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Customer advocates for decades have actually decried payday advances being a expensive method to borrow and something that keeps people caught in a period of high-interest financial obligation. The howls of protest could develop louder now than a significant bank has stepped forward with a product that is similar.

U.S. Bank, the fifth-largest bank nationally, is currently lending as much as $1,000 to cash-strapped customers through its Simple Loan system. The business has branches in 25 states.

Various consumer-advocacy teams are involved given that a bank that is major revealed a short-term, high-cost loan similar to this. Continue Reading…