They’re not called payday loans. Instead, big banks give these quick-cash deals more respectable-sounding names: “Checking Account Advance” at U.S. Bank, “Direct Deposit Advance” at Wells Fargo and “Easy Advance” at Guaranty Bank.
But those labels amount to a distinction with little meaningful difference, say consumer advocates, who point out that the annualized percentage rates of those advances can run well over 300 percent.
Read the second part of our lending investigation: Big banks’ quick-cash deals: Another form of predatory lending?
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