FDIC Says Pilot Program Offers Alternative to Payday Loans

FDIC Says Pilot Program Offers Alternative to Payday Loans

The FDIC has announced the results of a two-year pilot program designed to help banks offer alternatives to payday loans that would be “safe, affordable and feasible.” Under the test program, participating banks offered loans of up to $2,500 at maximum interest rates of 36% — instead of the 400% offered by some payday lenders. [More]