Customers looking for an instant emergency loan no further need certainly to depend on a payday lender. Increasingly, banks offer whatever they call direct-deposit loans, providing clients usage of short-term advances. But, customer beware. They share some of the same characteristics while they aren’t called payday loans.
Direct-deposit advance loans “operate and function just like payday advances, ” says Diane Standaert, a lawyer because of the Center for Responsible Lending, the Durham, N.C., nonprofit attempting to prevent monetary abuses. “They have a similar devastating effect. (more…)