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Customer advocates dubbed the arrangement “rent-a-bank.”

Posted by / May 12, 2021 / Categories: funds joy loans payday loans online / -

Customer advocates dubbed the arrangement “rent-a-bank.”

That approach worked well for payday loan providers until federal banking regulators enacted guidelines discouraging banks from using the services of payday lenders.

By 2005, with all the “rent-a-bank” model really power down, payday loan providers began trying to find new methods for conducting business. Continue reading →