Category Archives: payday loands

Big banks offer cash for payday advances

By Jennifer Bjorhus , Celebrity Tribune Might 17, 2013 – 11:42 PM

Quick money is several ticks away for Minnesotans during the popular CashNetUSA web site, where a loan that is two-week $100 carries a yearly portion rate of approximately 390 percent.

To numerous experts, the terms are crazy and usurious. However they are typical in the wide world of high-cost consumer that is short-term, or payday financing, and appropriate in Minnesota.

In reality, the company is supported by a few of the nation’s biggest commercial banking institutions. A syndicate Wells that is including Fargo Co. and Minneapolis-based U.S. Bancorp provides CashNetUSA’s moms and dad $330 million in funding, federal government papers reveal. Continue reading

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