Non-bank financial institution

Okay kiddo, so you know how some people keep their money in a bank and they can borrow money from the bank when they need it, right? Well, there are other places where people can keep their money or borrow money from that are not banks - those are called non-bank financial institutions.

These non-bank financial institutions can do things like give out loans, offer insurance, or help people invest their money. They might look similar to a bank, but they aren't exactly the same. Some examples of non-bank financial institutions include things like payday loan companies, credit unions, and investment firms.

Now, these non-bank financial institutions might seem a little different from banks, but they still have rules that they have to follow to make sure that they are keeping people's money safe and not doing anything illegal. So even though they might be different from banks, they are still really important in helping people manage their money and achieve their financial goals.