Some of the Major banks in the USA are now giving in house payday loans to their customers.
New numbers just out have put the amount of retirees and disabled customers who have taken out loans with these banks at 25 percent, and rising.
For a list of current banks giving payday loans, one must do some serious web searching.
Instead of listing them all here, we think it is best to just inform you why not to use them at all, thus eliminating the list completely.
Why no list?
We just feel that listing the banks that are in or are backing the payday loan business will open this website up to too much legal risk, and people need this site as a line of defense between the average person and these legal loan sharks.
Many of these predatory lenders are driving the already poor into missed medical payments and appointments, lost houses and automobiles, and even bankruptcy. All because of the members getting caught in the payday loan trap.
There have been many complaints of interest, which can top 300 %, being deducted from members accounts before their daily deposits are posted, causing major banking problems for these customers.
This is just one result of this practice. Our main point is do you really want to do business with a bank that makes 300 percent interest loans to their poorest members?
How do I check my bank?
Just walk right up to the counter and ask them if the bank either backs or writes payday loans. If it does, run, Forest run!
Find yourself a bank or better yet, a credit union that has nothing to do with these loan companies,
Make sure they post their deposits first, then their debits to their members accounts.
With just a few good questions, you can save a fortune on overdrafts and huge interest payments.
Summary
Changing banks can be a real drag, but so can doing business with a place that only cares about profits, and does not look out for its own members.
Steer clear of big banks doing business with payday loans, and if you are already caught in the payday loan trap, call us at 1-877-280-5100 or fill out our form on the upper right of this website for a free no obligation quote on how we can help you out of the trap.
We will always look out for you and put you first! Will your bank do the same?