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January 5, 2009

AFFIL appeared in this news article by John F. Wasik on January 5, 2009

Overdraft Bite

Wouldn’t it be easier to take advantage of many banks’ “overdraft loans”? After all, if you exceed what’s in your checking account, you are covered.

These loans also have a vicious bite, ranging from 100 percent to 3,000 percent annually, according to Americans for Fairness in Lending, a consumer group.

Can you get a better deal from a bank or credit union? Sure, if your credit is good enough for a low-interest loan. Generally, the higher your credit rating, the lower the finance cost.

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