State Farm Insurance Agents Can Now Offer Personal Loans

In the latest expansion of the alliance between State Farm and U.S. Bank, State Farm customers can apply for U.S. Bank personal loans for up to $50,000 working directly with their insurance agent.

The new offering joins the existing suite of U.S. Bank products accessible through State Farm agents that includes deposits, co-branded credit cards and commercial loans, banking products and services.

The alliance with U.S. Bank began in 2020 when State Farm got out of the banking business and U.S. Bank assumed all of State Farm Bank’s deposit and credit card accounts.

“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 at U.S. Bank.

U.S. Bank personal loans can provide one-time funding for any major purchase or project, including home improvements, debt consolidation or a private party vehicle purchase. U.S. Bank recently expanded its availability of personal loans to include all 50 states.

The loans and lines of credit are subject to normal credit approval and program guidelines.

U.S. Bancorp, with more than 70,000 employees and $678 billion in assets, is the parent company of U.S. Bank National Association and is headquartered in Minneapolis.