Credit rating counseling agency states to check before leaping into high interest loans made available from banking institutions or pay day loan establishments.

By Joe Scott , Patch Staff

Oct 21, 2011 5:53 p m CT | Updated Oct 21, 2011 8:51 p m CT

A few St. Louis area banking institutions are receiving to the cash advance business, including U.S. Bank, areas Bank and Fifth Third Bank, in line with the St. Louis Post-Dispatch.

The banking institutions need that the individual taking out fully the mortgage has a bank checking account using them, has direct deposit and automated withdrawal for the loan, stated Thomas Fox, community outreach manager for Cambridge Credit Counseling Corp., a nonprofit agency.

The banking institutions are contending with storefront payday loan and check cashing services, recharging significantly reduced prices. They charge an upfront cost for a little loan of $100 to $500, which generally is planned become paid down within one to three months.

But Fox recommends calling a nonprofit credit guidance agency prior to taking down an online payday loan from a bank or perhaps a pay day loan establishment.

"Our objective would be to enable visitors to take over of the funds and discover techniques to assist on their own," Fox said. "We do a complete economic analysis, assist them to restructure financial obligation, find alternatives."

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