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Continued: Wells Fargo, U.S. Bank drop payday loans

  • Article by: JENNIFER BJORHUS , Star Tribune
  • Last update: January 18, 2014 - 11:03 PM

Rust said some of the banks are re-evaluating those commercial loans.

 

Jennifer Bjorhus • 612-673-4683

  • Bank payday loans

    Median size loan: $180

    Median loan length: 12 days

    Typical fee: $10 per $100 borrowed

    Typical APR: 304 percent

    Repetition: More than half of deposit advance users take advances totaling more than $3,000 in a year.

    Median monthly deposit of borrowers: $2,996

    Source: Consumer Financial Protection Bureau

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