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U.S. Bank competes with payday lenders (access required)

In an attempt to encourage low-income people to use traditional banking rather than more costly alternatives such as payday lending, U.S. Bank has announced Simple Loan, a short-term, small-dollar lending program. With Simple Loan, U.S. Bank checking account customers can borrow between $100 and $1,000, the company said. Repayment takes place over three months via three ...

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