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Do banks give payday loans/small loans for personal use?
#11
What I find strange is that people jump straight to payday loans and live the banks overdraft facilities. In my opinion that's why your bank does not offer payday loans. If you speak to them maybe ask if you can have an overdraft. If you don't have one, this is the best option. It is also better to pay of your overdraft when you can, so that you can have that facility in case of any emergency.
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#12
In my country (Philippines), they offer payday loans here. Usually termed as personal loans. The interest rate per annum ranges from 14-14.5%. With loan tenure of 1-3 years and the requirement for the minimum monthly income is a bit high that most common Filipino doesn't receive. But there's payday loans here.
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#13
I think that there's no bank offered payday loans I don't know why, yeah I'm just wondering also why?

So if you have some ideas guys share your ideas or thoughts I'm so curious about this also I check my bank if they had payday loan but sad to say there's none.
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#14
I never heard a bank offer for payday loan though they offer personal loan but usually not short term. The payment term usually is two years and the interest is at 4 - 7%. I just don't know what other banks offer.
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#15
(01-25-2018, 09:28 PM)AmieBotella Wrote: In my country (Philippines), they offer payday loans here. Usually termed as personal loans. The interest rate per annum ranges from 14-14.5%. With loan tenure of 1-3 years and the requirement for the minimum monthly income is a bit high that most common Filipino doesn't receive. But there's payday loans here.

I think you misinterpret the term "payday loan". "Payday" means that the loan is due to be paid off the next time you get your salary, meaning in two weeks or a month at most, depending on how often you get paid by your employer. Personal loans are not to be mistaken with payday loans. The former usually have longer terms and the amount you borrow is bigger.
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#16
I do my research in google but I can't find any bank that offer payday loans.

RHB Credit Cards,
Banks are missing out on payday loans. ... Payday lenders will give you a loan, but you must repay it in full out of your next paycheck. And they will typically charge you $15 for every $100 you borrow. Assuming a two-week repayment period, that works out to an annualized percentage rate (APR) of nearly 400%.

That statement comesfrom RHB credit cards so if you are interested just search it on google.
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#17
Large banks offering the service include Wells Fargo, U.S. Bank, Regions Bank and Fifth Third Bank. The average annual percentage rate on a bank payday loan is 225 to 300 percent, the study says. Banks that offer payday loans extract payments automatically from the borrowers' checking accounts on the next pay cycle.
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