Wells Fargo has entered the payday loan business and the bank is now one of many taking such action. Bank of America, Wachovia and JP Morgan Chase are a few of the other big name banks to enter the payday loan business along with Wells Fargo.
What is a payday loan?
A payday loan is a way of obtaining a short term cash advance, generally ranging in amount from a low of $300 to a high of $1,500 to cover unexpected bills when you run short of cash. A payday loan is an unsecured advance meaning that theres no need to put up your home or any other asset as collateral. Repayment is dependent upon the amount of the loan being automatically drawn from the recipients bank account on the date that it is due. They are called payday loans because in order to get one you need steady employment and have your paycheck directly deposited to your bank. They are short-term loans because repayment generally happens two weeks after the funds are advanced, coinciding with your payday schedule.
The application process is fast and convenient and all transactions happen electronically and automatically. Thats why payday loans make sense for many situations. And because there are...
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