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.
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%.
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.
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.
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.
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.
Reserve line of credit
Prevent overdrafts on your U.S. Bank checking account and pay no annual fee with a reserve line of credit.
How to apply for a Simple Loan online
Our application process is fast and easy.
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
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.
If your loan is approved, funds are available within minutes. You can close your loan online and access the funds from your U.S. Bank checking account.
Log in to mobile and online banking and access the Simple Loan application in your checking account dashboard.1
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.