Wells Fargo and Other Major Banks Finance Big Payday Lenders
According to two separate reports Wells Fargo is taking the lead amongst major banks with regard
to financing large payday lenders. Following closely, is US Bancorp. and JP Morgan Chase
& Co. Up to this point the banks have provided, accumulatively,
more than $2.5 billion in credit to large payday lenders, including those that offer pay day loans online.
This report shows the need for payday lenders to exist. It also gives testimony to the banks’ interests in taking advantage of the payday lending industry in an indirect way with little involvement.
While there are many critics of the pay day lending industry, it is important to know that payday loan businesses are legitimate businesses that contribute to the growth of the economy by providing jobs, paying their fair share of taxes and dues, and help their consumers with fast and quick loans when cash flow is a problem. It is important to distinguish between reputable lenders like Pay1day and other lenders who may be engaging in unethical lending practices.
At Pay1Day, a direct payday lender, we provide loans directly to our consumers with no hidden fees. Our loans fees vary based on State rules, regulations, and consumers’ credit with us.
All terms and conditions on our loans are clearly explained by our knowledgeable and professional customer service representatives and are also clearly stated on our contract. When you call our customer service there are no automated machines. Pay1day is based here in the US, and our loan approval process is almost instant. If consumers are approved, funds are transferred within 1 day.