Mainstream banks also offer payday-style loans
Carl Martineau stands next to his "home" -- his cloud-painted car -- as he participates in Occupy Walnut Creek along Main Street in Walnut Creek, Calif., on Wednesday, Nov. 9, 2011. Martineau is a user of payday lenders and is now switching to Wells Fargo's payday loan offering because the rates are slightly better, and the process is "more dignified" he said. (Susan Tripp Pollard/Staff)Tired of being buzzed into a storefront encased in bulletproof glass, Carl Martineau found a more dignified place to get a cash advance on his Social Security checks: a Berkeley branch of Wells Fargo Bank.
To California residents who just cannot make ends meet, the bank's polished decor looks so much more inviting than the gritty payday loan shops that offer bruising triple-digit interest rates in the state's poorest neighborhoods. However, mainstream financial institutions are increasingly peddling similar loans.
In California, payday lenders charge a 460 percent annual interest rate for a two-week cash advance on a borrower's pay or benefit check. The terms at major commercial banks are only slightly better -- an average of 365 percent for a 10-day cash advance.
"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."
Bank officials say low-income customers at times desperately need the cash advances. But they emphasize that they do not advise repeat borrowing because of the admittedly high cost of the product -- which banks say they do not heavily promote.
Yet Martineau, who lives in his Honda Civic and has relied on as many as five payday loans at a time from traditional shops, sees the bank as a new salvation. He has arranged his first Wells Fargo advance to begin in December.
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It describes payday-lending products — made in advance of anticipated wages — as fitting that bill. Critics of payday lending say the industry hooks the poor into a cycle of debt through a series of short-term cash loans, charging fees that they say
Banks have also made payday advances a lot more convenient. They can be arranged online or by phone 24 hours a day, seven days a week. Wells Fargo spokesman Ruben Pulido described his bank's Direct Deposit Advance program as "designed to help people
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