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.

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.

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.

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.

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

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.

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.

Frequently asked questions

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  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.

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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%.