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Fifth Third Bank Early Access product gives alternative to cash advance, though at high APR

GENESEE COUNTY, Michigan —

One area bank is providing its “good standing” bank checking account clients a substitute for the cash advance having its very very very own short-term loan product.

Nonetheless it still comes at a higher cost.

A hefty APR to borrow money this way while the fees for Fifth Third Bank’s Early Access program are lower than the annual percentage rates of payday loans, you’ll pay.

5th Third, which rolled out of the item in Michigan fall that is last states the loans all the way to $500 once per month have an APR of 120 %. APR may be the price of credit provided being a annual price.

“This is certainly not supposed to be a predatory item, this really is supposed to be, especially in their state of Michigan, an item which will help down in an urgent situation situation on a short-term foundation, ” said Jack Riley, a spokesman for Fifth Third in Southeast Michigan, which include of a half dozen places in Genesee County. The financial institution also offers places in Saginaw, Bay and Midland counties.

Your payment regarding the advance comes as soon as your next direct deposit with a minimum of $100 hits your bank account, or even the bank will withdraw the total amount due at 35 times if no direct deposit has also come in.

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