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  3. We usually think of payday lenders, pawn shops(典当行)and other high-cost loan

We usually think of payday lenders, pawn shops(典当行)and other high-cost loan

游客2024-04-04  28
问题     We usually think of payday lenders, pawn shops(典当行)and other high-cost loan operations as alternative forms of financing for people who are short of cash. But that’ s merely a false appearance: They couldn’ t operate without billions of dollars in cheap capital from the nation’ s biggest banks.
    It starts with some history: Back in the 1980s, the Main Street emergency lenders were fairly small and largely independent businesses. But then they started consolidating, looking for access to capital markets in order to deepen their liquidity and finance expansion. Cash America went public in 1987, and others followed. Banks took notice and started investing in what was becoming a profitable, highly reproducible franchise. The result is that while pawn shops and payday lenders charge high interest rates to borrowers, banks lend them money at standard business rates.
    The big high-cost lenders are up front about their dependence on Wall Street credit. " We depend on loans and cash management services from banks to operate our business," said Kansas-based QC Holdings in a 2012 filing. "If banks decide to stop making loans or providing cash management services to us, it could have a material adverse effect on our business, results of operations and financial condition. "
    But the banks themselves don’ t talk much about it—even though many of their executives sit on the boards of the companies, they keep rolling in cash. The irony is that some customers are driven to the high-cost loan industry precisely because they can’ t get credit through traditional channels. So the big banks benefit on both ends: They avoid taking on risky borrowers themselves , which preserves their reputations, while indirectly profiting off the exorbitant(过高的)interest the Main Street lenders charge.
    Reinvestment Partners, a North Carolina-based non-profit that advocates for the underbanked, put out a report Monday laying out how the system works and just how much money flows through it. "This paper is the kickoff point. Then go and make specific entreaties(恳求)to various banks, to find out why you think you’ re doing this, if you intend to keep doing this," says research director Adam Rust, who thinks bank sought to divest(放弃)high-cost lenders entirely.
    But high-cost lenders are entirely legal, and banks are disinclined to take their money out of circulation for debatable points of morality. So if that fails, Rust says he’ 11 ask the banks’ regulator, the Office of the Comptroller of the Currency to ban the practice of financing high-cost loans. That’s a tall order too, given that cutting small lenders off from the capital markets would effectively put them out of business altogether—which a regulator would think really carefully before doing. [br] What’ s the general point of view on payday lenders in this passage?
选项 A、They are substitutes for bank loans.
B、They will replace banks in the near future.
C、They are taking advantage of the borrowers.
D、They will be banned by the government.
答案 A
解析 根据题干中的关键词point of view，payday lenders，将本题定位于第1段。该段提到，人们通常认为发薪日贷款是一种替代性融资方式。故答案为A(它们是银行贷款的替代品)。B项(它们在不久后会取代银行)，文中没有提到而且也不太现实，故排除；C项(它们在利用借款人)，原文重点不在于贷款机构和借款人的关系，故排除；D项(它们会被政府禁止)，文章最后说政府是否禁止这些机构，仍需慎重考虑，所以是不确定事件，故排除。
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