Several of the big name national banks are beginning to provide a service that was at one time dominated, if not monopolized, by payday loan shops. Payday loan lenders provide a short term fix for those that were facing a financial crisis. Remember what the loan is used for and how it works.
Although the payday loan industry has been given a bad reputation thanks to the few “bad apples” in the bunch, it’s important to know that there are responsible, direct lenders out there.
A payday loan from a bank might seem more convenient seeing as most banks offering the service allow you to take your cash advance from an ATM machine. However it is important to remember they are currently not offering extensions. Therefore, the money that you borrow from the bank is due back once you get funds in your account. The banks will take their money first. When you deal with a payday loan company that is legit, you should always be able to call them and set up a payment option.
