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An alternative solution to Pay Day Loans, but It’s Still High Price

An alternative solution to Pay Day Loans, but It’s Still High Price

U.S. Bank, among the country’s biggest banks, has once more started customers that are offering, high-cost loans, saying the loans will have safeguards to keep borrowers from getting into over their minds.

The loans, between $100 and $1,000, are supposed to help clients cope with unforeseen costs, like a motor vehicle fix or a medical bill, said Lynn Heitman, executive vice president of U.S. Bank consumer banking product product sales and support. But the costs equal an interest that is annual of about 70 per cent.

The loans had been intended to be an alternative solution to payday advances, the small, short-term, very-high-cost loans — with interest levels often up to 400 percent — that typically needs to be paid back in complete through the borrower’s next paycheck. Pay day loans tend to be applied for by individuals whoever credit ratings are way too low for old-fashioned loans or bank cards. Continue reading An alternative solution to Pay Day Loans, but It’s Still High Price