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Star Tribune: New short-term loan product at U.S. Bank draws scrutiny
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  3. Star Tribune: New short-term loan product at U.S. Bank draws scrutiny

“U.S. Bank’s new Simple Loan is not complicated, but its ramifications are. Just three months after its introduction, the first-of-its-kind short-term lending product is attracting scrutiny from consumer advocates and competitors.

Simple Loan gives millions of U.S. Bank customers who meet certain criteria quick access to as much as $1,000. Borrowers pay off those loans in three monthly installments with interest charges of $12 per $100 or $15 per $100. The numbers compute to annualized interest rates of 70 or 88 percent.

Consumer advocates express mixed feelings about the new loans because of the high interest rates.”

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