Tbilisi, in some countries still known by its pre-1936 international designation Tiflis, is the capital and the largest city of Georgia, lying on the banks of the Kura River with a population of 1.5 million people. Founded in the 5th century AD by Vakhtang I of Iberia, since Tbilisi served as the capital of various Georgian kingdoms and republics. Between 1801 and 1917 part of the Russian Empire, Tbilisi was the seat of the Imperial Viceroy, governing both Southern and Northern Caucasus; because of its location on the crossroads between Europe and Asia, its proximity to the lucrative Silk Road, throughout history Tbilisi was a point of contention among various global powers. The city's location to this day ensures its position as an important transit route for various energy and trade projects. Tbilisi's diverse history is reflected in its architecture, a mix of medieval, Beaux Arts, Art Nouveau and the Modern structures. Tbilisi has been home to people of multiple cultural and religious backgrounds, though it is overwhelmingly Eastern Orthodox Christian.
Its notable tourist destinations include cathedrals Sameba and Sioni, Freedom Square, Rustaveli Avenue and Agmashenebeli Avenue, medieval Narikala Fortress, the pseudo-Moorish Opera Theater, the Georgian National Museum. The name Tbilisi derives from Old Georgian t′bilisi, further from tpili; the name T′bili or T′bilisi was therefore given to the city because of the area's numerous sulphuric hot springs. Until 1936, the name of the city in English and most other languages was Tiflis, while the Georgian name was ტფილისი. On 17 August 1936, by order of the Soviet leadership, the official Russian names of various cities were modified to more match the local language. In addition, the Georgian-language form T′pilisi was modernized on the basis of a proposal by Georgian linguists; this form was the basis for a new official Russian name. Most other languages have subsequently adopted the new name form, but some language such as Turkish, Persian and German have retained a variation of Tiflis. On 20 September 2006, the Georgian parliament held a ceremony celebrating the 70th anniversary of the renaming.
Some of the traditional names of Tbilisi in other languages of the region have different roots. The Ossetian name Калак derives from the Georgian word ქალაქი meaning "town". Chechen and Ingush names for the city use a form similar to or the same as their names for the country of Georgia as does the historical Kabardian name, while Abkhaz Қарҭ is from the Mingrelian ქართი. Archaeological studies of the region have indicated human settlement in the territory of Tbilisi as early as the 4th millennium BC. According to legend, the present-day territory of Tbilisi was covered by forests as late as 458. One accepted variant of Tbilisi foundation myth states that King Vakhtang I of Iberia went hunting in the wooded region with a falcon; the King's falcon caught or injured a pheasant during the hunt, after which both birds fell into a nearby hot spring and died from burns. King Vakhtang became so impressed with the hot springs that he decided to clear the forest and build a city on the location. King Dachi of Iberia, the successor of Vakhtang I, moved the capital of Iberia from Mtskheta to Tbilisi.
During his reign began construction of the fortress wall that lined the city's new boundaries. From the 6th century, Tbilisi grew at a steady pace due to the region's strategic location along important trade and travel routes between Europe and Asia. Tbilisi's favorable trade location, did not bode well for its survival. Located strategically in the heart of the Caucasus between Europe and Asia, Tbilisi became an object of rivalry among the region's various powers such as the Roman Empire, Sassanid Persia, the Byzantine Empire, the Seljuk Turks; the cultural development of the city was somewhat dependent on who ruled the city at various times, although Tbilisi was cosmopolitan. From 570–580, the Persians ruled the city until 627, when Tbilisi was sacked by the Byzantine/Khazar armies and in 736–738, Arab armies entered the town under Marwan II. After this point, the Arabs established. In 764, Tbilisi – still under Arab control – was once again sacked by the Khazars. In 853, the armies of Arab leader Bugha Al-Turki invaded Tbilisi in order to enforce its return to Abbasid allegiance.
