Report: Short-term bank loans are similar to payday loans

A report from the Center for Responsible Lending says short-term loans offered by big banks are similar to those that come from payday lenders. The nonprofit group says Wells Fargo, U.S. Bank, Fifth Third and Regions offer payday advances for customers with direct deposit. Critics say these advances come with overly high fees and that they encourage overspending. Banks say they disclose fees clearly and that the loans are intended only as short-term solutions for customers.

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