Area Banks Muscling in on Payday Loan Territory
.The banks require that the person taking out the loan has a checking account with them, has direct deposit and automatic withdrawal for the loan, said Thomas Fox, community outreach director for Cambridge Credit Counseling Corp., a nonprofit agency.
The banks are competing with storefront payday loan and check cashing services, charging somewhat lower rates. They charge an upfront fee for a small loan of $100 to $500, which usually is scheduled to be paid off in one to three months.
But Fox suggests contacting a nonprofit consumer credit counseling agency before taking out a payday loan from a bank or a payday loan establishment.
“Our goal is to empower people to take control of their finances and find ways to help themselves,” Fox said. “We do a full financial analysis, help them restructure debt, find alternatives.”
For instance, those behind on their electric bill could call the electric company and make arrangements to pay off their bill, he said.
“You might not need that $100 loan after all,” he said.
To contact Cambridge, call 1-800-235-1407. To contact other nonprofit credit counseling agencies, see the Association of Independent Consumer Credit Counseling Agencies website , or call the AICCCA at 1-866-703-8787.
Often the payday loans cycle customers over month after month, taking out loan after loan. The banks, which call them “advance” loans, are a bit better but still charge high rates, Fox said.
“The banks will charge about $7.50 for a $100 loan,” he said. “It doesn’t sound like much, but when you annualize it, that’s 261 percent interest. That’s less than the payday loan places, but it’s still extremely high.”
St. Louis area banks typically charge $10 for a $100 loan, according to the Post-Dispatch article.
“Taking out the loan might be worth it if your back is against the wall,” Fox said. “Then again, usually something unexpected happened to get you into that situation. Who’s to say that something unexpected won’t happen again?
Payday Advance Direct Lenders - News
It describes payday-lending products — made in advance of anticipated wages — as fitting that bill. Critics of payday lending say the industry hooks the poor into a cycle of debt through a series of short-term cash loans, charging fees that they say
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
Today it is much easier to get financed on the Internet through the website of payday loan company. The application procedure is held on the site meaning that consumers are to fill out the form and submit it for review. The direct lenders of emergency
DAYTON — Banks in Ohio have been filling the gap left by payday loan shops, which were nearly driven out of the state in 2008 when lawmakers capped the interest rates they charged.
According to the Center for Responsible Lending, turnover customers make up 76 percent of a payday loan's business. The customer often can't meet payments at the end of the month and is forced to take out another loan. “The banks typically will cut you
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