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Do Banks Give Payday Loans?
Generally banks do not give payday loans. The attitude has generally been that it is not worthwhile for a bank to provide short term payday loans to their customers. Banks have generally concentrated on auto or home loans such as mortgages.
This attitude is changing however, Wells Fargo now offers a "Direct Deposit Advance" where they will loan up to $500.00 until payday. While they don't call this new loan product a payday loan the direct deposit advance is exactly that. Customers can advance up to $500.00 until payday and they are charged a set fee per $20.00 The customer then pays back the direct deposit advance on their next payday so call it what you want, banks are now offering payday loans to their customers. The advantage of their direct deposit payday loan is that no credit check is necessary and cash is deposited immediately in checking accounts for use by customers. The bank payday loans can then be repaid easily online.
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