Digital News Report – The economy has been deteriorating over the past couple years forcing some Americans to take lower paying jobs or a cut in pay. Payday loans are now available at some of large banks.
Americans use payday loans to prevent late fees or disconnection of services. For instance, rather than have your electricity cut-off, customers consider quick online payday loans designed for people with bad credit or no home equity.
Now mainstream banks are wanting in on the action. Wells Fargo and some other banks are offering the loans. The Wells Fargo’s Direct Deposit Advance Services will provide customers a cash advance on their paycheck.
The fees are typical: $10 for $100 borrowed. There is also ah high rate of interest of 120 percent APR. But compare that to the 400 percent rate offered by other companies.
You may need to be a customer with a checking account issued by Wells Fargo. There are limits as well and you need to be in good standing with the bank.
By Tina Brown