A Stunning Indictment of America’s Banks: Payday Lenders, Check-Cashing Businesses
A payday loan (also called a payday advance, salary loan, payroll loan, small dollar loan, short term, or cash advance loan) is a small, short-term unsecured ...
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“Borrowers will choose payday loans,” he said, “if banks aren’t fast.” Banks are in a good position to offer such loans, if regulators approve, Pew suggested.
In 2013, a half dozen banks started making high-cost, payday-like “deposit advance” loans, but subsequent guidance from regulators including the OCC prompted the lenders to suspend their programs.
Although the bank demonstrates in its disclosures (see notes below) that its program is less expensive than an NSF fee or a typical payday loan, the 120% APR will likely create a bit of a furor with consumer advocates lambasting the bank in the press. It appears to have escaped notice so far.
"If banks can do more, then a lot more of those loans are going to be met in a very reputable way," said Wayne Abernathy, an executive vice president with the American Bankers Association.
Rule changes could shift the source of short-term loans from payday lenders to banks. That won’t help unless repayment terms change, too.