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Is payday loan industry growing or fading away? There is no room for doubt for anyone about the fact that the industry has become very popular these days. The numbers of people who resort to payday loans are increasing. The clients of this unsecured loan include senior citizens as well. Despite the growing controversies, the industry is still flourishing and the number of lenders and payday loan companies are budding day by day. Recently some of the top banks in the USA have started offering payday loans at higher interest rates. This decision of the banks came up right when Quick Payday Loans are banned in many of the states. Nearly 15 states have banned and still more are banning these high rated loans. The lenders who offered the loans were highly demanded just because most of the borrowers had no other option for attaining some instant cash. Due to their financial instability and weak or poor credit rating, they remained unable to attain any loans from the banks and other recognized lenders. Fifth Third Bank, Regions Bank, U.S. Bank and Wells Fargo are some of the top banks which have started paying Bank Payday Loans to the customers. However the rate is similar to the other lenders or as high as the others. The rates are almost similar. However most of these loans are offered only to the account holders and not for others. US Bank Payday Loans are offered at rates as high as 300%. San Francisco, CA- Big banks are also offering these high rated loans. The difference would be that these loans are obtainable at any time even when your car is not broken down or you are not affected by any sickness. Federal banking regulators find it really hard to control and regulate the lenders of payday loans. As against the other payday loans, the US Bank Payday Loans will be offered at an average 225% to 300%. On the due day, the banks will withdraw the amounts directly from the accounts of the borrowers. Due to this many of the borrowers will have a shortage of cash in their account. The possibility for the borrowers to fall into deeper crises is higher. By paying an additional amount in the form of interest, the borrowers’ already weak financial stability is made worse. They do not find it easier to come off from the vicious circle of payday loans. A recent study reported that many of the borrowers of Quick Payday Loans are deprived of their homes now. They do not have sufficient amount of money to pay their rents. There are many who still find it hard to make money for meeting their daily needs after paying their normal bills.
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US Bank Payday Loans, Bank Payday Loans, Quick Payday Loans,
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