Mainstream banks also offer payday-style loans
Mainstream banks also offer payday-style loans
Nov 13, 2011 (San Jose Mercury News - McClatchy-Tribune Information Services via COMTEX) -- 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.
"Payday places have a lot of stigma. You really feel like you're at the bottom of the barrel," said Martineau, 59, who has struggled with manic depression most of his life. "Going to the bank is a lot more dignified. You don't feel so ostracized.
cheap pay day loan - News
By Joseph D. Bryant -- The Birmingham News BIRMINGHAM, Alabama -- The future growth of payday loan, title pawn and check-cashing businesses in Birmingham will be decided Tuesday when the Birmingham City Council votes on a proposed year-long moratorium.
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.
2 editorial "Time to say 'no' to payday loan sharks." The editorial stated, "As we put it in 2009, payday loans are a 'modern-day form of usury.' California needs to follow the lead of the Defense Department and other states and give this lending
The 12-month loans appear to work on the same premise as payday loans – a quick online application process, limited credit checks and the money in your account within 24 hours. All you need to be eligible is a bank account, a job and to be aged 18 or
There's a pawnbroker, a loan office, and another payday loan place. People are getting into debt to loan sharks and even pawning their things to keep their businesses from going under. It's a mess, and this is what we're competing against.
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Most people from time to time need a small amount of supplementary amount of money. The reality is that at these times a person with mean income and who has distributed cash holdings rather often feels the need of one more revenue source to meet the demands of current life, whether it may be housing rent, studies charges, medical bills and other overhead costs. Payday loans are an useful choice for these cases. Such kind of credits is advantageous as a man can be approved for it quickly, without efforts and free from any pressure and free from wasting time. Among of the biggest points of payday loans is that the period of cancellation is throughout the duration of one month. And a person is not harassed with debts for a long time, as in case with other types of loans. It’s more typical to get payday loan when you are seeking for a little money promptly to fulfill your pressing needs. Rates of interest on payday loans are usually relatively low so as to meet the requirements of people who can’t allow themselves getting high-interest loans as their revenue is more or less mean. Payday loan is a money-saving option to pay away your existent credits. In this case you can minimize interest payments on all debts or loans, since the later you repay these loans, the more cash for lending rates you should pay. If you are approved for an unsecured payday loan you are commonly offered a check, which has an information about the sum of cash you owe and the rate of interest that is charged on your loan. Besides, by reason of small interest rates on payday loans they are sometimes known as low interest loans. People are able to get out of financial hardships and manage most of their needs using payday loans, like home renovation, holiday rest in a resort or shopping.
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