Payday advances from banking institutions pose huge issues for bad customers

Payday advances from banking institutions pose huge issues for bad customers

The US government has finally issued guidelines – long overdue – on short-term bank loans tied to consumers’ income in an effort to curb abusive lending practices. The latest federal limitations will help protect customers and, interestingly, the banks who make such loans.

payday loans ME

The power for customers goes without saying. These deposit advance loans (that are actually just payday advances provided by genuine banking institutions in place of shady community dealers or on line outlets) hit consumers with many costly charges and charge up to 120 {6dd60fa502fc498728612f02b1d1a2beab99874f271b73d46d1d92b3b6fbeaa6} in interest.

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