When researchers and customer advocates necessitate limitations on payday financing

Until 2013, a small number of banking institutions had been siphoning vast amounts yearly from consumer records through “direct deposit advance” products which carried typical annualized rates of interest as high as 300%. Like storefront payday advances, deposit advance had been marketed as a periodic connection to a consumer’s next payday. But additionally like storefront payday advances, these bank services and products trapped borrowers in long haul, debilitating debt. Read more