This is positively disgusting. Those predatory, 100% and over interest rate payday loans are now being offered by Wells Fargo.
A few of the nation's largest banks -- including Minneapolis-based U.S. Bancorp, Wells Fargo & Co. of San Francisco, and Fifth Third Bancorp of Cincinnati -- are now marketing payday loan-type products, with triple-digit interest rates, to their checking account customers.
People, just don't do it. Do not get a payday loan. You'd be better off hanging out on a street corner with a sign which says need money now and begging for change.
Here is an action item to support legislation to restrict payday loan interest rates to 36%, a loan shark rate sure enough.
But did you know some of these payday lenders are charging 400% interest rates?
Folks, give blood at the blood bank, hang out at a day labor center, baby sit, mow grass, pick crops, herd sheep, do anything but get one of these loans!
Who else thinks the entire nation needs to pass a personal finance test, similar to a driving test in order to apply for any sort of credit?
I do. No one who really understood what 400% interest means would sign up for such a thing if they were in their right mind.
We have laws which say don't drive drunk. We have laws which say you have to follow the rules of the road to drive.
Why do we not have laws which say one must understand a credit application and basic interest rate calculations before getting any sort of a loan?
It's like enabling the entire nation to drive themselves off of a financial cliff, simply because they do not understand the rules of the road.
You wouldn't think to shoot up heroin for just a one time thing....well, signing up for a payday loan is about as bad. It can destroy your entire financial life! Just say No.