And again we ask, how is this different from what CFSA says? We have always promoted responsible use of the payday advance product, and even go as far to say in the Your Guide brochure handed out at our Member Company stores (both in English and Spanish): “Never use payday advances as a long-term solution for financial challenges.” Continued from the Las Vegas Review Journal story just posted:

“This is an expensive form of credit that is designed to be a short-term loan,” Messick said. “We don’t want them to use this to try and solve their long-term financial situation.”

Comes from a spokesperson from a CFSA Member Company, when commenting on banks entering into the payday loan arena, featured in this Las Vegas Review Journal article.

“There is a growing need for access to short-term credit,” said Jaime Fulmer, an Advance America spokesman. “Credit unions and banks offering short-term loans is a reflection of consumer demand.”

Truth is, though, that they’ve been offering direct deposit advances for quite some time (and Wells Fargo isn’t the only one).

“We have been offering these loans for a while,” said Richele Messick, a Wells Fargo spokeswoman. “To be eligible, you have to be an established Wells Fargo checking customer with recurring direct deposit or a tax refund.”