People Union Bank in Shelbyville, Ky., is just one of the banking institutions taking part in the FDIC system.

People Union Bank in Shelbyville, Ky., is just one of the banking institutions taking part in the FDIC system. “We were simply because numerous ( of y our customers) had been planning to payday lenders and having to pay ridiculously high interest levels and costs, ” says Kimberly Davis, very first vice president of advertising and item development at people Union Bank. “Our bank had been seeking to take action in an attempt to assist folks from being taken advantageous asset of. ” Whilst the small-dollar loans provided by banks like people Union range from the exact same relaxed credit criteria as conventional payday advances, they will have a lowered rate of interest (18 % at people Union) with no closing fees or concealed costs such as for instance prepayment charges, Davis states. “Our system also calls for the debtor to deposit 5 per cent of the borrowings into a checking account to help them begin hopefully a cost cost savings...
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