Mainstream banks also offer payday-style loans
Carl Martineai stands next to his "home" -- his cloud-painted car -- as he participates in Occupy Walnut Creek along Main Street in Walnut Creek, Calif., on Wednesday, Nov. 9, 2011. Martineau is a user of payday lenders and is now switching to Wells Fargo's payday loan offering because the rates are slightly better, and the process is "more dignified" he said. (Susan Tripp Pollard/Staff)Tired of being buzzed into a storefront encased in bulletproof glass, Carl Martineau found a more dignified place to get a cash advance on his Social Security checks: a Berkeley branch of Wells Fargo Bank.
To California residents who just cannot make ends meet, the bank's polished decor looks so much more inviting than the gritty payday loan shops that offer bruising triple-digit interest rates in the state's poorest neighborhoods. However, mainstream financial institutions are increasingly peddling similar loans.
In California, payday lenders charge a 460 percent annual interest rate for a two-week cash advance on a borrower's pay or benefit check. The terms at major commercial banks are only slightly better -- an average of 365 percent for a 10-day cash advance.
"People who might know to stay away from payday lenders think that if a bank is offering it, it must be safe," said Lauren Saunders, managing attorney for the National Consumer Law Center. Yet "a bank payday loan has all the same problems a traditional payday loan has. You're getting sucked into the same debt trap."
Bank officials say low-income customers at times desperately need the cash advances. But they emphasize that they do not advise repeat borrowing because of the admittedly high cost of the product -- which banks say they do not heavily promote.
Yet Martineau, who lives in his Honda Civic and has relied on as many as five payday loans at a time from traditional shops, sees the bank as a new salvation. He has arranged his first Wells Fargo advance to begin in December.
Lender Payday Loans - News
That piles fee upon fee until significant portions of the borrowers' already-low income goes to the lender, not to household bills. In an analysis of bank payday loan customers, the Center for Responsible Lending reported in July that the loans
"Look over there -- payday loans,'' says the spokeswoman for San Jose-based Opportunity Fund, a Bay Area-based microlending nonprofit that helps small businesses get off the ground or expand. "And there's a check-cashing place on the corner.
HERTFORDSHIRE, ENGLAND, November 11, 2011 /24-7PressRelease/ -- In a statement issued today, industry expert Gary Miller-Cheevers (and CEO of payday loan company speedeloans.com) has backed Labour MP Stella Creasy's call to put a cap on the cost of
But is this just a slick veneer putting a shine on the classic payday lending business? One-time Google Chief Information Officer Douglas Merrill founded online-only lender ZestCash, which uses some fairly high-level Google-esque algorithms to assess
Decrying lobbyists' influence in the state Capitol, a range of California leaders on Monday called for curbs on payday lending to better protect consumers from the spiraling debt that accompanies the triple-digit interest rate loans.
Finding A Payday Loan Lender That Suits Your Needs
Many people are earning an average salary and currently in financial trouble because they do not have enough money to cover their financial needs especially halfway through the month. If you are in the same situation, chances are that you have also tried to take a cash loan from payday loan lender both offline and online. With the large number of payday loan companies operating both online and offline, it is best that that you make your choices carefully before proceeding into any kind of transaction.
You need to expand your options for payday loan lenders because this will allow you to make a proper comparison of the features if each lender enabling you to decide well on which payment term will work for you. If you are able to make the right choice, it could cause further problems for you since you have to bear with the high rate of interest that could put you further in financial distress.
For borrowers, they do not need to fax or scan any documents for them to get a loan. To be certain that the loan provider will not be requiring you to fax any more documents, you could go to their site and check their list of services. In a few cases, lenders will say that they are offering faxless payday loans services when in fact they will ask you to submit more documents before your application will be processed. In order for you not to face this problem again, you need to call the lender through phone and check if their claim is correct.
For lenders of this type of loan, they do not require anymore financial background or credit check of their borrowers. Before you decide on even applying for a loan, you have to get more information about the lenders through the internet and start comparing each lender that offer loans with no credit checks. This particular information is usually found on the lender’s site but it is best to check it with them by calling via phone.
There are payday loan lenders that charge low fees and reasonable rates and they can approve your loan immediately. Based on the company, loans usually get approved in just an hour or a day immediately after the online application is submitted. When the application is approved, the funds are automatically transferred to your bank account.
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