Several consumer groups are gearing up to try and get major banks like Wells Fargo out of the pay day loan business. These groups say this is a recent development and people are assuming that since it’s a “Big” bank they will be alright. Most loans are in the 300 dollar range, and end up costing the customer $1200 !!
So no matter who offers these loans, please read whatever you’re signing and make them explain anything you dont understand.