Fifth Third Gets Sued Again for Payday Loans

May 16, 2013
Cincinnati Business Courier  
payday lending news

Fifth Third Bancorp's payday lending product, Early Access, has drawn at least three lawsuits in the past nine months -- the latest from a Nashville, Tenn., man who says the bank overcharged him interest on the short-term advance. Plaintiff Brian Harrison says Fifth Third advertised an annual percentage rate of 120 percent for Early Access; but because he repaid the money within 14 days, his APR fell somewhere between 260 percent and 3,650 percent. Bank customers in Florida and in the Cleveland, Ohio, area filed similar litigation over Early Access fees in February and August, respectively. Fifth Third's Web site describes its payday loan product as "an expensive form of credit" and discloses that the 120 percent "transaction fee" -- not "interest rate" -- applies when the loan is resolved in a month.
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