News Release
DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to also send cash, pay bills or purchase a cash purchase from 1 convenient location, utilizing MoneyGram’s payday loans Missouri vast international community and payment solutions. QC Holdings, Inc., one of many country’s leading payday lenders, 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 leading competitor.
“we have been stoked up about our new relationship with MoneyGram. Its strong international system and technology solutions will deliver exemplary value to the customers and also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings operates shops in 23 states, with all the strongest existence in Ca, Missouri and sc. The business’s main consumer brands are Quik money and National Quik money, nevertheless the ongoing business also incorporates Ca Budget Finance, Express Check Advance of sc, First Payday Loans, QC Finance and AutoStart United States Of America.
“Our company is delighted to possess received ecommerce, as QC Holdings is an established and reliable company when you look at the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president associated with Americas and appearing areas. “Additions like QC Holdings give MoneyGram an existing volume and income base from where to build in, plus they have been our most useful product sales tool. 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 always check Cashing and Rite Check Cashing, Inc., that also joined up with MoneyGram previously this year after long associations (fifteen years and 40 years, correspondingly) with a competing cash transfer business. MoneyGram’s representative community also contains Advance America, ACE money Express and Speedy money.
About MoneyGram Overseas MoneyGram Overseas, a respected cash transfer business, allows customers who’re perhaps not completely offered by old-fashioned finance institutions to meet up with their monetary requirements. MoneyGram provides bill repayment solutions in the us and Canada and cash transfer services internationally through a worldwide system of greater than 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 nations and territories. To master more about money transfer or bill payment at a realtor location or online, http please visit://www.moneygram.com or interact with 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 additional than 25 several years of running experience with the retail customer finance industry, the organization entered the short-term loan market in 1992 and, since 1998, has exploded from 48 branches to 499 branches through a mixture of de novo branch spaces and purchases. In addition, the organization runs five automotive dealerships when you look at the Kansas City area that is metropolitan. During financial 2010, the ongoing business advanced level more or less $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 staggeringly bad anti-consumer bill that will allow 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 example that is prime of bad results of profit politics, and something explanation a 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 provide them the capacity to extend credit, that has for ages been clearly prohibited under state law.
Customer advocates state it is 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 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 Project, a nonprofit advocacy organization. “We don’t have payday financing in nyc, 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 each year, borrowing against their particular paychecks and do not getting up — with numerous having to pay 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 searching for a short-term money fix are saddled with loans they can’t manage and sink into long-lasting debt,” is how Richard Cordray, manager regarding the 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 produce laws needing payday loan providers to restrict the attention prices they charge and review the power of borrowers to settle the income.
Right here in ny, 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 merely vowed to enforce nyc’s 25% usury limitation against online payday lenders, he shut a loophole by declaring that loan companies could be forbidden from collecting out-of-state pay day loans in nyc.
But which has hadn’t stopped ny’s check cashers from looking to get to the company. Between 2010 and 2014, the industry’s PAC and individual check cashers showered significantly more than $370,000 in contributions on people 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, 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 since high as 200%. The bill got killed because of Lawsky and advocates that are vocal Ludwig.