seems to me they can keep you trapped in the decline mode while steering you to payday lenders thereby getting money from you without ever approving you for a traditional loan
Do big banks own any payday lenders?
They do actually. It's a new trend. Both of the banks that I bank with - Wells Fargo and Bank of America offer payday advances. They are offered only to established customers of their bank and the amounts are determined by the amount of income you have regularly deposited into that account.
As with any payday advance, it should be avoided like the black plague and never touched. Even with these two large financial institutions, their fees and interest charges are outrageous.
If you don't have the money now for something (including emergencies) what makes you think you'll have it later to pay back?
Do big banks own any payday lenders?
I am not aware of any major banks owning a payday lender. The loss rates of payday lenders are too high for a major corporations to invest in such a service. This type of lending is left to specialized companies that plunder the poor and stupid.
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