Final answer:
Payday lenders and check cashing firms offer quick access to funds, check cashing without a bank account, and loans with high interest rates compared to banks and credit unions.
Explanation:
Payday lenders and check cashing firms provide services not offered by banks and credit unions:
- Check cashing without a bank account: Payday lenders and check cashing firms allow individuals to cash checks without needing a bank account, which is often not offered by traditional banks.
- Loans with high interest rates: Payday lenders typically provide quick loans, but these come with high-interest rates compared to banks and credit unions.
- Quick access to funds: These firms offer immediate access to cash, which may not be available at banks due to processes and regulations.
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