World We Dare to Imagine Part 3: Equal Access to Financial Services Foundation
Nearly one in ten Americans lack access to a standard checking account, and nearly one in five rely on predatory payday lenders to make ends meet (The Atlantic). America’s poor lacks fair access to the rich banking infrastructure that the rest of the country leans on. This notion of financial inclusion is a popular talking point for addressing world issues, but is less talked about domestically. The lack of banking access in developing nations has long been a passion project for startups, aid organizations, and financiers looking to give back...But within the confines of an already developed banking system, the millions of Americans suffering from lack of access have been harder to see, and to reach. (The Atlantic). Payday loans pray on the poor. The average interest rate on an average payday loan is 391 percent (St. Louis Fed). Compare this to the average credit card interest rate, at around 17 percent, and the average personal loan, which is about 10 percent, and it is easy to ...