For years, consumer advocates have decried payday loans as an expensive way to borrow that keeps people trapped in a cycle of high-interest debt. The howls of protest could get louder now that a major bank has offered a similar product. US Bank, the fifth largest bank nationally, lends up …
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An alternative to payday loans, but it’s still a high cost
“At the end of the day,” Ms. Borné said, “a bank that pays its depositors less than 3% interest should lend that money for much less” than an interest rate of 70% or more. Here are some questions and answers about short-term loans: What happens if I run out of …
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