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More banks may offer payday loans

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  • More banks may offer payday loans

    Some big banks provide a product that's not quite as loathsome as a payday loan, but it's close, and it may become more widely available.

    Aug 24, 2011

    More states have capped the interest on payday loans, making that business less viable in some locations. But another business is willing to provide the desperate with a high-priced cash advance -- big banks.

    Several major banks offer a product that's very similar to a payday loan, and apparently more banks (and credit unions) are looking into it.

    And why not? If they can loan $100 for a $7.50 fee, that's an annualized interest rate of 261% -- less than the 400-plus% charged by many payday lenders, bankers like to point out. (It can also be much cheaper than the "overdraft protection" some bank customers opt to get, which can ding you with a $35 fee for an overdraft of mere cents.)

    "In reality, direct deposit advance programs enable customers to live within their means by permitting them to manage the timing of the receipt of those means," the American Bankers Association says.

    This is an unwelcome development in some corners. Eileen Ambrose of The Baltimore Sun says Wells Fargo may bring its direct deposit advance product to Maryland. She notes that the state's 33% interest rate cap on small loans doesn't apply to the major banks. She adds:

    But this is one product that Marylanders can do without.

    These loans are likely to appeal most to vulnerable consumers who live paycheck to paycheck but have run short of cash. And once consumers borrow, they often take out back-to-back loans, paying a fee each time.

    But we're likely to see more of these, Ambrose adds.

    "There are bank consultants out promoting these products," says Lauren Saunders, managing attorney for the National Consumer Law Center. "I fear this is going to be the next big bank abuse."

    Here's how these loans work:
    • You must have direct deposit with the bank, which mean you either have a job or you get Social Security or, perhaps, a disability check. About one in four of these borrowers is on Social Security, says the Center for Responsible Lending, which is alarmed about this type of lending.
    • You get an advance against your next deposited check. When it arrives, the bank takes out the loan amount plus a fee for lending you the money.
    • There are limits on how much you can borrow. At Wells Fargo, it's the smaller of $500 or half the amount directly deposited into your account.
    • If you do this month after month, which many of these customers do, the bank may cut you off -- for a while.


    These types of direct-deposit loans are available at Wells Fargo, U.S. Bank, Regions Financial, and Fifth Third Bank. We'll keep you posted as more jump on the gravy train.

    What's the government doing about this? The Office of the Comptroller of the Currency has issued guidelines that aren't very specific about how the banks should regulate this activity.

    The OCC was concerned about "the steering of customers who rely on Social Security and other federal benefits toward the loans and a failure to monitor accounts for excessive use," reports Candice Choi of The Associated Press.

    The Center for Responsible Lending, which has studied this, said, "The FDIC has advised the banks it oversees not to keep customers in this high-cost debt for more than 90 days of the year. But on average, bank payday loan borrowers are caught in this cycle for 175 days."

    Even a blogger at the Payday Loan Industry Blog thinks some regulation is needed. He wrote:

    HOWEVER, FULL DISCLOSURE MUST BE EMPHASIZED! Complete disclosure of all terms, fees and charges in an EASILY understood format must be enforced. Insist on disclosure and let the marketplace decide what products and services offer the best solution for an individual consumer.

    Should you get one of these loans? There are alternatives, including these pointed out by MSN Money's Liz Weston:

    • Take another job or volunteer for extra hours at work.
    • Have a yard sale or sell unneeded items on eBay or Craigslist.
    • Ask your employer for an advance.

    Better yet, start now to save an emergency fund you can tap rather than borrow money at usurious rates.

    http://money.msn.com/saving-money-ti...776e&GT1=33009
    "To go bravely forward is to invite a miracle."

    "Worry is the darkroom where negatives are formed."

  • #2
    This I'm sure is off topic but:

    "Should you get one of these loans? There are alternatives, including these pointed out by MSN Money's Liz Weston:

    • Take another job or volunteer for extra hours at work.
    • Have a yard sale or sell unneeded items on eBay or Craigslist.
    • Ask your employer for an advance. "

    DO people who give such advice realize how unrealistic most of this is? IF you work on salary, there is no OT, if you don't, there probably isn't these days. Get another job - I have several "extra jobs."

    Sell unneeded items. Sure...that'll rake in lots of cash.

    Sorry to be cynical, but most of this most of the time is unrealistic and to me, "flippant" "advice."

