EFP Unit 6 Lesson 3: Being unbanked
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8 Terms
Unbanked
To not have a bank account.
Underbanked
To have a bank account, but primarily use external financial sources.
The US region with the most unbanked households
South
The relationship between US region and unbanked households
The more rural and southern the area is, the less educated the people are about banking.
Auto title loans
Exchanging your vehicle’s title for a short-term loan, interest rate increases over time
Title loans
A loan that requires an asset as colateral
Pay day loan
A short-term, high interest loan that must be repaid on your next payday, most require pay stubs that show your income, risky.
Pawn shop loans
Exchanging an item of value for a short-term loan, interest rate increases over time