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 in one convenient location, making use of MoneyGram’s vast worldwide community and repayment solutions. QC Holdings, Inc., among the country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at a lot more than 300 of its retail locations after a lot more than a 20-year affiliation with a competitor that is leading.
“we have been stoked up about our relationship that is new with. Its strong network that is global technology solutions will deliver excellent value to your customers also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs shops in 23 states, with all the presence that is strongest in Ca, Missouri and sc. The business’s main consumer brands are Quik money and National Quik money, but the company comes with Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.
“Our company is thrilled to own received ecommerce, as QC Holdings is an established and respected company within the payday lending and check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president for the 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 readily useful product sales device. Their impact and client base is a complement that is strategic 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 previously this year after long associations (fifteen years and 40 years, correspondingly) 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 america 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 real estate agent location or online, http please visit://www.moneygram.com or connect 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 us, 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 organization runs five automotive dealerships into 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 pay day loans away from N.Y.: Politicians are pocketing campaign funds through the check-cashing industry and considering an policy change that is economically dangerous
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A anti-consumer that is staggeringly bad that will allow 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 — and who occur to have obtained hefty contributions through the check-cashing industry.
It really is a example that is prime of bad aftereffects of profit politics, and something explanation a payday loans Kansas 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 present them the capability to expand credit, that has always been clearly prohibited under state law.
Customer advocates state it is a effort that is backdoor bring the profitable, predatory payday financing company into nyc.
“when they kick the door available to become loan providers, it gets easier for just what they obviously have been salivating for — small-dollar, high-interest loans,” states Sara Ludwig, executive manager for the brand new Economy venture, a advocacy organization that is nonprofit. “we do not have payday financing in nyc, so many people hardly understand just what a plague it really is.”
Outside ny, scores of Us americans fall target to your plague each year, borrowing against their very own paychecks and do not getting up — with numerous having to pay 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 searching for a short-term money fix are saddled with loans they can’t pay for 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 town and choosing yourself stuck in a ruinously expensive cross-country journey.”
Cordray recently announced that the government that is federal to produce laws needing payday loan providers to restrict the attention prices they charge and review the power of borrowers to settle the cash.
Right here in ny, we are able to thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous economic solutions superintendent, for maintaining payday loan providers away from our state. Lawsky not merely vowed to enforce ny’s 25% usury limitation against online payday lenders, he closed a loophole by declaring that loan companies is forbidden from collecting out-of-state pay day loans in ny.
But who hasn’t stopped New York’s check cashers from looking to get 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 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, that is 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 compliment of Lawsky and advocates that are vocal Ludwig.