Bank will include 33 branches

With nearly a couple of weeks until payday, Roberta Koert of Ferndale required $100 on the go to cover her phone bill. In place of face disconnection, she decided to go to check always `N carry on 10 Mile in Oak Park and had written a check for $116 in return for $100 in cash.

The expense of that two-week wage advance loan is the same as a approximately 400 % apr, but Koert does not think of it this way. To her, spending $16 for a fast loan is $34 lower than it might cost to have the telephone re-connected and $9 lower than her bank would charge for a check that is bounced.

That sort of high-priced but lending that is quick becoming typical locally and nationwide. Read More