I've been with USAA for over 20 years and have never had a problem. I just tried to apply for a personal loan and was told they aren't approving any new loans for members living outside of the United States. What the heck?! What gives? All I got from the representative was "yeah, we're not doing any new banking or loans for people overseas." This is going to put a lot of people into difficult positions. Anyone else had this experience?

5 REPLIES

I'm so sorry to hear that you are not able to obtain a loan while you are overseas. Please allow me to explain. Effective September 12, 2020 USAA will no longer accept applications for members with a physical address in certain foreign countries. The reason being is that many foreign countries require a license to originate bank products in their jurisdictions. USAA Bank does not have licenses in foreign countries at this time. This change will keep USAA from doing so. I apologize for any inconvenience this may have caused you. - AC

If a service member is stationed overseas, but has an account with USAA into which loan proceeds could be deposited, then why would lacking a license in a foreign country have anything to do with a loan. The loan would originate in the US and be deposited into a US account. That the service member's address is foreign should have nothing to do with it. Something doesn't make sense.

@Deriter, we understand your concern and apologize for any confusion this has caused. This change does not impact existing accounts with USAA as they would have already been set up and any loan proceeds may be deposited to this account. This would only impact the ability to accept new applications while a member is residing in a foreign country, as the origination of a new loan may require certain licenses in that particular jurisdiction that USAA does not currently have. - Robyn

Was this change initiated by Federal Law or USAA Policy? If it was our wonderful Feds do you have the statute number for the law, I want to see who initiated and supported this bill to help burden our troops even more than the extraordinary, and at times traumatic life burdens they already endure serving and protecting our country. Thanks

Hello @EconomiExasperation.USAA is prohibited/restricted from opening new products, including a credit card, deposit account or consumer loan, when members are physically located outside the U.S. in certain foreign countries. -Colleen