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Where can I apply for a Simple Loan?
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Log in to online and mobile banking and access the Simple Loan application in your checking account dashboard.1
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How do I set up direct deposits to my checking account?
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- Download the U.S. Bank Direct Deposit Authorization Form (PDF).
- Provide your U.S. Bank deposit account type (checking or savings), account number and routing number, and other required information.
- Submit the completed direct deposit form.
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When is the first payment due on my Simple Loan?
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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.
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How do I make payments?
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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.
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Can I pay off my Simple Loan early?
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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.
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Will I incur any fees if I miss a payment or make a late payment?
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There are no missed payment fees, non-sufficient funds fees, or late payment fees on a Simple Loan.
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When will the money be deposited into my checking account?
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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.
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What if I need less than $100?
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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.
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When can I apply for another Simple Loan?
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You can apply for another Simple Loan after 30 days have passed since you’ve paid off your previous Simple Loan.
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.
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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.
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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.
year U.S. Bank