Which of the following is considered a fringe bank?
A)Community Bank
B)Wholesale Bank
C)Merchant Bank
D)Payday Lender
E)None of the options are correct.

Question

Quizplus · Accepted Answer

Payday lenders are considered fringe banks as they specialize in providing small loans to individuals who may not have access to traditional banking options. These loans often come with high interest rates and fees, making them controversial in the financial industry. Community banks, wholesale banks, and merchant banks are all considered traditional banks.

Which of the Following Is Considered a Fringe Bank