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January 16, 2018

Would a bank payday loan be any safer?

  • It now may be possible for banks to offer small, short-term loans that could be a lot less dangerous for borrowers. Whether they do so remains to be seen.
    • By LIZ WESTON
    NerdWallet

    A “safer” payday loan sounds like an oxymoron. Critics have branded these notoriously high-cost loans as debt traps that cause borrowers to go ever deeper in the hole.

    Thanks to a recent regulatory change, it now may be possible for banks to offer small, short-term loans that could be a lot less dangerous for borrowers. Whether banks will actually do so remains to be seen.


     
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