State Farm can now loan you up to $50,000
Expert on retirement savings
Indira Venkat serves as the Senior Vice President of Research at AARP, she joins LiveNOW from FOX to discuss a recent survey that found more than 20% of adults ages 50 and older have no retirement savings. Venkat explains how Americans are worried about covering basic expenses.
LOS ANGELES - State Farm customers now have access to personal loans of up to $50,000 through a growing alliance with U.S. Bank — a move aimed at giving agents more tools to help clients with their evolving financial needs.
The offering is the latest addition to the companies' partnership, which began in 2020 and already includes co-branded credit cards, deposit accounts, and small business banking services. With this update, all State Farm agents can connect customers to U.S. Bank’s unsecured personal loan products, with the application process handled directly through the agent.
What can you use the State Farm–U.S. Bank loan for?
Why you should care:
For qualified borrowers, U.S. Bank personal loans can be used for a wide range of purposes — including home renovations, debt consolidation, or big-ticket purchases like a car or medical procedure. These are unsecured loans, meaning they don’t require collateral, and can offer a flexible way to cover one-time expenses.
U.S. Bank recently expanded availability of these loans to customers in all 50 states, making this partnership a potentially significant new resource for many State Farm clients.
How big is the State Farm and U.S. Bank partnership?
By the numbers:
According to U.S. Bank, more than 900,000 State Farm customers have already used financial products offered through the alliance. With personal loans now part of the suite, the companies say they’re aiming to serve even more customers through the convenience of their existing agent relationships.
FILE - In this photo illustration, a State Farm Insurance Cos logo is displayed on the screen of a smartphone. (Photo Illustration by Sheldon Cooper/SOPA Images/LightRocket via Getty Images)
"Together, we have already helped more than 900,000 State Farm customers access the financial products they need through their agent relationships," said Arijit Roy, head of consumer and business banking products at U.S. Bank. "Our strategy around alliances and collaborations is one we continue to invest in to reach new customers and help grow our business."
What are the benefits for State Farm customers?
What you can do:
Instead of shopping for a personal loan independently, State Farm customers can now work directly with their agent to access funding from U.S. Bank. The integration is designed to make it easier to compare options and apply for financing without having to leave the State Farm ecosystem.
Luke Kasten, head of Corporate & Business Development for State Farm, said the expansion gives agents more ways to support customers’ broader financial goals.
"Adding U.S. Bank unsecured personal lending to an already robust banking suite enhances our ability to add value and help meet the evolving financial needs of the State Farm customer," Kasten said.
The Source: This article is based on official statements from State Farm and U.S. Bank regarding their expanded alliance. Quotes were provided by Arijit Roy, head of consumer and business banking products at U.S. Bank, and Luke Kasten, head of Corporate & Business Development at State Farm.