Can Wal-Mart be a part of the solution, a free-market competitor to the loan sharks that prey on the working poor with ridiculously high interest rates?
Wal-Mart already has “MoneyCenters” in 1,000 of its U.S. stores, and the company said yesterday it plans to to add 400 more by the end of the year. The centers offer services like check cashing and bill pay that are often considered part of the broader “fringe banking” system. [...] Lots of those people go to local check-cashing outfits that often charge high fees. So Wal-Mart, which charges $3 to $6 cash a check, can be a good alternative, said Alejandra Lopez-Fernandini, who works for a New America Foundation program that aims to help low- and middle-income people build wealth.
Wednesday, April 7, 2010
Wal-Mart vs. Payday Lenders
Posted by Wes at 3:18 PM
Labels: Check cashers, Payday lenders, Payday loans, Wal-Mart
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