Big Banks Now Offering Short-Term Cash Loans

April 12th, 2010 by GabeRodriguez

Big Banks Now Offering Short-Term Cash Loans: By Gabriel Rodriguez

Due in part to looming and uncertain regulations this year big banks are starting to look to new products and services in an attempt to minimize potential losses in the wake of these upcoming regulatory changes. Whether or not these changes will be profitable remains to be seen, but actions are already being taken to stop big banks like Wells Fargo and U.S. Bank from offering loans similar to those offered by the Payday Loan Industry. A recent report from the Center For Responsible Lending states:
“Wells Fargo, which recently acquired Wachovia, has offered its Direct Deposit Advance
product since 1994.….. This growing trend may soon accelerate”