Mainstream banks also offer payday-style loans
Carl Martineau stands next to his "home" -- his cloud-painted car -- as he participates in Occupy Walnut Creek along Main Street in Walnut Creek, Calif., on Wednesday, Nov. 9, 2011. Martineau is a user of payday lenders and is now switching to Wells Fargo's payday loan offering because the rates are slightly better, and the process is "more dignified" he said. (Susan Tripp Pollard/Staff)Tired of being buzzed into a storefront encased in bulletproof glass, Carl Martineau found a more dignified place to get a cash advance on his Social Security checks: a Berkeley branch of Wells Fargo Bank.
To California residents who just cannot make ends meet, the bank's polished decor looks so much more inviting than the gritty payday loan shops that offer bruising triple-digit interest rates in the state's poorest neighborhoods. However, mainstream financial institutions are increasingly peddling similar loans.
In California, payday lenders charge a 460 percent annual interest rate for a two-week cash advance on a borrower's pay or benefit check. The terms at major commercial banks are only slightly better -- an average of 365 percent for a 10-day cash advance.
"People who might know to stay away from payday lenders think that if a bank is offering it, it must be safe," said Lauren Saunders, managing attorney for the National Consumer Law Center. Yet "a bank payday loan has all the same problems a traditional payday loan has. You're getting sucked into the same debt trap."
Bank officials say low-income customers at times desperately need the cash advances. But they emphasize that they do not advise repeat borrowing because of the admittedly high cost of the product -- which banks say they do not heavily promote.
Yet Martineau, who lives in his Honda Civic and has relied on as many as five payday loans at a time from traditional shops, sees the bank as a new salvation. He has arranged his first Wells Fargo advance to begin in December.
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Mainstream banks avoid the "payday loan" title, perhaps because of the stigma. They call their transactions "advances" on direct deposits and argue that they're not subject to the bans in a variety of states because national bank standards override
During the same period, 37 percent had used prepaid debit cards, 32 percent had used bank direct deposit advances, 28 percent had used money-transfer services, 23 percent had used check-cashing services, 16 percent used payday loans, and 9 percent used
The banks say their deposit- based loans are safer than so-called predatory loans from payday lenders because they require borrowers to have a history as a bank customer, which allows the banks to better assess their customers' ability to repay.
The banks require that the person taking out the loan has a checking account with them, has direct deposit and automatic withdrawal for the loan, said Thomas Fox, community outreach director for Cambridge Credit Counseling Corp., a nonprofit agency.
The report from the Center for Responsible Lending finds that, on average, a bank payday loan is repaid within 10 days, eats up 44 percent of a borrower's next deposit, and often creates the need for a subsequent loan. As a result, borrowers stay in
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