Update-Banks Offering Payday Loan Products

By | Feb 5, 2012

Wells Fargo (WFC), U.S. Bancorp (USB), Fifth Third (FITB) and Regions Financial (RF) are all offering payday loan styled products. What’s their risk? Zip! If you’re an account holder with employer direct-deposit into your checking account you qualify. These banks are paid FIRST when you get your next paycheck. NICE! No risk and 400% APR’s.

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5 Comments so far
  1. Bud February 6, 2012 1:58 am

    400% APR for banks? Are they kidding? Is it legal for banks to charge an APR that high? We can do it because we are not banks. Thus not FDIC insured. Are the feds looking the other way to get rid of the Payday Loan industry? Obviously I have a lot of questions. I just hope someone can answer them.

  2. me February 7, 2012 4:24 am

    The big dogs will criticize the industry, but they all will do the same thing and offer their own versions of cash loans

  3. Michael February 8, 2012 11:31 pm

    I certainly hope that this new Consumer (Watchdog) Protection Agency will oversee and “not overlook” that one!

  4. Cathy Miller February 26, 2012 5:01 am

    This information will provide proper awareness to bank account holders. Thus, it gives the people some time to adjust with the latest updates. Thanks for sharing this!

  5. Liz Torres February 28, 2012 10:54 pm

    Banks are trying to gain back some revenue since they are under scrutiny for their extreme overdraft debit card fees.

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