DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services are 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 solutions. QC Holdings, Inc., one of several country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at significantly more than 300 of its retail places after a lot more than a 20-year affiliation with a competitor that is leading.
“we have been stoked up about our new relationship with MoneyGram. Its strong international community and technology solutions will deliver excellent value to your customers and also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings operates shops in 23 states, because of the strongest existence in Ca, Missouri and sc. The business’s main customer brands are Quik money and National Quik money, however the business also incorporates Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.
“we have been delighted to possess received ecommerce, as QC Holdings is an established and reliable company into the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president regarding the Americas and emerging areas. “Additions like QC Holdings give MoneyGram a recognised amount and revenue base from where to create in, plus these are typically our most readily useful product sales device. Their impact and client 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 up with MoneyGram earlier in the day this year after long associations (fifteen years and 40 years, correspondingly) with a competing cash transfer business. MoneyGram’s representative community comes with 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 around the world through an international community greater than 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 nations and regions. To master more about money transfer or bill repayment at a real estate agent location or online, please visit or relate 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 the us, operating 499 branches in 23 states. With an increase of than 25 several years of running expertise in the retail customer finance industry, the organization joined the short-term loan market in 1992 and, since 1998, has exploded from 48 branches to 499 branches through a variety of de novo branch spaces and purchases. In addition, the organization operates five automotive dealerships within the Kansas City metropolitan area. During financial 2010, the business advanced level roughly $1.0 billion to clients and reported total profits of $188.1 million.
Keep payday advances away from N.Y.: payday loans in Georgia Politicians are pocketing campaign funds through the check-cashing industry and considering an economically dangerous policy modification
A anti-consumer that is staggeringly bad that allows check-cashing shops to begin making loans is quietly winding its method through their state Legislature, advanced by lawmakers whom should be aware of better вЂ” and who occur to have obtained hefty contributions through the check-cashing industry.
It is a example that is prime of bad aftereffects of money in politics, and something explanation more and more people state things in Albany are rigged.
If authorized, the proposed Community Financial solutions Access and Modernization Act would bestow a designation that is new check cashers as “financial solutions providers” and provide them the capability to extend credit, that has always been explicitly prohibited under state legislation.
Customer advocates state it’s a effort that is backdoor bring the profitable, predatory payday financing company into ny.
“after they kick the door available to become loan providers, it gets easier for just what they genuinely have been salivating for вЂ” small-dollar, high-interest loans,” states Sara Ludwig, executive manager associated with brand new Economy venture, a advocacy organization that is nonprofit. “we do not have lending that is payday ny, therefore many people hardly understand exactly what a plague it really is.”
Outside ny, an incredible number of Us americans fall target towards the plague on a yearly basis, borrowing against their very own paychecks and do not getting up вЂ” with several spending up to 700% interest on loans that roll over week on week, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and foreclosure.
“a lot of borrowers looking for a short-term money fix are saddled with loans they can’t manage and sink into long-term debt,” is how Richard Cordray, manager of this customer Financial Protection Bureau, place it, comparing pay day loans with “getting into a taxi simply 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 amount of money.
Right here in nyc, we are able to thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous services that are financial, for maintaining payday loan providers away from our state. Lawsky not merely vowed to enforce ny’s 25% usury restriction against online payday lenders, he shut a loophole by declaring that collectors will be forbidden from collecting out-of-state payday advances in ny.
But who hasn’t stopped ny’s check cashers from looking to get to the company. Between 2010 and 2014, the industry’s PAC and check that is individual 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 towards 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 prices up to 200%. The balance got killed because of Lawsky and vocal advocates like Ludwig.