Banks Now Offer Cash Advance Loans
Cash advance loans can help when you’re in a real pinch, but it can also be stressful dealing with a payday lender you’ve never heard of. Many mainstream banks are turning to cash advance loans as a way to boost their clientele and offer pay day loans that have lower interest rates.
One of those banks now offering cash advance loans is Wells Fargo Bank. In California, residents in need of fast cash are heading to their local branch bank and taking out cash advance loans that require repayment in two weeks. The bank is able to offer lower fees and interest rates, and consumers get the cash they need from a name they trust.
Understand the Fees and Interest Rates
Interest rates and fees do vary from bank to bank, so be sure to shop around for the best offer. For example, the APR on an Early Access Loan from Fifth Third Bank comes in at 520 percent, while others have average APR’s of 365 percent. Paying back your loan on time is the best way to avoid excessive interest charges.
Where to Find Direct Deposit Advances
There is one difference you’ll find when you head into a bank for a payday loan. To ensure consumers understand these bank loans are different, they are not called payday loans. Instead, banks are calling them direct deposit advances. You can find these direct deposit advances at Fifth Third Bank, Guaranty Bank, Regions Bank, U.S. Bank, and Wells Fargo.
To apply for a direct deposit advance, you can call your local bank or sign up online 24/7. There are limits on how much you can borrow, but if you have an emergency car repair or a plumbing issue that needs urgent repair, these cash advance loans can be a lifesaver!