The Arab domination of Tbilisi continued until about 1050. In 1068, the city was once again sacked, only this time by the Seljuk Turks under Sultan Alp Arslan. In 1121, after heavy fighting with the Seljuks, the troops of the King of Georgia David IV of Georgia besieged Tbilisi, which ended in 1122 and as a result David moved his residence from Kutaisi to Tbilisi, making it the capital of a unified Georgian State and thus inaugurating the Georgian Golden Age. From 12–13th centuries, Tbilisi became a regional power with a thriving economy and astonishing cultural output. By the end of the 12th century, the population of Tbilisi had reached 100,000; the city became an important literary and a cultural center not only for Georgia but for the Eastern Orthodox world of the time. During Queen Tamar's reign, Shota Rustaveli worked in Tbilisi while writing his legendary epic poem, The Knight in the Panther's Skin
HSBC Finance Corporation is a financial services company and a member of the British HSBC Group. It is the sixth-largest issuer of Visa credit cards in the United States. HSBC Finance Corporation was formed from the legal entity, known as Household International, is now expanding its consumer finance model via the HSBC Group to Brazil, India and elsewhere. HSBC Finance Corporation’s subsidiaries provide real estate secured loans, auto finance loans, MasterCard and Visa credit card loans, private label credit cards, personal non-credit card loans and specialty insurance products to middle-market consumers. Household Finance Corp. was founded in 1878 by Frank J. Mackey of Minnesota, it claims that in 1895 it was the first financial company to offer the installment plan, under which a consumer loan could be repaid through a regular monthly amount rather than a lump sum on the due date. It was restructured in 1981 under a holding company named Household International Inc. and, in 1998, it acquired Beneficial Corporation.
Household International was a provider of consumer loans and credit cards in the United States and the United Kingdom. In October 2002, Household International settled for US$486 million charges of predatory lending by attorneys general in 46 U. S. states. On November 14, 2002, HSBC announced the acquisition of Household International Inc for a total value of US$15.3 billion. On March 28, 2003, HSBC acquired Household International, merged in 2005 with a subsidiary company that became the HSBC Finance Corp. Household International CEO William Aldinger became the highest-paid director in the United Kingdom before announcing his departure in February 2005. On March 2, 2009, HSBC chairman Stephen Green said that, in retrospect, HSBC should not have acquired Household International. In August 2005, HSBC-N. A. announced plans to acquire Metris Companies, Inc, a credit card issuer to the U. S. middle market segment. The deal is an all-cash transaction worth close to US$2 billion. HSBC will insert the Metris product line including the American DreamCard into the HSBC-NA credit card family of products.
In 2009, HSBC Finance Corporation announced the discontinuation of loan originations of all products by its Consumer Lending business, but continue to service and collect the existing receivable portfolio as it runs off, while continuing efforts to reach out and assist mortgage customers with their loan repayments and home preservation. The Consumer Lending branch offices, branded in the US as HFC and Beneficial, had ceased taking new loan applications as soon as practical and all branch offices will be closed as soon as commitments to customers are satisfied. In 2010, HSBC Finance sold its auto loan units to Santander Consumer USA. On August 10, 2011, Capital One Financial Corp announced that it will buy the U. S. credit card arm of Britain’s HSBC for a premium of about US$2.6 billion as a way to expand its domestic credit card business. The acquisition includes the HSBC unit’s US$30 billion credit card portfolio; the sale of the U. S. credit card division came a little more than a week after HSBC announced that it will sell half its retail branches in the United States.
That included the sale of 195 branches in New Connecticut to First Niagara Financial Group. HSBC said the two actions are part of its plan to make HSBC a more internationally focused business, but reassured that the U. S. is still considered a key market in its strategy. HSBC and Capital One said that they expect no immediate changes to the credit card programs and operations. HSBC customers will see no near-term service changes and should be able to use their credit cards like normal. In 2013, HSBC Finance sold its US consumer loans to Springleaf Financial and Newcastle Investment Corp. In April 2015, HSBC Finance was reported as having accidentally uploaded information on United States customers' mortgages, including social security numbers and telephone numbers, to a publicly accessible webserver, subsequently indexed by Google search; the data included information from a large number of HSBC Finance's subsidiary firms. HSBC Finance Corporation has a Canadian operation. Since the HSBC acquisition the Canadian subsidiary works closely with HSBC Bank Canada.
