By Michael Barrio / Director Of Advocacy, Prosperity Works
Recently, U.S. Bank announced a small-dollar loan item referred to as Simple Loan. The statement produced fanfare in brand New Mexico and past. The merchandise is a three-month installment loan as much as $1,000. As the Simple Loan APR of 70 % is concerning, the offering marks a confident improvement in the industry landscape: the return of banking institutions towards the short-term, high-interest loan market.
Unlike the 136 storefront loan providers presently providing high-interest loans in Albuquerque, U.S. Bank is governed by federal legislation, as well as its items are maybe perhaps not at the mercy of N.M. state guidelines around interest levels along with other customer defenses. Read More