DALLAS, Oct 31, 2011 (BUSINESS WIRE) — employees across 23 states who use check cashing services is now able to additionally deliver cash, settle payments or purchase a cash purchase from a single convenient location, making use of MoneyGram’s vast international community and repayment services. QC Holdings, Inc., among the country’s leading payday loan providers, this week began rolling away MoneyGram (NYSE:MGI) services at significantly more than 300 of their retail locations after a lot more than a 20-year affiliation with a leading competitor.
“we have been stoked up about our brand new relationship with MoneyGram. Its strong network that is global technology solutions will deliver excellent value to the customers also to our business,” stated Darrin Andersen, QC Holdings’ president.
QC Holdings runs shops in 23 states, using the strongest existence in Ca, Missouri and sc. The business’s main customer brands are Quik money and National Quik money, nevertheless the ongoing company 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 acquired ecommerce, as QC Holdings is an established and reliable company when you look at the payday lending and check cashing industry,” said Dan O’Malley, MoneyGram’s executive vice president for the Americas and appearing areas. “Additions like QC Holdings give MoneyGram an existing amount and income base from where to create in, plus they’re our most 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 agent system also incorporates 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 old-fashioned banking institutions to meet up with their economic requirements. MoneyGram offers bill repayment solutions in the us and Canada and money transfer services around the world through an international network in excess of 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 nations and regions. To master more about money transfer or bill repayment at a realtor 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 america, operating 499 branches in 23 states. With additional than 25 many years of operating expertise in the retail customer finance industry, the read review business entered 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 acquisitions. In addition, the organization runs five automotive dealerships when you look at the Kansas City metropolitan area. During financial 2010, the ongoing business advanced level 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 policy change that is economically dangerous
A anti-consumer that is staggeringly bad that allows 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 вЂ” 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 explanation more and more people state things in Albany are rigged.
If authorized, the proposed Community Financial Services 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 for ages been clearly prohibited under state legislation.
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 вЂ” small-dollar, high-interest loans,” states Sara Ludwig, executive manager associated with New Economy venture, a advocacy organization that is nonprofit. “We don’t have payday financing in nyc, therefore many people do not understand exactly what a plague it really is.”
Outside ny, scores of Us americans fall target towards the plague each year, borrowing against their very own paychecks rather than getting up вЂ” with several 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 property foreclosure.
“Too many borrowers looking for a short-term money fix are saddled with loans they can not manage and sink into long-lasting debt,” is how Richard Cordray, manager associated with the customer Financial Protection Bureau, place it, comparing payday advances 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 produce laws needing payday loan providers to restrict the attention rates they charge and review the power of borrowers to settle the funds.
Right here in nyc, 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 just vowed to enforce nyc’s 25% usury restriction against online payday lenders, he shut a loophole by declaring that collectors could be forbidden from collecting out-of-state pay day loans in ny.
But which hasn’t stopped ny’s check cashers from looking to get in to the company. Between 2010 and 2014, the industry’s PAC and individual check cashers showered a lot more than $370,000 in contributions on people of the Legislature, including $42,500 to Bronx Sen. Jeffrey Klein and their Independent Democratic Conference and $10,000 into 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 will have allow the check cashers begin lending at prices since high as 200%. The balance got killed as a result of Lawsky and vocal advocates like Ludwig.