    Comment


    • #3
      One of the worst things to happen here in FL. Payday loans. Loansharking. Usually by Pawn Shops a payday loan is about 300%apr.

      They trap you. Example, a good friend of mine who gets about 1K SS per month took a payday loan of 500. Every month she pays it back and pays 50 to 80 interest, so now she is short by 500 for the month so she borrows again. Just like a shell game of moving the same 500 back and forth and paying 50 bucks for that privilege.

      As we are good friends, Mrs. and I agreed to GIVE her $1000 to pay off the payday people and have that extra 500 to start off the year with that always needed 500. She promised never to go back. WEEEELLLLL do I have to tell you? Yes she is now in more financial trouble than ever, broke her promise and pays Peter with interest to pay Paul with interest who again pays Peter.

      I give up and no I will not help her again. She is about to lose her house that was paid for by her Mother who passed. She gets a 17K mortgage to pay a 1.8K back tax debt Mother had. So, what did she do with that 17K? Paid off her CC's, the tax, new laptop, Blackberry, and other toys. Now she is again three years into tax, paid interest only on the mortgage, and is about to have the loan called due to the taxes. My only gift to her at this point is Chapter 13 opinion. Cost me nothing, but may save her @zz. 'Hub
      If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

      Comment


      • #4
        i so agree with iamold.

        i was watching a news special the other night about two families that went chapter 7 and they had one this "expert" telling them what they should and shouldn't do...she had NO clue what she was talking about, she even said...right on TV that a chaper 7 is only on your credit report for 7 years.

        these people reporting haven't a clue about Real LIFE!!!
        8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

        Comment


        • #5
          Exactly tobee, exactly!!!

          ANd I will make an open confession here - I am very passionate about the payday loan topic, because - and please you all I hope you won't think less of me...I truly "effed" myself up with them, trying to make ends meet...so that is partly why I'm here. :-)

          I was monumentally stupid (and desperate) - and like I've said before, I consider myself a recovering credit addict - it is not for me - job loss or no, never ever ever again!

          Comment


          • #6
            Originally posted by IamOld View Post
            This I'm sure is off topic but:

            "Should you get one of these loans? There are alternatives, including these pointed out by MSN Money's Liz Weston:

            • Take another job or volunteer for extra hours at work.
            • Have a yard sale or sell unneeded items on eBay or Craigslist.
            • Ask your employer for an advance. "

            DO people who give such advice realize how unrealistic most of this is? IF you work on salary, there is no OT, if you don't, there probably isn't these days. Get another job - I have several "extra jobs."

            Sell unneeded items. Sure...that'll rake in lots of cash.

            Sorry to be cynical, but most of this most of the time is unrealistic and to me, "flippant" "advice."
            I agree IAO. BUT, see my previous post about one of my very good friends. I may post her spammed email redacting her ID. Once you take a payday loan, you are hooked by in any moral way, legal usury. ANY other way possible (within legal limit) is better than a payday loan.

            Little story, My only dealings with a Pawn shop. I have a ring acquired after bk that is worth about 2K. I pawned it for some need in my mind I thought important. One month later I paid 380 back. 80 dollars for 30 days. Pretty good interest, no? I NEVER will do that again. 'Hub
            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

            Comment


            • #7
              I couldn't agree with you more Angelina - it is dealing with the devil!!!

              Comment


              • #8
                What you don't do to your friends:

                Dear Friends, Family & Some Real Estate Agents I trust,

                First, there are some blind copied folk on this email who may wonder why you are there. Well, it is because I value your opinions and ideas and you may know someone who can help. Yes, I'm desperate, but still want to do this right.

                Three years ago I took out a very expensive, not to great a mortgage to save my place from tax lien sale and from a man who wanted it and to get it that way. I did manage to save it and used the rest of the $17,000 plus mortgage to pay off all of my credit cards and old bills. I figured I had three years to get things all set to buy the mortgage back this July when there came no penalty. I won't tell you the mortgage interest. Let's just say it is more like a car loan rate than a mortgage and it is not with a bank, but a guy who does investments for people and I haven't been able to pay down anything but interest.

                Now I am in the position of being three years behind in my real estate taxes again, which the county reported to my mortgage guy and the mortgage guy says I am in violation of my contract so is threatening to call my loan. I need to pay those taxes. They total just under $1800. This needs to happen yesterday.

