Millions of Americans run to the bank or visit automated teller machines when they need cash. They use credit cards when they want to buy clothes, VCRs, or television sets.
But there is an underclass — people with low incomes and no credit history — who visit their neighborhood pawnshops when they need cash or a loan.
An estimated 20 percent of the US population has no bank account, more than half of this group don’t have credit cards and cannot get bank loans.
"These people are borrowing an average of $50," said John P. Caskey of Swarthmore College in Swarthmore, Pennsylvania. "If you add up in terms of how much dollar value pawnshops provide, they don’t look very important. If you add up how much of the population they serve or the number of loans they make, they are important."
Because they make loans, pawnshops are a type of bank, often calling themselves "the bank of the little people".
A. roughly 20 percent.
B. more than 10 percent.
C. less than 10 percent.
D. not mentioned in the passage.
Millions of Americans run to the bank or visit automated teller machines when they need cash. They use credit cards when they want to buy clothes, VCRs, or television sets.
But there is an underclass — people with low incomes and no credit history — who visit their neighborhood pawnshops when they need cash or a loan.
An estimated 20 percent of the US population has no bank account, more than half of this group don’t have credit cards and cannot get bank loans.
"These people are borrowing an average of $50," said John P. Caskey of Swarthmore College in Swarthmore, Pennsylvania. "If you add up in terms of how much dollar value pawnshops provide, they don’t look very important. If you add up how much of the population they serve or the number of loans they make, they are important."
Because they make loans, pawnshops are a type of bank, often calling themselves "the bank of the little people".
A. Credit Cards for the Poor.
B. Banks for the Poor.
C. Pawnshops Vs, Banks.
D. Commercial Banks.
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