What is a Simple Loan?
The U.S. Bank Simple Loan is a quick and convenient way for U.S. Bank checking customers to borrow up to $1,000 to take care of planned and unplanned expenses.
To get started, simply log in to online or mobile banking and select the Simple Loan application from your checking account menu.
Not a U.S. Bank checking customer? Explore our checking account options.
How a Simple Loan works
- Apply anytime within online and mobile banking, with a real-time decision1 and quick access to loan funds.
- Borrow up to $1,000, in $100 increments.
- Loan funds are deposited directly into your U.S. Bank consumer checking account.
- Repay the loan in three monthly payments.
- No late fees or prepayment fees.
Simple pricing with no late fees or prepayment fees
For every $100 borrowed you pay:
$12 fee with automatic payments from your U.S. Bank consumer checking account
$15 fee with manual payments
Example on how to calculate payments
For every $100 borrowed you pay a $12 fee. If you borrow $400, your fee will be $48. You'll pay back a total of $448 in three monthly payments of approximately $149.33 each. Your total cost to borrow (annual percentage rate) will be 70.65%.
To get started here’s what a Simple Loan involves:
- You must be at least 18 years old and have a current U.S. Bank checking account that has been open for a minimum of 6 months.
- You must have three months of recurring direct deposits into a U.S. Bank checking account.
- You must have your Social Security number.
Log in to online and mobile banking and access the Simple Loan application link on the checking account page.
How to apply for a Simple Loan online
Our online application is convenient and secure.
You must be a U.S. Bank customer to apply.
If you’re already a U.S. Bank customer, you can find the Simple Loan application link on the checking account page when logged into online and mobile banking.
We use the strongest available encryption to protect any information you send.