Simple and Deposit advance loans – Alternative to payday loans?
U.S. Bank, regarded as one of the largest banks in United States is offering high cost loans that are small but according to the bank will prevent customers from reeling under the debt burden.
These loans typically range between USD$100 and USD$1000 and can help you to meet your unexpected financial obligations that might include a sudden breakdown of your vehicle and paying for medical bill, or for that matter any unexpected financial obligation that you have to fulfill. However, the fee is more or less same as the annual rate of interest, which is 70{c6ae04a9b355454581a1ee1a9618f378f2d72205496b57375d5433348b36e971}.
According to the spokesperson of the bank, the main objective of creating this financial product is to serve as an alternative to payday loans. To explain in brief, payday loans, as we all know are loans of small amount with very high rates of interest, which may sometimes be higher than 400{c6ae04a9b355454581a1ee1a9618f378f2d72205496b57375d5433348b36e971}. Also, these loans can be availed from the website of any online payday loan lender. You can also avail the payday loans from a direct lender. However, an important aspect you must keep in mind while repaying payday loan is concerned is that you must repay the loan in full when you …