DALLAS, Oct 31, 2011 (BUSINESS CABLE) — employees across 23 states whom use check cashing services is now able to additionally deliver cash, settle payments or purchase a cash purchase from a single convenient location, utilizing MoneyGram’s vast international community 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 their retail places after a lot more than a 20-year affiliation with a leading competitor.
“we’re worked up about our relationship that is new with. Its strong worldwide community and technology solutions will deliver exemplary value to your customers also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs shops in 23 states, utilizing the strongest existence in California, Missouri and sc. The business’s main customer 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’re delighted to own gained ecommerce, as QC Holdings is an established and reputable company into the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president for the Americas and emerging areas. “Additions like QC Holdings give MoneyGram a recognised volume 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, respectively) with a competing cash transfer business. MoneyGram’s representative system also contains Advance America, ACE money Express and Speedy money.
About MoneyGram Overseas MoneyGram Global, a respected cash transfer business, allows customers who aren’t completely offered by old-fashioned banking institutions to meet up with their economic requirements. MoneyGram provides bill repayment solutions in the usa and Canada and cash transfer services internationally through a worldwide system in excess of 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 repayment at a representative location or online, please visit or relate 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. 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 area that is metropolitan. During financial 2010, the business advanced around $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 staggeringly bad anti-consumer bill that allows check-cashing shops to begin making loans is quietly winding its method through their state Legislature, advanced by lawmakers who should be aware of better вЂ” 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 more and more people state things in Albany are rigged.
If approved, the proposed Community Financial solutions Access and Modernization Act would bestow a designation that is new check cashers as “financial solutions providers” and present them the capacity to expand credit, that has always been explicitly prohibited under state law.
Customer advocates state it is a backdoor work to 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 genuinely have been salivating for вЂ” small-dollar, high-interest loans,” claims Sara Ludwig, executive manager for the brand new Economy Project, a nonprofit advocacy company. “we do not have payday lending in ny, therefore a lot of people do not understand exactly what a plague it really is.”
Outside ny, an incredible number of Us americans fall target towards the plague on a yearly direct lender online payday loans Idaho state basis, borrowing against their very own paychecks and do not getting up вЂ” with numerous spending up to 700% interest on loans that roll over week on week, trapping low-income borrowers in a cycle that is permanent of, bankruptcy and foreclosure.
“a lot of borrowers searching for a short-term money fix are saddled with loans they are unable to manage and sink into long-lasting debt,” is how Richard Cordray, director of this customer Financial Protection Bureau, place it, comparing payday advances with “getting into a taxi merely to drive across city 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 funds.
Right here in nyc, we could thank the heroic efforts of Benjamin Lawsky, the Cuomo management’s previous monetary solutions superintendent, for keeping payday lenders away from 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 includesn’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 donations 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 company, 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 will have allow the check cashers begin lending at prices up to 200%. The bill got killed compliment of Lawsky and vocal advocates like Ludwig.