Pr Release
DALLAS, Oct 31, 2011 (BUSINESS WIRE) — 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, utilizing MoneyGram’s vast international system and repayment services. 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 their retail places after a lot more than a 20-year affiliation with a leading competitor.
“Our company is stoked up about our relationship that is new with. Its strong international community and technology solutions will deliver exemplary value to the customers also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs stores in 23 states, aided by the presence that is strongest in California, Missouri and sc. The business’s main consumer brands are Quik money and National Quik money, however the ongoing 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 own made ecommerce, as QC Holdings is a well 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 appearing areas. “Additions like QC Holdings give MoneyGram a well established volume and income base from where to create on, plus these are generally our most readily useful product sales device. Their impact and client base is a complement that is strategic 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 early in the day this year after long associations (fifteen years and 40 years, correspondingly) with a competing cash transfer business. MoneyGram’s representative system also contains Advance America, ACE money Express and Speedy money.
About MoneyGram Global MoneyGram Global, a prominent cash transfer business, allows customers who aren’t completely offered by conventional finance institutions to generally meet their economic requirements. MoneyGram provides bill repayment solutions in the usa and Canada and cash transfer services globally through a global system greater than 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 to 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 increased than 25 several years of running expertise in the retail customer finance industry, the business 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 business runs five automotive dealerships within the Kansas City area that is metropolitan. During fiscal 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 economically dangerous policy modification
A staggeringly bad anti-consumer bill that allows check-cashing shops to start out 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 through the check-cashing industry.
It is a prime exemplory instance of the bad aftereffects of profit politics, plus one reason a lot of people say 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 expand credit, which has always been clearly banned under state legislation.
Customer advocates state it is a backdoor work to bring the profitable, predatory payday financing company into ny.
“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 director associated with the brand new Economy Project, a advocacy organization that is nonprofit. “We don’t have lending that is payday ny, therefore many people hardly understand just what a plague it’s.”
Outside ny, an incredible number of Americans fall victim into the plague each year, borrowing against their very own paychecks and not getting up — with numerous spending just as much as 700% interest on loans that roll over week on week, 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 pay for 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 in order 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 requiring payday loan providers to restrict the attention prices they charge and review the power of borrowers to settle the cash.
Right here in nyc, we could thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous economic solutions superintendent, for maintaining payday lenders away from our state Oklahoma payday loan solutions. Lawsky not just vowed to enforce nyc’s 25% usury restriction against online payday lenders, he shut a loophole by declaring that loan companies could be forbidden from collecting out-of-state payday advances in nyc.
But which includesn’t stopped ny’s check cashers from looking to get in to the business. 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 and 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 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 as a result of Lawsky and vocal advocates like Ludwig.