Alternative financial service

In New York City, these are called check-cashing stores, and they are legally exempted from the 25 percent criminal usury cap.

These alternative financial service providers are estimated to process about 280 million transactions per year, representing roughly $78 billion in revenue.

Alternative financial services in the United States,[1] [2] for example via payday loans, are more extensive than in some other countries, because the major banks in the U.S. are less willing to lend to people with marginal credit ratings than their counter parties in many other countries.

In the United Kingdom, alternative financial services include payday loans and money lending, the latter termed "home collected credit", "home credit" or "doorstep loans".

Organizations such as Debt on our Doorstep campaign for improved regulation.