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.
ten dollar payday loan - News
"To the extent that banks get away with this scot-free has become a lobbying point" for payday lending shops, she said. "It helps undermine state efforts to police and curb the high-cost, small-dollar loan market."
Yet more than 12 million payday loans were issued in California last year, up from 10 million in 2006. During that four-year period, the number of customers grew from 1.4 million to 1.6 million. The lenders' donations to politicians in the state's
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According to the Mercury News, the number of annual payday loans in California has increased from 10 million in 2006 to 12 million last year, even as more and more states restrict the practice. Some 17 states and the US military have now effectively
Want to refinance the loan for longer? Regions Bank will do that for a mere $50 fee, plus 21 percent on the remaining balance. How can they get away with this? Because the payday loan industry has invested hundreds of thousands of dollars in Missouri
Www Payday Loan Com » Blog Archive » About Ten Dollar Payday Loan
Life is full of unexpected surprises. When these surprises cost you a lot, you have to bear it by any means. You face emergency problems and then you realize you do not have much money to spend on it. Here comes ten dollar payday loan to your rescue. But there is some eligibility criterion to apply for this type of loan.
Normally you need to have a checking account and there are some organizations which needs individual with at least six months experience in a job. There are different norms according to different organizations. So if you are looking for ten dollar payday loan then you must be sure that you fulfill the obligations.
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Life has become so busy that people do not like to visit payday loan store and so they look for different loans online from the comfort of their chair. You can have a look at all the different types of loans available. But you must be always very careful because there are many fraudulent websites which deal with illegal activities.
So you must make sure that the website you are visiting is safe and secure. The main advantage of taking online loan is that it takes a very few minutes to get approved and also you can choose from the wide range of it. You get instant payday loan when you apply online.
Extend Your Cash Advance Loan:
If you wish that that you want the payday loan to be exceeded then you can do so but the charges would be very high. As we are already aware that payday loans are the fastest loan procedures where you do not have to wait for a long time to avail the loan. It takes 40 – 48 hrs to get the cash deposited to your account. So, when you think of extending your payday loan , do think for the second time as no one loves to burn his pocket by paying extra charges.
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