Predatory Payday Lending by Banks regarding the increase By Charlene Crowell, NNPA Columnist – (NNPA) every year, road part pay day loans strip customers of $4.5 billion. Now, at the very least four big banking institutions joining the ranks of those providing the most predatory services and products offered to consumers that are unsuspecting. Banking institutions like Wells Fargo, US, Regions and Fifth Third are providing their bank checking account clients pay day loans that typically require complete payment within 10 times with interest levels of 360 % or maybe more. Because of bank that is federal, these payday advances, often called вЂadvance deposit loans’, circumvent state price limit guidelines in 17 states while the District of Columbia. Further, as banks repay these loans from funds currently on
