US Bank Launches Simple Loan To Compete With Payday Lenders
Summary
Going forward, U.S. Bank depositors will be able to tap into an online, digital lending product aimed at offering a small cash infusion to solve near-term problems.Called Simple Loan, the new product puts the nation’s largest regional bank in direct competition with payday, title and other short-term lenders .“I applaud Comptroller [Joseph] Otting’s move to encourage national banks and federal savings associations to offer short-term, small-dollar installment loans,” said CFPB Acting Director Mick Mulvaney at the time.But in the mobile age, digital processes and automation of underwriting have made it possible for U.S. Bank to offer loans to consumers in need, while at the same time making money on the product itself.Recommended for you JUUL Files Lawsuit Against 30 Entities For Selling Fake Products Grab Inks Payments Deal With Vietnam’s Moca Technology And Service PayPal Releases Funds Now For Small Businesses