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 worldwide system and repayment services. QC Holdings, Inc., among the 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 competitor that is leading.
“we’re worked up about our relationship that is new with. Its strong worldwide community and technology solutions will deliver excellent value to the consumers and 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 Ca, Missouri and sc. The business’s main customer 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.
“we have been delighted to possess attained ecommerce, as QC Holdings is an established and reliable company into the lending that is payday check cashing industry,” stated Dan O’Malley, MoneyGram’s executive vice president associated with Americas and emerging markets. “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 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 Check Cashing and Rite Check Cashing, Inc., that also joined up with MoneyGram previously this year after long associations (15 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.
A leading money transfer company, enables consumers who are not fully served by traditional financial institutions to meet their financial needs about MoneyGram International MoneyGram International. MoneyGram offers bill repayment solutions in the usa and Canada and cash transfer services all over the world through an international community in excess of 244,000 agent locations–including retailers, worldwide post workplaces and economic institutions–in 192 nations and territories. To understand more about money transfer or bill repayment at a representative location or online, please visit 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 the usa, operating 499 branches in 23 states. With over 25 many 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 organization runs five automotive dealerships within the Kansas City area that is metropolitan. During financial 2010, the business advanced level around $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 allows check-cashing shops to start out 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 case of the bad outcomes of profit politics, and another explanation a lot of 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 provide them the capacity to extend credit, that has always been clearly prohibited under state legislation.
Customer advocates state it’s a effort that is backdoor bring the profitable, predatory payday financing company into nyc.
“when they kick the door available to become lenders, it gets easier for just what they obviously have been salivating for вЂ” small-dollar, high-interest loans,” says Sara Ludwig, executive manager associated with the brand new Economy venture, a nonprofit advocacy company. “we do not have lending that is payday nyc, therefore many people hardly understand just what a plague it really is.”
Outside ny, an incredible number of Us americans fall target into the plague each year, borrowing against their very own paychecks and do not getting up вЂ” with several spending just as much as 700% interest on loans that roll over for many weeks to come good site, trapping low-income borrowers in a permanent period of financial obligation, 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 of this 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 government intends to generate laws requiring payday loan providers to restrict the attention prices they charge and review the power of borrowers to repay the amount of money.
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 loan providers 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 payday advances in nyc.
But that includesn’t stopped ny’s check cashers from hoping to get to the company. Between 2010 and 2014, the industry’s PAC and check that is individual showered a lot more than $370,000 in contributions on people in 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 that time by Assemblyman Carl Heastie, who’s now the Assembly presenter.
The leaders that are legislative introduced a bill in 2013 that could have let the check cashers begin lending at prices up to 200%. The balance got killed by way of Lawsky and vocal advocates like Ludwig.