Pr Release
DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to also deliver cash, settle payments or purchase a cash purchase in one convenient location, utilizing MoneyGram’s vast international community and repayment services. QC Holdings, Inc., one of several nation’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at a lot more than 300 of the retail places after significantly more than a 20-year affiliation with a competitor that is leading.
“Our company is worked up about our brand new relationship with MoneyGram. Its strong international system and technology solutions will deliver excellent value to the customers also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs stores in 23 states, utilizing 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 contains 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 reliable company within the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president regarding the Americas and appearing areas. “Additions like QC Holdings give MoneyGram a proven amount and income base from where to create in, plus these are generally 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 previously this year after long associations (15 years and 40 years, correspondingly) with a money transfer company that is competing. MoneyGram’s representative system 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 offers bill payment solutions in the usa and Canada and cash transfer services all over the world through a worldwide community 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 real estate agent location or online, please visit or relate genuinely 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. The company entered the short-term loan market in 1992 and, since 1998, has grown from 48 branches to 499 branches through a combination of de novo branch openings and acquisitions with more than 25 years of operating experience in the retail consumer finance industry. In addition, the business runs five automotive dealerships within the Kansas City metropolitan area. During financial 2010, the ongoing company advanced level about $1.0 billion to clients and reported total profits 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 allows check-cashing shops to begin making loans is quietly winding its means 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 designation that is new 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 state it’s a backdoor work to bring the profitable, predatory payday financing company into ny.
“after they kick the door available to become loan providers, it becomes much easier for just what they obviously have been salivating for — small-dollar, high-interest loans,” states Sara Ludwig, executive manager associated with the New Economy online payday WI venture, a nonprofit advocacy company. “we do not have lending that is payday nyc, therefore many people hardly understand just what a plague it really is.”
Outside ny, scores of Us americans fall target to your plague on a yearly basis, borrowing against their very own paychecks and not catching up — with numerous paying just as much as 700% interest on loans that roll over for many weeks to come, trapping low-income borrowers in a permanent cycle of financial obligation, bankruptcy and property foreclosure.
“a lot of borrowers searching 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 associated with customer Financial Protection Bureau, place it, comparing payday advances 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 rates they charge and review the capability of borrowers to settle the cash.
Here in ny, 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 nyc’s 25% usury restriction against online payday lenders, he shut a loophole by declaring that loan companies will be prohibited from collecting out-of-state pay day loans in nyc.
But which haven’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 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 organization, led at that time by Assemblyman Carl Heastie, that is 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 because high as 200%. The bill got killed because of Lawsky and advocates that are vocal Ludwig.