The unit offers mortgages, personal loans and insurance through 75 branches in 10 provinces and via merchant relationship with stores such as The Brick, Henry's, Arctic Cat. HSBC Finance Canada ceased operations on March 21, 2012. 75 branches were closed and 500 staff members laid off. HSBC Finance will continue to service existing lending products through its contact center network. An announcement on HSBC Finance Retail Services and what will happen to those accounts, is still to come. In the United Kingdom, HFC Bank is a sub-prime consumer lender, its branch network consisted of around 125 Beneficial Finance branches. Since Household International's acquisition by HSBC, HFC Bank has worked closely with HSBC Bank plc for cross-selling purposes. HFC provides retail finance for stores such as John Lewis, Currys & PC World. In October 2007, the Marbles & Beneficial branded. In January 2008, the Financial Services Authority fined HFC £1,085,000, for failing to take reasonable care in its sale of Payment Protection Insurance.
Beneficial Finance is renowned for its predatory sales tactics. In June 2009, HSBC announced that 100 branches would be closed, including all six in Scotland, with all branches closing the following month; the remaining branches would be closed to new business, eve
An investment bank is a financial services company or corporate division that engages in advisory-based financial transactions on behalf of individuals and governments. Traditionally associated with corporate finance, such a bank might assist in raising financial capital by underwriting or acting as the client's agent in the issuance of securities. An investment bank may assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, FICC services. Most investment banks maintain prime brokerage and asset management departments in conjunction with their investment research businesses; as an industry, it is broken up into the Bulge Bracket, Middle Market, boutique market. Unlike commercial banks and retail banks, investment banks do not take deposits. From the passage of Glass–Steagall Act in 1933 until its repeal in 1999 by the Gramm–Leach–Bliley Act, the United States maintained a separation between investment banking and commercial banks.
Other industrialized countries, including G7 countries, have not maintained such a separation. As part of the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010, the Volcker Rule asserts some institutional separation of investment banking services from commercial banking. All investment banking activity is classed as either "sell side" or "buy side"; the "sell side" involves trading securities for cash or for other securities, or the promotion of securities. The "buy side" involves the provision of advice to institutions. Private equity funds, mutual funds, life insurance companies, unit trusts, hedge funds are the most common types of buy-side entities. An investment bank can be split into private and public functions with a Chinese wall separating the two to prevent information from crossing; the private areas of the bank deal with private insider information that may not be publicly disclosed, while the public areas, such as stock analysis, deal with public information. An advisor who provides investment banking services in the United States must be a licensed broker-dealer and subject to U.
S. Securities and Exchange Commission and Financial Industry Regulatory Authority regulation; the Dutch East India Company was the first company to issue bonds and shares of stock to the general public. It was the first publicly traded company, being the first company to be listed on an official stock exchange; the Dutch helped lay the foundations of the modern practice of investment banking. Investment banking has changed over the years, beginning as a partnership firm focused on underwriting security issuance, i.e. initial public offerings and secondary market offerings and mergers and acquisitions, evolving into a "full-service" range including securities research, proprietary trading, investment management. In the 21st century, the SEC filings of the major independent investment banks such as Goldman Sachs and Morgan Stanley reflect three product segments: investment banking, asset management, trading and principal investments. In the United States, commercial banking and investment banking were separated by the Glass–Steagall Act, repealed in 1999.
The repeal led to more "universal banks" offering an greater range of services. Many large commercial banks have therefore developed investment banking divisions through acquisitions and hiring. Notable large banks with significant investment banks include JPMorgan Chase, Bank of America, Credit Suisse, Deutsche Bank, UBS, Barclays. After the financial crisis of 2007–08 and the subsequent passage of the Dodd-Frank Act of 2010, regulations have limited certain investment banking operations, notably with the Volcker Rule's restrictions on proprietary trading; the traditional service of underwriting security issues has declined as a percentage of revenue. As far back as 1960, 70% of Merrill Lynch's revenue was derived from transaction commissions while "traditional investment banking" services accounted for 5%. However, Merrill Lynch was a "retail-focused" firm with a large brokerage network. Investment banking is split into front office, middle office, back office activities. While large service investment banks offer all lines of business, both "sell side" and "buy side", smaller sell-side investment firms such as boutique investment banks and small broker-dealers focus on investment banking and sales/trading/research, respectively.
