U.S. Bank’s statement this week that it’ll begin providing a fresh little installment loan may be the beginning of a brand new period — one in which regulated banking institutions and credit unions offer small-dollar loans that a lot of customers are able.

The mortgage features month-to-month payments that don’t exceed 5% of a borrower’s monthly earnings, with rates markedly less than the payday, pawn, automobile title or rent-to-own loans for that your effective yearly portion prices often top 300%. (more…)