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  • Loans & credit lines  / 
  • Personal loans & lines of credit  / 
  • U.S. Bank Simple Loan  / 
  • Simple Loan FAQs

U.S. BANK SIMPLE LOAN

Simple Loan FAQs

  • Where can I apply for a Simple Loan? hides details

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

  • How do I set up direct deposits to my checking account? shows details

    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.
  • When is the first payment due on my Simple Loan? shows details

    Your first payment will be due at least 30 days after the date you complete your loan. The next two monthly payments will be due on the same date each subsequent month.

    Note: Your first payment due date will not fall on the 29th, 30th or 31st.

  • How do I make payments? shows details

    If you choose automatic payments, the minimum due on your Simple Loan will be automatically deducted from your checking account on the day it is due.

    To make manual payments you can visit a branch, call us at 800-872-2657, mail a check to the address on your statement, or log in to online and mobile banking and transfer money from a U.S. Bank account or an account you hold at another financial institution.

  • Can I pay off my Simple Loan early? shows details

    You can pay down your loan faster by paying more than the minimum due, but doing so will not reduce the total amount or fees that you owe. There is no pre-payment penalty for paying the loan off early.

  • Will I incur any fees if I miss a payment or make a late payment? shows details

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

  • When will the money be deposited into my checking account? shows details

    After your loan is approved and booked, you can access funds immediately. Please note: funds deposited to your account after 8 p.m. CT will be available for withdrawal, but will not post to your account until the next business day.

  • What if I need less than $100? shows details

    Simple Loan has a minimum of $100 and maximum of $1,000. For an amount less than $100 a reserve line or credit card may be right for you.

  • When can I apply for another Simple Loan? shows details

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

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Explore your options

  • Personal loan
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  • Simple Loan

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What to know before you apply

  • To qualify for a personal line you are required to have an existing U.S. Bank personal checking account.
  • Personal line provides a funding source for ongoing financial needs. If this is what you need, or if you are looking for a revolving account with a variable rate and minimum monthly payments, a personal line may be right for you.

What to know before you apply

  • To meet the basic qualifications, make sure you have an existing U.S. Bank Checking account.
  • Reserve Line protects you from overdrafts on your U.S. Bank personal checking account. If this is what you need, a Reserve Line may be right for you.

What to know before you apply

  • To qualify for a Personal Loan, you are required to be an existing U.S. Bank customer.
  • A Personal Loan is a funding option for well-qualified applicants who want to receive their approved loan amount in a lump sum and pay it back in equal monthly payments over a fixed amount of time.
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Loans and lines of credit are offered through U.S. Bank National Association. Deposit products are offered by U.S. Bank National Association. Member FDIC.

  1. To be eligible to apply for a U.S. Bank Simple Loan, applicants must have an open U.S. Bank checking account with recurring direct deposits. Other eligibility criteria may apply. Eligibility is non-transferable. Loan approval is subject to eligibility and credit approval.

    Return to content, Footnote 1

Loan payment example: If you borrow $400 and select automatic payments, 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%.

A lower finance charge may apply for active duty service members and dependents. Some additional restrictions may apply. Simple Loan is a high-cost-loan and more affordable options may be available. See usbank.com for options.

Installment loans are offered through U.S. Bank National Association.

Deposit products offered by U.S. Bank National Association. Member FDIC.

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