US Bank launches pay day loan substitute for cash-strapped customers

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Most of us have actually unforeseen expenses. But also for the countless of us that are residing paycheck to paycheck, those unforeseen costs are difficult — if not that is impossible manage.

This week, U.S. Bancorp established an option that is new provide its customers a means away from this kind of bind: Simple Loan, which allows the bank’s checking account clients borrow between $100 and $1,000.

The first of a small-dollar credit choice by a sizable bank could express a difference in banking institutions getting back in a company they backed away from years ago. For customers, it may suggest another solution for their cash-flow plights.