The US Bank Simple Loan is Hardly Simple

As part of our ongoing consumer emulation studies at the Southwest Public Policy Institute, namely No Loan For You! and No Loan For You, Too!, I decided to try the US Bank Simple Loan. After all, it’s supposed to be a quick and easy way to get a small loan for unexpected expenses. Spoiler alert: it was anything but simple.

Let’s start from the beginning. To get a US Bank Simple Loan, you need a US Bank checking account. So, I strolled into a branch and opened one. Simple, right? Wrong. I had to deposit $25 to open the account, and then came the fun part – the monthly maintenance fee. That $25 disappeared faster than cookies at a bake sale.

Once my checking account was set up and online banking was activated, I applied for the US Bank Simple Loan. The process took hours, including setting up the account and completing the application online. After all that, my loan application was denied. Strike one.

But it gets better. After the study ended, I stopped using the checking account. US Bank quietly siphoned off my funds with their monthly maintenance fee. When the balance hit zero, they closed the account without any notification. Imagine my surprise when I discovered my account was gone – poof! – like a magician’s trick.

So here I am, sharing my tale of woe. The US Bank Simple Loan is anything but simple. The loan application process is long and confusing, the monthly fees drain your funds, and the bank’s customer service is non-existent. If you’re looking for a short-term, small-dollar loan, I’d suggest looking elsewhere unless you enjoy jumping through hoops and watching your money vanish.

Like the Wells Fargo Flex Loan, the US Bank Simple Loan is a complicated, frustrating, and costly experience. It’s a classic example of how big banks can take something simple and make it incredibly complex. If you need a short-term small-dollar loan, don’t waste your time or money on US Bank or their so-called “simple” loan. You deserve better.