Pr Release
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 worldwide network and repayment services. QC Holdings, Inc., one of several country’s leading payday loan providers, this week began rolling out MoneyGram (NYSE:MGI) services at a lot more than 300 of the retail places after a lot more than a 20-year affiliation with a leading competitor.
“Our company is worked up about our relationship that is new with. Its strong worldwide community and technology solutions will deliver exemplary value to your customers and also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings operates shops in 23 states, utilizing the strongest existence in Ca, Missouri and sc. The business’s main consumer brands are Quik money and National Quik money, however the business also contains Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart USA.
“we have been delighted to own 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 associated with the Americas and appearing areas. “Additions like QC Holdings give MoneyGram an existing amount and income base from where to create in, plus they have been our most useful product sales device. Their impact and client base is a strategic complement to MoneyGram’s community.”
QC Holdings, Inc. joins Mid-State Ventures, LLC d/b/a Friendly Check Cashing and Rite Check Cashing, Inc., that also joined up with MoneyGram earlier in the day this year after long associations (15 years and 40 years, correspondingly) with a money transfer company that is competing. MoneyGram’s representative community also contains 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 america and Canada and cash transfer services globally through a worldwide system greater than 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 countries and regions. To master more about money transfer or bill repayment at a representative location or online, please visit or relate solely to us on Facebook.
About QC Holdings, Inc. Headquartered in Overland Park, Kansas, QC Holdings, Inc. is a provider that is leading of loans in the usa, operating 499 branches in 23 states. With increased 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, is continuing to grow from 48 branches to 499 branches through a mixture of de novo branch spaces and purchases. In addition, the organization operates five automotive dealerships into the Kansas City area that is metropolitan. During financial 2010, the ongoing business advanced around $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 anti-consumer that is staggeringly bad that will allow check-cashing shops to start out making loans is quietly winding its method through their state Legislature, advanced by lawmakers whom should be aware of better — and who occur to have obtained hefty contributions from the check-cashing industry.
It really is a example that is prime of bad aftereffects of profit politics, and another 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 new designation on check cashers as “financial solutions providers” and present them the capability to expand credit, that has always been clearly banned under state legislation.
Customer advocates state it is a backdoor work to bring the lucrative, predatory payday financing company into New York.
“after they kick the door available to become loan providers, it becomes much easier for just what they genuinely have been salivating for — small-dollar, high-interest loans,” states Sara Ludwig, executive manager associated with the brand new Economy venture, a nonprofit advocacy company. “we do not have payday financing in nyc, therefore many people hardly understand just what a plague it really is.”
Outside nyc, an incredible number of Us americans fall target to your plague on a yearly basis, borrowing against their paychecks rather than getting up — with several spending just as much as 700% interest on loans that roll over week on week, trapping low-income borrowers in a permanent period of financial obligation, bankruptcy and property foreclosure.
“a lot of borrowers seeking a short-term cash fix are saddled with loans they can’t pay for and sink into long-lasting debt,” is how Richard Cordray, manager associated with customer Financial Protection Bureau, place it, comparing pay day loans with “getting into a taxi merely to drive across city and finding yourself stuck in a ruinously expensive cross-country journey.”
Cordray recently announced that the government that is federal to generate laws needing payday loan providers to limit the attention prices they charge and review the capability of borrowers to settle the cash.
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 lenders away from our state. Lawsky not just you could try these out 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 pay day loans in ny.
But which haven’t stopped New York’s check cashers from looking to get in to the company. Between 2010 and 2014, the industry’s PAC and check that is individual showered significantly more than $370,000 in contributions on users of 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 leaders that are legislative introduced a bill in 2013 that could have allow the check cashers begin lending at prices up to 200%. The bill got killed because of Lawsky and advocates that are vocal Ludwig.