                I have no way to pay those. I am actually running one month behind on the mortgage and had hoped to be able to play catch up with it over the next four months to be all caught up by the end of the year. That doesn't make him very happy either. If he knew that my well pump has a short and I am working on a grant application to get that fixed and to replace the garage roof, he would be livid. The garage roof was as it is when I got the mortgage .

                If I had a credit card, I would attempt to pay at least one year of the taxes to get the place out of the sale state. I don't have one and still have a bad credit score since it hasn't been the five years needed to clear my record. That also doesn't bode well for what else I want to do i.e. refinance the mortgage with a lower interest rate.

                What I really, really need from one of you real estate people is for you to buy out the mortgage at about $18000, pay the $1790 and change in back taxes and then hold a mortgage on the property for that about $19000 or maybe $20,000 with fire insurance. I would like for it to be a loan of no more than 6% for 30 years, secured by the property which is tax apprased at $49000. I looked at a $20,000 loan at 6% for 30 years and the mortgage payment calculator came up with $119.61 for a monthly payment. With that amount, it would be possible to escrow the taxes and probably the insurance with Citizens as long as we don't do the theft part and still be about $200 which is what I can afford on a monthly basis.

                I also want to learn how to do some investing with no money down etc., which is another discussion entirely. I know I need to got through the boxes in my garage as well as Mom's stuff and sell off some of it. There are some things I want to keep and to use that I cannot use right now because they are packed and not where I can access them. I want to sell the piano and keep the organ. My left hand has so much nerve damage that I will likely never be able to play left hand on piano again. The organ is another story as it has foot keys and one note chording which I can use to make music. It also takes up much less space and is more than adequate for what I need. In other words, I want to pear down some of my stuff. That doesn't mean I have to sell off all of the stuff I really like just because it is nice and I am poor. I like to enjoy my pretty things, nice dishes and silverware as well as to have my nice pots and pans hanging in my kitchen again etc.

                Do old, poor people NEED nice things to live? No, of course not! At the same time if I have to sell off all my nice things to live, then, quite frankly, I would rather not live. It pretty much did that when I walked away from most of my things when Pete and I divorced. I got some other things that I now have and want to have around me to enjoy. It is great fun for me to fix myself a nice meal and to eat it on nice plates with silver utensils and I do that for special occasions.

                So, if anyone can help with a way to get $1791 within about 30 days, I'm all ears, eyes and whatever else it takes. My body is not in the best of shape right now, but I do have a doctor's appointment on Monday, the 29th so all should improve rapidly after that. I have a nasty urinary tract infection, the bane of all female diabetics like me, and my eyes seem to have some sort of irritation in them that is making them run some kind of matter, most likely from pollen allergies. Other than these two things, I grow a bit stronger each day and learn how to accommodate the arthritic changes. The hardest thing is vacuuming because it uses my shoulder and back muscles which puts some strain on my middle and upper back. I wish people, especially those who evaluate me for housekeeping help services, would consider the repetitive part of such tasks instead of just whether or not I can walk or reach. Pushing the vacuum back and forth as it gets full is murder. They don't look at that though, especially with all of the funding cuts.

                So, before you ask, yes, I'm planning to work to sell some things too. I need to find a way to earn about $200 a month or so more than what I get now just to survive. I also need to earn a fast $1000 extra over the next four months so that I can get out of using my bounce protection every month and can also get out of having to use Speedy Cash for a payday loan, which I had to do this last two months. I hate that as between the two I end up paying something between $35 and $89 a month in interest for that money not to mention the extra gas to absolutely have to go into XXXXXX twice a month.

                I managed, this month, to get XXXX Electric to let me pay only $110 of my $149.69 electric bill so that I would have enough money left to maybe be able to get through until payday on September 14th. I have to add the extra to my bill next month which means I have to pay about $!98 then. At least I have been able to keep the bills fairly low by keeping the temperature a little higher and not washing a whole bunch of clothes.

                Enough about my odd life right now. Look, I'm broke. I'm frightened and depressed. All I have is this place, my old van and my three kitties here. I know I have family and that I am loved. I also know that I won't last a year in the XXXXXX area weather and I can't afford to live there or in XXXXXX either. My $1074 that gets deposited every second Wednesday doesn't go very far here. It would go even less far in either of those places. An assisted living place or a nursing home would drive me nuts. I value my privacy too much to go to either just yet and I wouldn't be able to keep my pets. XXXXX is old at 13 and XXXXX not far behind at 10 with even XXXXX no kitten at 6 years old. If they go to a shelter, they will be put down. The two girls have no idea how to survive outside and have no front claws. XXXXX is getting slow and yet still confronts dogs when he is outside. If I lose the house and have to go somewhere else, they will all die too and they just don't have to have that happen now. They have given me so much.

