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Kerri Miller and Elizabeth Shockman

What would happen if big banks competed with payday lenders?

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U.S. Bank announced a plan to start lending small, short-term loans between $100 and $1,000. The "Simple Loan" program gives current customers a quick way to cover a surprise expense, but it also gives U.S. Bancorp, U.S. Bank's parent company, the opportunity to compete with payday lenders.

Are programs like this a good option for people who need a quick hit of cash? Or should consumers look at these options with caution?

Kerri Miller spoke with the director of the Association for Black Economic Power, Me'lea Connelly, and journalist and author of "Broke USA: From Pawnshops to Poverty, INC: How the Working Poor Became Big Business," Gary Rivlin.

Use the audio player above to hear the full segment.