Pr Release
DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to additionally deliver cash, settle payments or purchase a cash purchase from a single convenient location, utilizing MoneyGram’s vast international system and repayment services. QC Holdings, Inc., one of many country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at significantly more than 300 of the retail places after significantly more than a can you get a payday loan in Rhode Island 20-year affiliation with a competitor that is leading.
«we have been stoked up about our brand new relationship with MoneyGram. Its strong worldwide community and technology solutions will deliver excellent value to the customers and also to our business,» stated Darrin Andersen, QC Holdings’ president.
QC Holdings operates shops in 23 states, aided by the presence that is strongest in Ca, Missouri and sc. The business’s main customer brands are Quik money and National Quik money, nevertheless the ongoing business comes with Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.
«we have been delighted to own gained ecommerce, as QC Holdings is an established and reputable company when you look at the payday lending and check cashing industry,» stated Dan O’Malley, MoneyGram’s executive vice president associated with Americas and appearing areas. «Additions like QC Holdings give MoneyGram a proven amount and income base from where to create in, plus they have been our most useful sales device. Their impact and customer base is a strategic complement to MoneyGram’s system.»
QC Holdings, Inc. joins Mid-State Ventures, LLC d/b/a Friendly always check Cashing and Rite Check Cashing, Inc., that also joined MoneyGram early in the day this year after long associations (15 years and 40 years, respectively) with a money transfer company that is competing. MoneyGram’s representative community also incorporates Advance America, ACE money Express and Speedy money.
A leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs about MoneyGram International MoneyGram International. MoneyGram provides bill repayment solutions in the usa and Canada and cash transfer services all over the world through a worldwide system in excess of 244,000 agent locations—including retailers, worldwide post workplaces and economic institutions—in 192 nations and regions. To understand more about money transfer or bill repayment at a representative location or online, please visit or interact with us on Facebook.
About QC Holdings, Inc. Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a leading provider of short-term loans in america, operating 499 branches in 23 states. With additional than 25 many years of running experience with the retail customer finance industry, the business joined the short-term loan market in 1992 and, since 1998, has exploded from 48 branches to 499 branches through a mixture of de novo branch spaces and purchases. In addition, the business runs five automotive dealerships within the Kansas City metropolitan area. During financial 2010, the business advanced level more or less $1.0 billion to clients and reported total revenues of $188.1 million.
Keep payday advances away from N.Y.: Politicians are pocketing campaign funds through the check-cashing industry and considering an economically dangerous policy modification
A staggeringly bad anti-consumer bill that allows check-cashing shops to begin making loans is quietly winding its method through the state Legislature, advanced by lawmakers whom ought to know better — and who happen to have obtained hefty contributions through the check-cashing industry.
It is a example that is prime of bad aftereffects of profit politics, and another reason a lot of people state things in Albany are rigged.
If authorized, the proposed Community Financial solutions Access and Modernization Act would bestow a new designation on check cashers as «financial solutions providers» and provide them the capacity to expand credit, that has always been clearly prohibited under state legislation.
Customer advocates say it really is a backdoor work to bring the lucrative, predatory payday lending business into ny.
«when they kick the door available to become loan providers, it gets easier for what they obviously have been salivating for — small-dollar, high-interest loans,» states Sara Ludwig, executive manager of this brand new Economy venture, a nonprofit advocacy company. «we do not have lending that is payday nyc, therefore many people hardly understand exactly what a plague it really is.»
Outside nyc, scores of Us americans fall target to your plague each year, borrowing against their paychecks and do not catching up — with many spending just as much as 700% interest on loans that roll over for many weeks to come, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and property foreclosure.
«a lot of borrowers looking for a short-term money fix are saddled with loans they are unable to afford and sink into long-lasting debt,» is how Richard Cordray, manager for the customer Financial Protection Bureau, place it, comparing payday advances with «getting into a taxi merely to drive across city and choosing yourself stuck in a ruinously expensive cross-country journey.»
Cordray recently announced that the authorities intends to generate laws needing payday loan providers to restrict the attention prices they charge and review the power of borrowers to settle the income.
Right here in nyc, we could thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous services that are financial, for maintaining payday loan providers out of our state. Lawsky not merely vowed to enforce ny’s 25% usury limitation against online payday lenders, he shut a loophole by declaring that collectors could be forbidden from collecting out-of-state payday advances in ny.
But which has hadn’t stopped ny’s check cashers from hoping to get in to the company. Between 2010 and 2014, the industry’s PAC and individual check cashers showered a lot more than $370,000 in contributions on people in the Legislature, including $42,500 to Bronx Sen. Jeffrey Klein along with his Independent Democratic Conference and $10,000 into the Bronx Democratic company, led during the time by Assemblyman Carl Heastie, who’s now the Assembly presenter.
The legislative leaders dutifully introduced a bill in 2013 that will have allow the check cashers begin lending at rates since high as 200%. The balance got killed as a result of Lawsky and advocates that are vocal Ludwig.
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