Inns issuing securities and investors buying securities. For corporations, investment bankers offer information on when and how to place their securities on the open market, an activity important to an investment bank's reputation. Therefore, investment bankers play a important role in issuing new security offerings. Front office is described as a revenue-generating role. There are two main areas within front office: investment banking and markets Investment banking involves advising organizations on mergers and acquisitions, as well as a wide array of capital raising strategies. Markets is divided into "sales and trading", "research". Corporate finance is the aspect of investment banks, which involves helping customers raise funds in capital markets and giving advice on mergers and acquisitions
High Street is a metonym for the concept of the primary business street of towns or cities in the United Kingdom and Commonwealth of Nations. To distinguish it from "centres" of nearby places it is preceded unofficially by the name of its settlement. In a town it implies the focal point for business shops and street stalls in town and city centres; as a generic shorthand presupposed upon linear settlements it may be used to denote more precise concepts such as the urban retail sector, town centre sectors of employment, all small shops and services outlets and wider concepts taking in social concepts. The number of High Streets reached a peak in Victorian England. Since the 20th-century, the prosperity of High Streets has been in decline, forcing many shop closures and prompting the UK Government to consider initiatives to reinvigorate and preserve the High Street. High Street is the most common street name in the UK, which according to a 2009 statistical compilation has 5,410 High Streets, 3,811 Station Roads and 2,702 Main Streets.
The smallest High Street in Britain is located in the small market town of Holsworthy in Devon. The street itself consists of only three shops. In Middle English the word "high" denoted a meaning of excellence or superior rank. "High" applied to roads as they improved: "highway" was a new term taken up by the church and their vestries to during the 17th century as a term for all public roads between settlements. From the 19th-century, which saw a proliferation in the number of public roads, in countries using the term motorway, the term highway fell out of common speech and was supplanted by the legal definition, denoting any public road, as in the Highway Code, thus the term "High Street" assumed a different meaning. In Britain, the term, ` High Street', has both a specific meaning. People refer to shopping on the high street when they mean the main retail precinct, but refer to shopping on the High Street when they mean a specific street carrying the name of High Street or one of its variants.
Many British colonies, including Canada and New Zealand, adopted the term to refer to the main retail shopping precinct in a given city or town. In Britain, some 3,000 streets called "High Street" and about 2,300 streets with variations on the name have been identified, giving a grand total of 5,300. Of these, more than 600 High Streets are located in London's boroughs. Following the Great Fire of London, the city of London was rebuilt. New planning laws, governing rebuilding, designated four types of street based on the size of their carriageways and the types of buildings. Shops were permitted in the principal street or'high street', but not in the by-lanes or back streets; this may have been based on the need for high visibility in order to regulate retail trade, as well as to avoid congestion in the narrow lanes and back streets. Accordingly, from the 17th-century, the term "High Street" assumed a narrower meaning and came to describe thoroughfares with significant retail in large villages and towns.
In the late 17th and 18th-centuries, the number of High Streets increased markedly. The 19th-century was a "golden era" for High Street shops; the rise of the middle class in Victorian England contributed to a more favourable attitude to shopping and consumption. Shopping centres became the places to see and be seen - places for recreational shopping and promenading. By the 20th century, the viability of high streets began to decline. In the second half of the 20th-century, traditional British High Street precincts came under pressure from out-of-town shopping malls, with the balance shifting towards the latter. In the late 20th-century and mortar retailers confronted another major threat - from online retailers operating in a global marketplace. To confront this threat, High Street precincts have been forced to evolve - some have become smaller as shops shut their doors, others have become more like social spaces with a concentration of retail services including cafes and entertainment venues while yet others have positioned themselves as more up-market shopping precincts with a preponderance of stores selling luxury branded goods.
In the United Kingdom geographic concentration of goods and services has reduced the share of the economy contributed to by workers in the high street. High street refers to only a part of commerce; the town centre in many British towns combines a group of outdoor shopping streets, with an adjacent indoor shopping centre. High Streets through the centuries Initiatives to preserve the traditional British High Street are evident. Research into the customer's shopping preferences and patterns reveals that the continued vitality of towns is predicated on a number of different variables. Research has highlighted the ongoing challenges faced by towns and cities and suggested that "he town centre serves not only social, utilitarian or hedonic shopping purposes but supports out-of-hours entertainment and leisure services; the way that consumers perceive and use town centres has fundamentally changed." In order to address the issues threatening the sustainability of towns it is important to consider consumer behaviour and customer experience.
