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What services do payday lenders and check cashing firms provide that are NOT provided by banks and credit unions?

A. Check cashing without a bank account
B. Loans with low interest rates

Sagot :

GinnyAnsweridn

Final answer:

Payday lenders and check cashing firms offer quick access to funds, check cashing without a bank account, and loans with high interest rates compared to banks and credit unions.


Explanation:

Payday lenders and check cashing firms provide services not offered by banks and credit unions:

  • Check cashing without a bank account: Payday lenders and check cashing firms allow individuals to cash checks without needing a bank account, which is often not offered by traditional banks.
  • Loans with high interest rates: Payday lenders typically provide quick loans, but these come with high-interest rates compared to banks and credit unions.
  • Quick access to funds: These firms offer immediate access to cash, which may not be available at banks due to processes and regulations.

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