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Report Critiques Payday Advances, Encourages Role for Banks, Credit Unions

Report Critiques Payday Advances, Encourages Role for Banks, Credit Unions AMHERST, Mass. – Banks and credit unions will make cash which help their low- and middle-income clients by providing less expensive options to high-fee payday advances, based on Sheila Bair, a professor in the University of Massachusetts Amherst and writer of the report, “Low Cost payday advances: possibilities and hurdles.” The analysis ended up being funded because of the Annie E. Casey Foundation in Baltimore. “Payday loans are an extremely high-cost type of short-term credit,” Bair says. “The high costs…

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