U.S. Bank Simple personal loans: 2024 Review

Written by
Allison Martin
Edited by
Hannah Smith
Updated on November 7, 2023

At a glance

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Check rate with Bankrate
4.4
Bankrate Score
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Availability
4.7
Affordability
4.2
Customer Experience
5.0
Transparency
3.8

About Bankrate Score

Full methodology

The Simple Loan from U.S. Bank offers a simple way for existing customers to access fast cash. You can receive a loan decision in minutes, and it comes with a fixed fee that makes it more affordable than a costly payday loan. 

Lender Details

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Loan amount

$100-$1,000

Rates Icon

APR from

35.65%

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Term lengths

3 months

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Funds available in

As soon as the same day

Best for borrowers seeking a small loan for an emergency expense from a trusted bank

U.S. Bank offers transparent terms and a simple application minus the pesky fees process to put your mind at ease. Unlike most personal loans, you can borrow as little as $100 (or up to $1,000) and receive the funds within minutes of approval. 

U.S. Bank pros and cons

PROS

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    Small loan amounts.

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    Fixed borrowing costs.

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    Rapid approval and funding times.

CONS

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    Short repayment period for all borrowers.

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    Limited to current U.S. Bank customers.

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    Not available in all 50 states.

Do you qualify? 

To qualify for a Simple Loan, you’ll need to meet the following criteria: 

  • Be at least 18 years of age with a valid Social Security number. 
  • Have a U.S. Bank personal check account that’s at least six months old.
  • Receive three or more months of recurring deposits to the account.

The lender will also assess your creditworthiness when you apply but does not disclose a minimum score requirement for credit approval. 

What U.S. Bank doesn’t allow funds to be used for

U.S. Bank does not impose spending restrictions on Simple Loans. That said, these loan products are designed to cover emergency expenses when funds are low. 

How this lender compares

logo
4.4
Bankrate Score
APR from
35.65%
Loan Amount
$100-$1,000
Term Length
3 months
Min Credit Score
Not disclosed
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4.6
Bankrate Score
APR from
6.99% – 35.99%
Loan Amount
$2,000 – $50,000
Term Length
36 to 60 months
Min Credit Score
600
Read our reviewArrow Right Icon
on Bankrate
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4.7
Bankrate Score
APR from
8.99% to 29.49%* with autopay
Loan Amount
$5,000–$100,000
Term Length
24 to 84 months
Min Credit Score
300
Read our reviewArrow Right Icon
on Bankrate

U.S. Bank vs. Wells Fargo 

The Wells Fargo Flex Loan lets you access $250 or $500, and skip the hefty interest that often comes with small-dollar emergency loans. Instead, you’ll pay a flat fee of $12 or $20, depending on the amount you borrow, and repay what’s owed in four equal monthly installments. There are no late payment fees, and you can pay the balance in full without incurring an early repayment penalty. This loan product is only available to Wells Fargo customers who receive a pre-approved offer through the online dashboard or mobile app.

U.S. Bank vs. Bank of America 

Balance Assist from Bank of America is a loan of up to $500 designed to help you cover unexpected expenses when life happens. Like the Simple Personal Loan, it’s payable in three equally monthly installments. It also comes with a flat fee of $5 to keep borrowing costs low regardless of the loan amount, and funds are typically dispersed in minutes.  

Read a full review about Bank of America

U.S. Bank: In the details

Loan Amount
$100-$1,000
APR from
35.65%
Term lengths
3 months
Funds available in
As soon as the same day

What we like and what we don’t like 

The Simple Loan from U.S. Bank is one of the more straightforward small personal loan options on the market, but it’s not an option for all consumers. 

What we like 

  • Small loan amounts. You can access as little as $100 to keep your borrowing costs low. 
  • Fixed borrowing costs. Borrowers get a fixed interest rate of 35.65% APR (or a fixed fee of $6 per $100 borrowed), and there are no loan origination, late payment or early repayment fees. 
  • Rapid approval and funding times. Most applicants receive a quick lending decision and can access the loan proceeds in minutes. 

What we don’t like

  • Short repayment period. All borrowers receive a three-month loan term, regardless of their credit and financial profile. 
  • Limited to current U.S. Bank customers. You must bank with the financial institution and have an active checking account to be considered for a Simple Loan. 
  • Not available in all 50 states. These loans are only offered to account holders in the 27 states where U.S. Bank operates.   

How to contact U.S. Bank

You can reach a banker by phone at 800-872-2657 or at a physical branch. Phone support is available 24/7. Branch hours vary by location.

How to apply for a personal loan with U.S. Bank

It’s relatively easy to apply for a Simple Loan. Here’s a step-by-step breakdown of the lending process:

U.S. Bank features and additional perks

The short repayment period of just three months and reasonable APR make this loan a more ideal option than a payday loan with a triple-digit interest rate. 

It’s also worth noting that U.S. Bank doesn’t require income documents to be considered for a loan.

Fees and penalties

U.S. Bank skips the added fees to make its Simple Loans more affordable. This means you won’t pay an application fee, loan origination fee or late payment fee. Even better, there are no prepayment penalties if you decide to pay the loan off early.

U.S. Bank frequently asked questions

How Bankrate rates U.S. Bank Simple

Overall Score 4.4 Explanation
Availability 4.7 The U.S. Bank Simple personal loans are available to U.S. Bank customers.
Affordability 4.2 While the APR is high, for a short term loan the interest rate is more affordable than with a payday loan.
Customer Experience 5.0 Easy online access.
Transparency 3.8 Credit score is not disclosed and a hard credit check is required for approval.

Methodology

To select the top personal loan lenders, Bankrate considers 20 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed over 30 lenders and gave each a Bankrate rating, which consists of four categories:

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Transparency: This category is measured by how accessible credit requirements, rates and fees are on the lender's page. We also took into account whether prequalification was available, as all these factors are key for consumers to make an informed decision.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

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