The correct answer is a check cashing company and payday loan company.
Further Explanation:
These types of companies have high interest rates for the people who use their services. Many people who use services like this may not have the best credit or do not have their own financial organization.
In most cases, a check cashing company/payday loan company will charge up to 20$ per each hundred borrowed. The interest rates will vary depending on the lender but they range from 300% to 600%. If a person has to use a payday lender, it is important to pay off the debt as soon as possible and not renew the loan or more fees will be incurred.
