Nation's Large Banks now Offering Payday Loans
Nation’s Biggest Banks now offering Payday Loans to Customers
Payday Lending has become so mainstream that two of the largest banks in Nashville Tennessee have begun offering Payday Loans to their customers. Its true. Us Bank and Fifth Third now have Payday Loan programs for their customers and offer a 35 day payday loan to selected customers who have direct deposit paycheck accounts, and no credit check is required. The loans have an annual percentage rate of 120 percent, or a 10 percent fee. Short-term loans like these obviously have a higher rate of credit than longer-term loans
Tennessee law requires customers receiving a payday loan to have a checking account, a job, and a paycheck.
With Bank One and Fifth Third bank moving into Payday, it is probably only a matter of time that the top ten banks in the nation begin some form of Payday Check Cash advance lending in the future.
