Comments on: Banks getting into PDL http://paydaypundit.org/2010/02/23/banks-getting-into-pdl/ News and Information About The Payday Lending Industry Tue, 15 Jun 2010 10:29:51 -0700 http://wordpress.org/?v=2.9 hourly 1 By: Mick http://paydaypundit.org/2010/02/23/banks-getting-into-pdl/comment-page-1/#comment-9717 Mick Tue, 23 Feb 2010 14:15:37 +0000 http://paydaypundit.org/?p=7478#comment-9717 "at annual rates of 120 percent if repaid in 30 days" That's a big "IF". You have to be on direct deposit to get it and they take their money first when your deposit hits. If you borrow the money on Wednesday and get your pay direct deposited on Friday and they take their money what does that do to the APR? 1,825%? Some of these banks have already been doing this for at least year or two. “at annual rates of 120 percent if repaid in 30 days”

That’s a big “IF”. You have to be on direct deposit to get it and they take their money first when your deposit hits. If you borrow the money on Wednesday and get your pay direct deposited on Friday and they take their money what does that do to the APR? 1,825%?

Some of these banks have already been doing this for at least year or two.

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