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Alternative Financial Services

By Nivine Richie 

Banks aren't the only financial institutions that offer financial services. If you want to borrow money, you can use a rent-to-own store or a pawn shop. If you want to cash a check, you can use some store cashiers or a check cashing store.

Each type of institution has its benefits and its risks. While the benefits may be 24 hour access or loans in spit of poor credit, the risks include ever growing debt and very high costs.

This infographics describes some of the alternative financial services that are available today. In your opinion, how much should they be regulated? What are the benefits and risks associated with these non-bank banks?

Source: The Federal Reserve of St. Louis