Thursday, April 13, 2017

Alternative banking

Trivia for you: there are more payday lenders in America than there are McDonalds and Starbucks combined, even though they are banned in 13 states.  Really interesting story over at Hit and Run: "How Payday Lenders and Check Cashers Help the Poor - An Ivy League professor went to work in the industry to figure out why so many Americans choose to remain "unbanked."."

Watch the video.  There's a reason there are so many payday lenders and check cashers: for a large number of people there's really no alternative for them at traditional banks.  They can't wait for the "float" of regular banks - they need cash now for a variety of reasons.

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