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The astonishing logic behind the application of check cashers and pay day loans

Usually regarded as predatory, the check cashing industry is booming. Lisa Servon wondered why lower-income individuals who had been struggling would cash checks in place of finding a bank-account, therefore she took employment as a cashier to discover. Just just What she discovered -- it’s frequently cheaper -- may be the topic of her brand new guide, "The Unbanking of America." Economics correspondent Paul Solman reports.

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HARI SREENIVASAN:

Next: some cash is needed by you real fast?

Economics correspondent Paul Solman explores why, for many clients, the most useful bet may possibly not be the lender.

It is section of their regular series Making Sense of economic news.

JOE COLEMAN, President, RiteCheck:

And also this is East 138th Street, which in lots of ways could be the Wall Street associated with Bronx. You've got great deal of economic providers over the road, bodegas. You've got tiny cash remitters.

PAUL SOLMAN:

And there is a pawn store, maybe perhaps maybe not the type of financier you'll find regarding the real Wall Street.