U.S. Bank Simple Loans review December 2018 | finder.com

U.S. Bank Simple Loans review

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Short-term installment loans up to $1,000 with competitive fees and fast turnaround.

If you have a U.S. Bank checking account and need help covering a small expense, you might want to consider its Simple Loan option. Existing U.S. Bank customers can borrow up to $1,000 with costs that are generally lower compared to other short-term lenders. But you can’t save by repaying your loan early, and it’s not available in all states.
Product NameU.S. Bank Simple Loan
Min Loan Amount$100
Max. Loan Amount$1,000
Loan SecurityUnsecured
Turnaround TimeImmediately
RequirementsU.S. Bank checking account for 6+ months, 3+ months of direct deposits to checking account, ages 18+
  • Have a U.S. Bank checking account for at least six months.
  • Have three months of recurring direct deposits sent to your checking account.
  • Be at least 18 years old.

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 with three months of direct deposits. You can borrow from $100 to $1,000 with terms up to 0.25 year.

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. 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. To put these fees into perspective, this would equate to an APR of 70.65% or 87.63%, depending on the payment method you choose.

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, which you’ll have access to immediately.
  • 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 with three months of direct deposits.
  • Limited state availability. U.S. Bank only has branches in 26 states.

Compare more installment loan options

Rates last updated December 16th, 2018
Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
Name Product Product Description Max. Loan Amount Turnaround Time Requirements
OppLoans Installment Loans
Installment loans with competitive rates from a top-rated direct lender.
1 business day
Must have direct deposit and meet minimum income requirements
Jora Installment Loans
Installment loans with repayment terms up to 30 months, depending on your state.
1–2 days
Must have an active checking account, regular source of income and email address.
CashUSA Installment Loans
A connection service for quick cash loans up to $10,000.
As early as 1 business day
Must have a monthly income of $1,000+ after taxes and valid checking account.
Blue Trust Loans Installment Loans
Get an installment loan from an online tribal lender. Perks for returning borrowers.
As soon as next business day
Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
LendYou Short-term Loans
Apply online with this loan-connection service offering unrestricted short-term loans with fast turnaround.
1 business day
You must be a US citizen or permanent resident, age 18+ and have a regular income.
CashNetUSA Loan
Apply for a short-term loan with an easy online application and dedicated customer service.
Varies by state
1 business day
You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
Slam Dunk Loans
Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
As soon as next business day
Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.

Compare up to 4 providers

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 and $1,000 with APRs capped at 28%. Most give you one to six months to pay off your loan. 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.

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.
  • 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.

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 on the due date each month. 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.

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

Kellye Guinan

Kellye Guinan is a writer and editor with finder.com and has years of experience in academic writing and research. Between her passion for books and her love of language, she works on creating stories and volunteering her time on worthy causes. She lives in the woods and likes to find new bug friends in between reading just a little too much nonfiction.

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