Simple Loan details and benefits

Simple Loan is a quick and convenient way for U.S. Bank personal checking customers to borrow up to $1,000 to take care of life’s planned or unplanned expenses.

Fixed rates and three monthly payments

Borrow up to $1,000 in $100 increments with a fixed rate for every $100 you borrow. Then, repay the loan in three monthly payments.

Quick access to funds

Apply anytime in the app or in online banking, with a real-time decision1 and funds deposited directly into your U.S. Bank personal checking account.

No unexpected costs

There are no missed payment fees, non-sufficient funds fees or late payment fees on a Simple Loan.

Easy application process

To get started, simply log in to mobile or online banking and select the Simple Loan application from your checking account menu.1

Not a U.S. Bank checking customer? Explore our checking account options.

Log in and apply

Example on how to calculate payments

For every $100 borrowed you pay a $6 fee. If you borrow $400, your fee will be $24. You’ll pay back a total of $424 in three monthly payments of approximately $141.33 each. Your total cost to borrow (annual percentage rate) will be 35.65%.

Explore more loan options.

A Simple Loan is a one-time, high-cost loan. If you need more than $1,000 or are looking for ongoing credit, our other loan and credit options might make more sense for you.

Personal loan

Looking to consolidate debt or fund a major purchase? Current U.S. Bank customers with credit approval can borrow up to $50,0002 with our personal loan.

Learn more

Credit cards

Get perks for your everyday spending with a U.S. Bank credit card. Find the card that best fits your lifestyle and earn cash back, rewards, travel benefits and more.

Learn more

Personal line of credit

Tackle financial goals with a little more flexibility. If you're a U.S. Bank customer, you can use available credit as needed and only pay interest on the funds you borrow.

Learn more

Reserve line of credit

Prevent overdrafts on your U.S. Bank checking account and pay no annual fee with a reserve line of credit.

Learn more

How to apply for a Simple Loan online

Our application process is fast and easy.

Step 1: Log in.

If you’re at least 18 years old, you can start your application by logging in to mobile and online banking and accessing the Simple Loan application link on the checking account page.1

Previous Next

Step 2: Apply.

When you're ready to apply, you’ll need:

  • A current U.S. Bank personal checking account that has been open for a minimum of six months with three months of recurring direct deposits
  • A Social Security number (SSN)

Once you submit your application, we’ll gather your credit information.

How long does it take for a loan to process?
Typically, we notify you with your loan approval status in less than a minute.

Previous Next

Step 3: Close on your loan.

If your loan is approved, funds are available within minutes. You can close on your loan online and access the funds from your U.S. Bank checking account.

Previous Next
Log in and apply

Frequently asked questions

Log in to mobile and online banking and access the Simple Loan application in your checking account dashboard.1

 

  1. Download the U.S. Bank Direct Deposit Authorization Form (PDF).
  2. Provide your U.S. Bank deposit account type (checking or savings), account number and routing number, and other required information.
  3. Submit the completed direct deposit form.

 

Your first payment will be due no sooner than 30 days after your loan is approved. Your next two monthly payments will be due on that same day of the month.

If you choose automatic payments for your Simple Loan, the minimum amount due will be automatically deducted from your checking account on the day it's due. To make manual payments you can log in to mobile or online banking, visit a branch, call us at 800-872-2657 or mail a check to the address on your statement.

Yes, you can pay off your loan faster by paying more than the minimum amount due, but it won't reduce the fees you owe. There's no pre-payment penalty for paying the loan off early.

No. Because a Simple Loan involves a fixed price for every $100 you borrow, there are no missed payment fees, non-sufficient funds fees or late payment fees on a Simple Loan.

After your loan is approved and booked, you can access the funds in your U.S. Bank checking account immediately. Funds deposited into your account after 8 p.m. CT will be available for withdrawal, but won’t display in your account until the next business day.

A Simple Loan is a minimum of $100 and maximum of $1,000. If you need less than $100 a reserve line or credit card may be right for you.

You can apply for another Simple Loan 30 days after you’ve paid off your previous Simple Loan.

Ready to get started?

Log in and apply
Call 800-872-2657
Find a branch
Start of disclosure content

Disclosures

  1. To be eligible to apply for a Simple Loan, applicants must have an open U.S. Bank personal checking account with recurring direct deposits. Customers must wait 30 days from paying off a Simple Loan before obtaining a subsequent Simple Loan. Other eligibility criteria may apply. Eligibility is non-transferable. Loan approval is subject to eligibility and credit approval.

  2. Not all loan programs are available in all states for all loan amounts.

Start of disclosure content

Loans and lines of credit are offered by U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

Loan payment example: If you borrow $400 and select automatic payments, your fee will be $24. You’ll pay back a total of $424 in three monthly payments of approximately $141.33 each. Your total cost to borrow (annual percentage rate) will be 35.65%.