                I also have no money to move my stuff so I will lose everything. Maybe that doesn't seem like much to you. After all it is only things and I can live without them. It just hurts more than I can say. I feel so much a failure and I wonder why I even bothered to fight so hard to live three years ago and to get my back fixed. I hate having to ask for help. I hate feeling helpless and knowing that I can't do this alone. I value my independence more than almost anything else. Some of you also know that I value the quality of my life much higher than the quantity i.e. length of that life. Please help me save my home. It isn't much, but it's mine and, with just a smidgen of help and luck, it will even by mine free and clear again in a year or less.

                Thank you for your ideas, thoughtful consideration and help. I hate to say this and I do really need it. Peace ---XXXXXXXX
                OK, this is the email that I, as well as many others received. It is not possible to save some people, as when we had money and no worries, I gifted this person many a hundred dollar bill to cross some financial bridge of the time. Mrs. and I gave her a nice running car that Mrs. owned, with great air conditioning and perfectly serviced. I told her to ignore the low oil light that comes on as it is a known bad sensor. Well the first day she had it, the low oil light comes on. One quart. It came on again. Two quarts. It came on again. Three quarts and engine blows the rings out and destroys the valves in three cylinders. Mrs. owned it and drove it for four years, this person owned it for one day. Would anyone here not pull the oil dipstick and look? The low oil light is not the low oil pressure light. So, a car given with the value of about 3K went to the scrapper for $260 in metal weight, as Mrs. cried all the way to the scrapper.

                I am posting this for one reason. Those of us who have realized our "new start" let us never get back to where we were. I don't believe this person will take me up on bankruptcy due to pride. She is NOT an uneducated person and is usually brilliant, but like many of us in the past, cannot control the "WANT" over the "NEED".
                If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                Comment


                • #9
                  Originally posted by IamOld View Post
                  Exactly tobee, exactly!!!

                  ANd I will make an open confession here - I am very passionate about the payday loan topic, because - and please you all I hope you won't think less of me...I truly "effed" myself up with them, trying to make ends meet...so that is partly why I'm here. :-)

                  I was monumentally stupid (and desperate) - and like I've said before, I consider myself a recovering credit addict - it is not for me - job loss or no, never ever ever again!
                  LOL! IAO, you are "learnable". Many are not. As noted in many of my own posts, I did everything in bk wrong that I could do wrong. My ignorance was so apparent the kind Trustee worked with me to get us a new start. We too were credit junkies but, before I got into a tassle with my enemy, we had the money to pay it off. Then as many people have learned, things can change rapidly.

                  Note the post about my "friend". She is NOT trainable and no matter if I had 20K to pay off all she owes, in three years she would be back where she is now. Not learnable. 'Hub
                  If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

                  Comment


                  • #10
                    IamOld...i know you won't ever do those payday loans again personally, i didn't even know what one was until i moved to florida with these amscots??? and all these "cash" stores. wow.


                    hub, my friend, you are more than correct with your advise and observation of what people need to realize with respect to WANT and NEED....two words that must be addressed before people can begin to heal themselves both financially and really on a more spiritual level, (just my personal view, certainly not a requirement or suggestion to anyone).

                    here's my needs:

                    people that love me ( or can stand to be in my presence for over 30 minutes at a time )
                    roof
                    food
                    water
                    potty
                    car that runs and is PAID FOR
                    some clothes
                    flip flops ( hopefully with some tread)

                    do i have more???? yes, i do, because there are after all two of us here
                    8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                    Comment


                    • #11
                      Thank you 'Hub!! I could share a personal story about husband of Niece #2.... (of course I'm - as you may have guessed by now - also a card carrying "bleeding heart" :-)


                      Originally posted by AngelinaCatHub View Post
                      LOL! IAO, you are "learnable". Many are not. As noted in many of my own posts, I did everything in bk wrong that I could do wrong. My ignorance was so apparent the kind Trustee worked with me to get us a new start. We too were credit junkies but, before I got into a tassle with my enemy, we had the money to pay it off. Then as many people have learned, things can change rapidly.

