U.S. Bank Simple Loans review

What is a U.S. Bank Simple Loan?

A U.S. Bank Simple Loan is a short-term installment loan for customers who’ve had a U.S. Bank checking account for at least six months and have had three months of direct deposits into it. You can borrow between $100 to $1,000, and you’ll repay your loan in three equal monthly installments.
Rather than interest, U.S. Bank charges a fee for every $100 borrowed — either $12 if you sign up for automatic payments or $15 for manual payments — equal to an APR of 70.65% or 87.63%, respectively. There are no other fees, not even if you pay late or miss a payment due to insufficient funds. This means you can calculate the full cost of your loan up front without having to worry about any hidden charges.
You can apply for a Simple Loan directly through your U.S. Bank online account. If approved, your funds are deposited directly into your checking account and are available immediately.

What are the benefits of a U.S. Bank Simple Loan?

A U.S. Bank Simple Loan comes with a few perks, including:

• Competitive fees. While still an expensive form of credit, these loans aren’t as costly as other short-term options out there.
• Fast turnaround. Your funds are directly deposited into your checking account upon approval, so you’ll have access to them immediately rather than having to wait a business day for your loan to process.
• Transparent fees and terms. U.S. Bank clearly outlines how much each loan costs and how long you have to repay it. And you won’t get saddled with extra fees for late payments or insufficient funds.

What to watch out for

Consider these potential drawbacks before applying for a U.S. Bank Simple Loan.

• Can’t save by repaying your loan early. Since U.S. Bank charges a flat fee rather than interest, you’ll owe the same amount whether you pay your loan off in one month or three.
• Manual payments cost more. You’ll pay an increased fee of $15 per $100 borrowed if you opt for manual repayments.
• Must already have a U.S. Bank checking account. You can only borrow a Simple Loan if you’ve had a U.S. Bank checking account for six months and have three months of direct deposits.
• Limited state availability. U.S. Bank only has branches in 26 states.

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Don’t bank with U.S. Bank? Consider a payday alternative loan instead

If you don’t have a checking account with U.S. Bank, a payday alternative loan (PAL) from a credit union may be a good alternative. You can typically borrow between $200 to $1,000 with APRs capped at 28%. Most give you one to six months to pay off your loan. And while you’ll need to be a member of the credit union for at least a month to be eligible, this waiting period is much shorter than U.S. Bank’s.
However, not every credit union offers PALs. If yours doesn’t or you don’t have time to wait, consider one of these other short-term loan alternatives.

U.S. Bank reviews and complaints

U.S. bank gets mostly negative reviews. It also has over 2,000 complaints filed against it with the BBB over the past three years. But none of these reviews are about the U.S. Bank simple loan. We likely won’t see reviews of this product until 2021.

Am I eligible?

To qualify for a U.S. Bank Simple Loan, you must:

• Have a U.S. Bank checking account for at least six months.
• Have three months of recurring direct deposits sent to your checking account.
• Have a valid Social Security number.
• Be at least 18 years old.

U.S. Bank doesn’t mention any credit or income requirements for its Simple Loan. However, short-term loans typically come with less strict eligibility requirements than traditional personal loans, so you may qualify even if your credit is less-than-perfect.

How do I apply?

To apply for a Simple Loan from U.S. Bank, log into your account through its online or mobile banking platform. Then, click the Simple Loan application located in your checking account dashboard.
Once you submit your application, U.S. Bank will get in touch with a decision. If approved, your funds will be directly deposited into your checking account and available immediately.

I got a U.S. Bank Simple Loan. Now what?

Your first payment will be due 30 days after the date your loan is finalized. Your second and third payment will be due on that same day the following months. However, be aware that your due date will never fall on the 29th, 30th or 31st of the month.
You have the option of signing up for either automatic or manual repayments during the application process. If you opt for automatic payments, they’ll be taken directly from your checking account. Otherwise, you can make a manual payment by visiting a branch, mailing a check, calling customer service or through U.S. Bank’s online banking platform or mobile app.
If you have trouble making payments or need to extend your due date, get in touch with U.S. Bank’s customer service team as soon as possible by calling 800-872-2657.

Example cost of a U.S. Bank Simple Loan

The total cost of your loan will depend on how much you borrow, but below are two examples of possible payments and amounts due.
If you borrow a loan of $600 and opt for autopay, you’ll have three monthly payments of $224 each. This means the total cost of your loan will be $672. That’s an APR of about 71%.
If you opt for manual payments instead, that same amount will result in a monthly payment of $230. The total cost of your loan would increase to $690, which is an APR of about 88%.

U.S. Bank branch locations

U.S. Bank has branches in the following states:

Bottom line

A Simple Loan from U.S. Bank is a relatively inexpensive short-term loan option for people who already have a checking account and receive regular direct deposits. Its costs aren’t nearly as high as other short-term lenders out there, but you can’t save by paying off your loan early. And you need to live in one of the 26 states it services to be eligible.
Find out how U.S. Bank compares to other lenders with our guide to short-term loans.

Frequently asked questions

Does U.S. Bank charge a prepayment penalty?
No. While you won’t save money by paying your loan off early, you won’t be charged a fee for doing so.
Are there any fees beyond the borrowing fee?
No. U.S. Bank doesn’t charge fees for late payments or insufficient funds, so you won’t have to worry about paying extra even if you can’t make a monthly payment on time.
When can I apply for another Simple Loan?
There is a 30-day waiting period between loans.
Will U.S. Bank check my credit?
Possibly. Before approving you for a Simple Loan, U.S. Bank may perform a credit check to confirm your eligibility.

U.S. Bank Simple Loan is not currently available on Finder

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