US Bank "Simple Loans"

So basically, they are offering pay day loans.

“With Simple Loan, U.S. Bank checking account customers can borrow between $100 and $1,000 with no hidden fees. Repayment takes place over three months via three fixed payments. The loan provides immediate access to funds with simplified pricing of $12 for every $100 borrowed with autopay from a U.S. Bank checking account, or $15 for every $100 if paid manually. The terms of the loan are detailed on our website at”

From the website:

“The U.S. Bank Simple Loan is a quick and convenient way for U.S. Bank checking customers to borrow up to $1,000 to take care of planned and unplanned expenses.”

Payment Example

“If you borrow $400 and select automatic payments, your fee will be $48. You’ll pay back a total of $448 in 3 monthly payments of approximately $149.33 each. Your total cost to borrow (Annual Percentage Rate) will be 70.65%.”

Dafuq? They have the balls to put 70.65% interest rate on their website. Furthermore, they advertise that people can use these loans for “planned expenses”. The fact that this product exists means someone wants it I guess…

Shady - people haven’t heard of credit cards have they.

buffett knows what hes doing

better term than most payday loans.

Only 313% APR here!

71% is a bargain, now that you put it that way. I’m taking out my loan right now. Tanks.

Wasn’t this sort of thing supposed to be shut down after D. Frank?

think it was rolled back under D trump

Good find, now I can buy some Ripple, tanks

Half on Ripple, half on my Rams covering tonight in OAK. That’ll be 20% finder’s fee. I accept cash, money order, all major credit cards (3 percent processing fee), and of course…Ripple.

Many Ripples on the Rams, funding secured.

This interest rate is like a rounding error on my portfolio’s daily mean average deviation.

If you do the payment manually (15$ charge), the total annual effective cost rises to 88%…

The trick here is to charge an apparent 12% to an X amount, but just for a 3-month period.

The worst part is that people needs to be bachelor in finance or CFA L2 passed to realize the truth (probably not sarcasm at all).

I am certain Mick Mulvaney will work hard to put an end to all this usury.

Any day now.

I have overdraft protection on my chequing account that is way cheaper than this! :-1: :open_mouth:

Legally they have to disclose that interest rate.

Also, proponents would argue that you shouldn’t annualize the cost because it’s not intended to keep occurring. But the law doesn’t allow different calculations

Imagine thinking it’s not intended to keep occurring.

So about those Ripples on the Rams, how would you like to pay me that 20 percent finders fee? I’d like to add to my 5k rake in

Let me tell you that I have some friends (not financial-related professionals) that take small, short-term loans recurrently because they can’t bear the interest accumulation and also don’t want to change their life style expenses too much. Stupid, I know, I try to explain and advice. It’s difficult…