A major bank is offering payday-style loans. Will others follow suit?

U.S. Bank says it will offer nearly instant small loans to its customers, becoming the first bank to provide such a product since federal regulators cleared the way earlier this year amid continuing concerns over the costs of payday loans.

The Minneapolis institution, the nation’s fifth-largest commercial bank, said its checking account holders will be able to quickly borrow $100 to $1,000, enough to cover many emergency expenses, through its Simple Loan offering. Borrowers have three months to repay, at a cost of $12 for every $100 borrowed — equivalent to an annual interest rate of about 71%. Read more

Source : Iatimes

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2018-12-29T14:51:36+05:30September 14th, 2018|Categories: FIAKS daily, Finance, Fintech & Technology, Microfinance, P2P Lending, Technology|Tags: |0 Comments

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