Customers looking for an instant emergency loan no further need certainly to depend on a lender that is payday. Increasingly, banking institutions are providing whatever they call direct-deposit loans, offering clients use of advances that are short-term. But, customer beware. As they aren’t called pay day loans, they share a few of the same faculties.

Direct-deposit advance loans “operate and function just like payday advances, ” says Diane Standaert, a lawyer using the Center for Responsible Lending, the Durham, N.C., nonprofit attempting to prevent economic abuses. [Read more…]