News Release
DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to additionally deliver money, settle payments or purchase a cash purchase in one convenient location, utilizing MoneyGram’s vast worldwide system and repayment services. QC Holdings, Inc., one of many country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at a lot more than 300 of its retail places after significantly more than a 20-year affiliation with a competitor that is leading.
« we have been worked 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, because of the strongest existence in California, Missouri and South Carolina. The business’s main customer brands are Quik money and National Quik money, however the 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 possess received ecommerce, as QC Holdings is an established and reputable company when you look at the lending that is payday 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 recognised amount and income base from where to create in, plus they’ve been 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 (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.
About MoneyGram Global MoneyGram Overseas, a respected cash transfer company, allows consumers that are perhaps not completely offered by old-fashioned banking institutions to fulfill their monetary requirements. MoneyGram provides bill repayment solutions in the us https://cartitleloansextra.com/payday-loans-il/ and Canada and cash transfer services around the world through a worldwide community 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 realtor location or online, please visit 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 america, operating 499 branches in 23 states. With over 25 many years of running experience with the retail customer finance industry, the organization joined the short-term loan market in 1992 and, since 1998, has exploded from 48 branches to 499 branches through a variety 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 about $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
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 happen to have obtained hefty contributions through the check-cashing industry.
It is a prime exemplory case of the bad results of money in politics, and something explanation so many 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 capacity to expand credit, that has always been clearly prohibited under state law.
Customer advocates state it is a backdoor work to bring the profitable, predatory payday financing company into nyc.
« 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 regarding the brand new Economy venture, a nonprofit advocacy company. « we do not have payday lending in ny, so many people hardly understand exactly 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 rather than 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 permanent period of debt, bankruptcy and property foreclosure.
« a lot of borrowers looking for a short-term money fix are saddled with loans they can not pay for and sink into long-lasting debt, » is how Richard Cordray, manager associated with the customer Financial Protection Bureau, place it, comparing pay day loans with « getting into a taxi in order to drive across town and choosing yourself stuck in a ruinously expensive cross-country journey. »
Cordray recently announced that the authorities intends to produce laws needing payday lenders to restrict 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 keeping payday loan providers out of our state. Lawsky not merely vowed to enforce ny’s 25% usury limitation against online payday lenders, he shut a loophole by declaring that loan companies will be forbidden 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 and their Independent Democratic Conference and $10,000 towards the Bronx Democratic company, led at the time by Assemblyman Carl Heastie, that is now the Assembly presenter.
The legislative leaders dutifully introduced a bill in 2013 that could have allow the check cashers begin lending at prices since high as 200%. The bill got killed compliment of Lawsky and advocates that are vocal Ludwig.