Well, thanks to the Federal Deposit Insurance Corporation your choices of getting these loans is going to get a bit smaller.
Not the kind of help you were looking for? Maybe not, but the good news is major banks are starting to get out of the payday loan business, and that is help in itself.
What this means is thanks to the FDIC putting pressure on major banks who are backing in-house payday loans, many of the major banks are discontinuing these types of short-term high-interest loans for fear of going astray of the FDIC.
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The FDIC and the Office of the Comptroller of the Currency issued warnings to major banks telling them they would be looking at their fair lending practices.
They also warned the banks they may be looked at concerning high-interest short-term loans.
Four major banks announced they are discontinuing the practice.
Wells Fargo, Regions, Fifth Third and U.S. banks are all either discontinuing these loans or are in the process of phasing them out.
This is good news for those who keep getting caught in the payday loan trap, and many groups like The Consumer Federation of America, the Center for Responsible Lending and others are applauding this move.
Even though these banks can make major profits off these kinds of loans, they do deserve a slap on the back for doing what is right in helping eliminate the practice of taking advantage of the disadvantaged.
These loans can be a huge help short term if used properly, but most if not all clients end up getting caught in a trap that ends up costing them a small fortune they simply do not have.
Save yourself the headache of payday loan traps, and stay away from these kinds of loans.
If you are already trapped click here