Mainstream Banks Now Provide Enhanced Cash Advance Payday Loans

Carl Martineau found a better place rather than normal payday loans store. This is a Berkeley branch of Wells Fargo Bank. Banks provide a more sophisticated deal. They can meet the requirements of the customers in a much better manner. Payday lenders in California charge loan even up to 460 APR. Nevertheless the payday loans business is increasing day by day.

The latest news reveal that most of the commercial banks offer 365 percent for 10 days cash advance payday loans. "People who might know to stay away from payday lenders think that if a bank is offering it, it must be safe," said Lauren Saunders, managing attorney for the National Consumer Law Center. Yet "a bank payday loan has all the same problems a traditional payday loan has. You're getting sucked into the same debt trap." Moreover the bank officials claim that the weaker section of the society need loans but cannot afford payday loans. For them bank is a better option.

"Payday places have a lot of stigma. You really feel like you're at the bottom of the barrel," said Martineau. He has suffered with frenzied depression for the most of his life. "Going to the bank is a lot more dignified. You don't feel so ostracized."The mainstream banks do not want to attach the title "payday loans". This may be because of the stigma affiliated with it. No doubts still payday loan stores are booming.