                      Note the post about my "friend". She is NOT trainable and no matter if I had 20K to pay off all she owes, in three years she would be back where she is now. Not learnable. 'Hub

                      Comment


                      • #12
                        Nope NEVER again - EVER.

                        This is why Eliot Spitzer (Yes Eliot Spitzer) is my hero (well one reason) because he went after payday lenders with such a vengeance that even those who don't live in NYS benefited - yes, he saved a lot of folks from themselves.

                        :-) Re flipflops - I have a teenage daughter- we life in flipflop city- I don't think girls her age wear anything else - EVER on their feet.

                        Originally posted by tobee43 View Post
                        IamOld...i know you won't ever do those payday loans again personally, i didn't even know what one was until i moved to florida with these amscots??? and all these "cash" stores. wow.


                        hub, my friend, you are more than correct with your advise and observation of what people need to realize with respect to WANT and NEED....two words that must be addressed before people can begin to heal themselves both financially and really on a more spiritual level, (just my personal view, certainly not a requirement or suggestion to anyone).

                        here's my needs:

                        people that love me ( or can stand to be in my presence for over 30 minutes at a time )
                        roof
                        food
                        water
                        potty
                        car that runs and is PAID FOR
                        some clothes
                        flip flops ( hopefully with some tread)

                        do i have more???? yes, i do, because there are after all two of us here

                        Comment


                        • #13
                          :-) Re flipflops - I have a teenage daughter- we life in flipflop city- I don't think girls her age wear anything else - EVER on their feet.
                          actually me either...it's flip flops or uggs...nothing in between (OLD uggs!)
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                          Comment


                          • #14
                            Originally posted by tobee43 View Post
                            IamOld...i know you won't ever do those payday loans again personally, i didn't even know what one was until i moved to florida with these amscots??? and all these "cash" stores. wow.


                            hub, my friend, you are more than correct with your advise and observation of what people need to realize with respect to WANT and NEED....two words that must be addressed before people can begin to heal themselves both financially and really on a more spiritual level, (just my personal view, certainly not a requirement or suggestion to anyone).

                            here's my needs:

                            people that love me ( or can stand to be in my presence for over 30 minutes at a time )
                            roof
                            food
                            water
                            potty
                            car that runs and is PAID FOR
                            some clothes
                            flip flops ( hopefully with some tread)

                            do i have more???? yes, i do, because there are after all two of us here
                            Thanks Tobee. There was a time when I could have paid her land taxes but I could never pay her mortgage. Let's say I was capable to do so. Once she was relieved of those responsibilities, what do you think she would use the extra cash for? A savings? Stockpiling staples and essentials? It would not H E L P her. It would harm her more. She sold a piece of land at the time her Mother passed away, and inherited another mobile home and lot with garage. Whatever cash for the sale went, I do not know. Then she went out to get a max mortgage on the free and clear mobile home on lot to pay back taxes that her Mother had??? She borrows SEVENTEEN THOUSAND dollars to pay a $1,800 (I think that's less that 2k) leaving FIFTEEN THOUSAND dollars to pay off all her bills. CCs maxed out no doubt, and now cannot get a CC (I wonder why?) but if she could, she would use it to pay the land taxes? What would she now use to pay that CC?

                            Don't worry IAO, you certainly were not a terminal case of credit. Some people are, and this one is. Now she has tossed those friends to the wind in spamming her email beg to every friend, family she has. If I had the extra money I would pay for Nolo's C13 book, but now I don't even wish to call her or advise her about bankruptcy. I told her about this forum and if and when she reads this thread, she will know how I feel. If I told it to her face all I would do is harm to a person who is self destroying without more help from me to make her feel worse. 'Hub
                            If I knew it all, would I be here?? Hang in there = Retained attorney 8-06, Filed 12-28-07, Discharge 8-13-08, Finally CLOSED 11-3-09, 3-31-10 AP Dismissed, Informed by incompetent lawyer of CLOSED status, October 14, 2010.

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                            • #15
                              Originally posted by tobee43 View Post
                              actually me either...it's flip flops or uggs...nothing in between (OLD uggs!)
                              Do they sell any other shoes besides flip flops in FL? If so I havent' found any or I'm not looking hard enough....lol
                              "I DECLARE BANKRUPTCY!" Ch 7 Filed 7/15/11 * 3 Minute 341 8/19/11 * Discharged 10/20/11

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