Banks in the United States are poised to make $38.5 billion in customer overdraft fees this year during the worst economic climate since the great depression, the Financial Times said, citing research by Moebs Services. A large portion of the revenue is likely to come from the most financially stretched consumers, according to the paper.

Speedy Cash is helping thousands of consumers in this economy manage their finances better and avoid the increased fees banks and credit card companies are charging. A simple cash advance or payday loan from Speedy Cash helps the average consumer save hundreds of dollars per ... Continue Reading

New Study Finds 4,547% Interest Rates on Bounce Protection Loans

WASHINGTON, DC – The median interest rate on bounce protection loans is in excess of twenty times that of payday loans concludes a study by Mark A. Fusaro, Department of Economics, East Carolina University.  
 
The independent study, “Hidden Consumer Loans: An Analysis of Implicit Interest Rates on Bounced Checks,” finds that “Payday lending attracts attention for its high interest rates, but bounce protection loans are much more expensive. When the amount borrowed is low and the time outstanding is short, the effective interest rate paid on this loan can ... Continue Reading