This is in line with research that proposes that for high street retail to thriv
Scotland is a country, part of the United Kingdom. Sharing a border with England to the southeast, Scotland is otherwise surrounded by the Atlantic Ocean to the north and west, by the North Sea to the northeast and by the Irish Sea to the south. In addition to the mainland, situated on the northern third of the island of Great Britain, Scotland has over 790 islands, including the Northern Isles and the Hebrides; the Kingdom of Scotland emerged as an independent sovereign state in the Early Middle Ages and continued to exist until 1707. By inheritance in 1603, James VI, King of Scots, became King of England and King of Ireland, thus forming a personal union of the three kingdoms. Scotland subsequently entered into a political union with the Kingdom of England on 1 May 1707 to create the new Kingdom of Great Britain; the union created a new Parliament of Great Britain, which succeeded both the Parliament of Scotland and the Parliament of England. In 1801, the Kingdom of Great Britain and Kingdom of Ireland enacted a political union to create a United Kingdom.
The majority of Ireland subsequently seceded from the UK in 1922. Within Scotland, the monarchy of the United Kingdom has continued to use a variety of styles and other royal symbols of statehood specific to the pre-union Kingdom of Scotland; the legal system within Scotland has remained separate from those of England and Wales and Northern Ireland. The continued existence of legal, educational and other institutions distinct from those in the remainder of the UK have all contributed to the continuation of Scottish culture and national identity since the 1707 union with England; the Scottish Parliament, a unicameral legislature comprising 129 members, was established in 1999 and has authority over those areas of domestic policy which have been devolved by the United Kingdom Parliament. The head of the Scottish Government, the executive of the devolved legislature, is the First Minister of Scotland. Scotland is represented in the UK House of Commons by 59 MPs and in the European Parliament by 6 MEPs.
Scotland is a member of the British–Irish Council, sends five members of the Scottish Parliament to the British–Irish Parliamentary Assembly. Scotland is divided into councils. Glasgow City is the largest subdivision in Scotland in terms of population, with Highland being the largest in terms of area. "Scotland" comes from the Latin name for the Gaels. From the ninth century, the meaning of Scotia shifted to designate Gaelic Scotland and by the eleventh century the name was being used to refer to the core territory of the Kingdom of Alba in what is now east-central Scotland; the use of the words Scots and Scotland to encompass most of what is now Scotland became common in the Late Middle Ages, as the Kingdom of Alba expanded and came to encompass various peoples of diverse origins. Repeated glaciations, which covered the entire land mass of modern Scotland, destroyed any traces of human habitation that may have existed before the Mesolithic period, it is believed the first post-glacial groups of hunter-gatherers arrived in Scotland around 12,800 years ago, as the ice sheet retreated after the last glaciation.
At the time, Scotland was covered in forests, had more bog-land, the main form of transport was by water. These settlers began building the first known permanent houses on Scottish soil around 9,500 years ago, the first villages around 6,000 years ago; the well-preserved village of Skara Brae on the mainland of Orkney dates from this period. Neolithic habitation and ritual sites are common and well preserved in the Northern Isles and Western Isles, where a lack of trees led to most structures being built of local stone. Evidence of sophisticated pre-Christian belief systems is demonstrated by sites such as the Callanish Stones on Lewis and the Maes Howe on Orkney, which were built in the third millennium BCE; the first written reference to Scotland was in 320 BC by Greek sailor Pytheas, who called the northern tip of Britain "Orcas", the source of the name of the Orkney islands. During the first millennium BCE, the society changed to a chiefdom model, as consolidation of settlement led to the concentration of wealth and underground stores of surplus food.
The first Roman incursion into Scotland occurred in 79 AD. After the Roman victory, Roman forts were set along the Gask Ridge close to the Highland line, but by three years after the battle, the Roman armies had withdrawn to the Southern Uplands; the Romans erected Hadrian's Wall in northern England and the Limes Britannicus became the northern border of the Roman Empire. The Roman influence on the southern part of the country was considerable, they introduced Christianity to Scotland. Beginning in the sixth century, the area, now Scotland was divided into three areas: Pictland, a patchwork of small lordships in central Scotland; these societies were based on the family unit and had sharp divisions in wealth, although the vast majority were poor and worked full-time in subsistence agriculture. The Picts kept slaves through the ninth century. Gaelic influence over Pictland and Northumbria was facilitated by the large number of Gaelic-speaking clerics working as missionaries. Operating in the sixth ce
Foreign exchange market
The foreign exchange market is a global decentralized or over-the-counter market for the trading of currencies. This market determines the foreign exchange rate, it includes all aspects of buying and exchanging currencies at current or determined prices. In terms of trading volume, it is by far the largest market in the world, followed by the Credit market; the main participants in this market are the larger international banks. Financial centers around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. Since currencies are always traded in pairs, the foreign exchange market does not set a currency's absolute value but rather determines its relative value by setting the market price of one currency if paid for with another. Ex: US$1 is worth X CAD, or CHF, or JPY, etc; the foreign exchange market operates on several levels. Behind the scenes, banks turn to a smaller number of financial firms known as "dealers", who are involved in large quantities of foreign exchange trading.
Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the "interbank market". Trades between foreign exchange dealers can be large, involving hundreds of millions of dollars; because of the sovereignty issue when involving two currencies, Forex has little supervisory entity regulating its actions. The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states Eurozone members, pay Euros though its income is in United States dollars, it supports direct speculation and evaluation relative to the value of currencies and the carry trade speculation, based on the differential interest rate between two currencies. In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency; the modern foreign exchange market began forming during the 1970s.
This followed three decades of government restrictions on foreign exchange transactions under the Bretton Woods system of monetary management, which set out the rules for commercial and financial relations among the world's major industrial states after World War II. Countries switched to floating exchange rates from the previous exchange rate regime, which remained fixed per the Bretton Woods system; the foreign exchange market is unique because of the following characteristics: its huge trading volume, representing the largest asset class in the world leading to high liquidity. As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks. According to the Bank for International Settlements, the preliminary global results from the 2016 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.09 trillion per day in April 2016.
This is down from $5.4 trillion in April 2013 but up from $4.0 trillion in April 2010. Measured by value, foreign exchange swaps were traded more than any other instrument in April 2016, at $2.4 trillion per day, followed by spot trading at $1.7 trillion. The $5.09 trillion break-down is as follows: $1.654 trillion in spot transactions $700 billion in outright forwards $2.383 trillion in foreign exchange swaps $96 billion currency swaps $254 billion in options and other products Currency trading and exchange first occurred in ancient times. Money-changers were living in the Holy Land in the times of the Talmudic writings; these people used city stalls, at feast times the Temple's Court of the Gentiles instead. Money-changers were the silversmiths and/or goldsmiths of more recent ancient times. During the 4th century AD, the Byzantine government kept a monopoly on the exchange of currency. Papyri PCZ I 59021, shows the occurrences of exchange of coinage in Ancient Egypt. Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food and raw materials.
If a Greek coin held more gold than an Egyptian coin due to its size or content a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods. This is why, at some point in their history, most world currencies in circulation today had a value fixed to a specific quantity of a recognized standard like silver and gold. During the 15th century, the Medici family were required to open banks at foreign locations in order to exchange currencies to act on behalf of textile merchants. To facilitate trade, the bank created the nostro account book which contained two columned entries showing amounts of foreign and local currencies. During the 17th century, Amsterdam maintained an active Forex market. In 1704, foreign exchange took place between agents acting in the interests of the Kingdom of Englan
Alternative financial service
An alternative financial service is a financial service provided outside traditional banking institutions, on which many low-income individuals depend. In developing countries, these services take the form of microfinance. In developed countries, the services may be similar to those provided by banks and include payday loans, rent-to-own agreements, refund anticipation loans, some subprime mortgage loans and car title loans, non-bank check cashing, money orders, money transfers, it includes traditional moneylending by door-to-door collection. In New York City, these are called check-cashing stores, they are exempted from the 25 percent criminal usury cap. Alternative financial services are provided by non-bank financial institutions, although person-to-person lending and crowd funding play a role; these alternative financial service providers are estimated to process about 280 million transactions per year, representing $78 billion in revenue. Customers include the unbanked. Alternative financial services in the United States, for example via payday loans, are more extensive than in some other countries, because the major banks in the U.
S. are less willing to lend to people with marginal credit ratings than their counterparts in many other countries. In the United Kingdom, alternative financial services include payday loans and money lending, the latter termed "home collected credit" or "home credit". Organizations such as Debt on our Doorstep campaign for improved regulation. Poverty industry Loan shark Overdraft protection loans Payday loan Refund anticipation loan Settlement Title loan Usury Mortgage discrimination Securitization Debt bondage Debt of developing countries Informal value transfer system Guarantor loan