served in the military. Or you have to be an armed forces veteran. Military members that are officer candidates in commissioning programs are also eligible.

Widows and widowers of late USAA members can also be eligible to apply for any USAA loan provided they have a good credit score. USAA reviews and BBB ratings from customers show that the company is easy to work with and the counseling feature is extremely helpful.

Take a look at the section below to see how you can apply for a USAA loan.

How to Apply for a USAA Loan

• Become a USAA member: In order to benefit from USAA loans, you’ll need to sign up to become a member, providing proof that you’re related to a military member or have served in the armed forces yourself.
• Collect and submit required documentation: You’ll need bank statements, proof of income, W-2 forms, your Social Security number, and any debt history to apply for a USAA membership. USAA customer reviews show that this can be a tedious task but it’s necessary in order to be approved.
• Learn your rate: You must learn what the rates are for your loan so you can budget for repayments every month.
• Get your money: Now that you’ve become a USAA member you can wait for your loan to be paid into your account.

Alternatives

There are a few USAA alternatives worth considering if you’re looking for more options to compare:

USAA Customer Support

If you need assistance with your account or have questions about USAA’s products or services, you can contact customer service by phone on 1 (800) 531-8722, or the chat option available on the website. You can also visit your local USAA branch for help in person.

Conclusion 

USAA offers quality banking services to its members. Whether you take out a mortgage, auto loan, or you simply want to take a USAA personal loan with early payoff, you’ll get the services you need.

Contact USAA to become a member or opt for their counseling services if you’re struggling to get approved for a loan. You’ll find that mortgage, auto loans, and personal loans have low rates and they’re easy to sign up for if you have a good credit score.

As long as you or someone in your family are in the armed forces, you can sign up to become a USAA member and get a loan with the company.